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News & Trends - MedTech & Diagnostics

J&J MedTech MD charts the path to sustainable, value-based healthcare: Reimagining Healthcare Senior Leadership Series

Health Industry Hub | June 5, 2024 |

MedTech & Diagnostics News: In a thought-provoking vodcast for the Reimagining Healthcare senior leadership series, Sue Martin, Managing Director of J&J MedTech and Chair of the MTAA Board, delved into how value-based healthcare could deliver a sustainable health system in the next 10-15 years in Australia.

“It’s about how a patient’s going to be at the centre of our decision making. How do we make health an investment as opposed to a cost, outcomes versus output, value versus price? This is a future that medtech can play such an active role in,” she stated.

With estimates from the Australian Healthcare & Hospitals Association (AHHA) suggesting that up to 30% of healthcare is considered low-value due to ineffectiveness or high costs with marginal benefits, Martin highlighted real-world examples in analysing this trend.

Addressing the fragmentation among stakeholders such as private insurers, private hospitals, and public hospitals, Martin discussed the opportunity for industry to challenge the boundaries and shape the conversation. She also identified Australian policy initiatives that align with the value-based healthcare agenda.

“Every state and territory has consistently identified paying for value and outcomes as a priority reform through the National Health Reform agreement. It would be fair to say that little progress has been made on this shared objective.” However, with negotiations underway for the new National Health Reform Agreement (NHRA), Martin feels “optimistic about the policy opportunities that we have ahead of us, but it is going to take reform to embed this within our system.”

Looking to international examples of value-based healthcare, Martin shared her perspective on how other countries’ successes and failures can inform Australia’s approach.

Concluding the interview, she outlined the essential short-term actions needed to lay the groundwork for long-term transformation and achieve the envisioned future of value-based healthcare.

In reimagining healthcare across the entire patient journey, Health Industry HubTM is the ONLY one-stop-hub bringing the diversity of Pharma, MedTech, Diagnostics & Biotech sectors together to inspire meaningful change.

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