Redirecting Innovation in U.S. Health Care
2014
This report from RAND Health explores methods of reducing health care spending and developing medical products that provide cost value with health benefits. It summarizes literature and explores case studies to provide policy recommendations to meet these goals. It identifies a wide range of factors that affect the costs, risks, and rewards of medical product invention.
Some of these features include treatment creep, the medical arms race, costs and risks of FDA approval, limited reward for more cost-effective medical products, and lack of basic understanding of disease processes. The report pinpoints five policy options that would reduce costs or risks of intervention and getting FDA approval and five policy options that would increase market rewards for products. The authors suggest that timely reforms should be made in order to save money.
Redirecting Innovation in U.S. Health Care
Source:
Garber S, Gates SM, Keeler EB et al. Redirecting Innovation in U.S. Health Care: Options to Decrease Spending and Increase Value. RAND Health 2014. https://www.rand.org/pubs/research_reports/RR308.html