June 19-20, 2014
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G. Steven Burrill Luncheon Keynote: Value-Based Healthcare (July 10, 2013)
*Full Slide Deck is unavailable; LSINW attendees can purchase Burrill's Biotech 2013 - Life Sciences: Capturing Value at a discounted price. Preview the report here.
G. Steven Burrill, CEO of Burrill & Company, gave the luncheon keynote address at the Life Science Innovation Northwest conference. Burrill highlighted the key challenge facing healthcare today: an aging global population demanding more and better healthcare, coupled with healthcare costs that are spiraling out of control.
Though Burrill started on a grim note, there was nothing pessimistic about his speech. He pointed out how these demographic and cost pressures are fundamentally transforming healthcare for the better. Increasingly, the focus in healthcare won’t be on cost, or the number of procedures delivered, but on value—in other words, successful outcomes for patients.
This trend toward value-based healthcare will impact the entire healthcare sector. For example, pharmaceutical companies will have to redefine themselves by lowering R&D costs and helping patients manage their health with drugs better tailored to their individual medical conditions. At the same time, Burrill predicted that drug makers will need to partner with other companies to share risks while seeking out new markets.
Patients, too, are demanding greater value, as evidenced by the rise of medical tourism to countries offering lower-cost treatments, and the growth of “retail” healthcare—affordable, walk-in clinics at places such as Walgreens and Wal-Mart. For doctors, value-based healthcare means a stronger focus on wellness, not just acute care, and greater integration with specialists, pharmacists and labs.
Burrill said that advances in digital technology are enabling the shift to value-based healthcare. For example, telehealth services allow doctors and patients to connect remotely. Patients can now view medical records on smart phones. Other applications are improving compliance, facilitating earlier interventions, as in the case of elder care, and collecting better quality data, so doctors and patients can make more informed healthcare decisions.
In Burrill’s view, there’s never been a more exciting time to be in healthcare. The shift to value-based healthcare will lead to a new era of “personalized, predictive and preemptive medicine,” focused entirely on giving patients their best chance of enjoying longer, healthier lives.
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