Value-based procurement of medical technology is already a reality in Europe. Several contracting authorities are using health care quality and longer-term cost impact considerations in their procurement decisions. This enables them to take patient outcomes into consideration as well as other qualitative criteria, along with the total lifecycle cost and longer-term costs of care, so as to ensure the best value for the patient, the medical staff, the entire hospital group and society.
The Boston Consulting Group and MedTech Europe, in partnership with non-industry procurement experts, have developed a framework to reflect this new way of thinking, as well as a practical tool to help implement value-based procurement of medical technology. IMSTA will be trialling this tool in early 2016 with both public and private health hospital groups and will more than likely seek input from some of our members before it is launched in March 2016. We expect to have it presented at our Annual Conference on 6th April – make sure you put that date in your diary! This could really be a breakthrough in the procurement of medtech in Ireland.
The innovative approach echoes the 2014 EU public procurement directive which puts a strong focus on total economic value by making the Most Economic Advantageous Tender (MEAT) the default criteria, and encourages the use of “best value for money” in tendering practices.
One of IMSTA’s priorities in 2016 will be to ensure that value-based procurement of medical technology becomes the common practice in Ireland.