At Harvard business School
Harvard professor Michael Porter is famously known for his work on competitive strategy. I admire how he has dedicated his unique platform to address major challenges of our time.
In particular, Michael Porter has been a driving force behind value based healthcare; the idea that patient health outcomes per cost should be the true measure of healthcare performance.
Michael Porter taught two courses I attended at Harvard Business School, namely, Value Based Healthcare and Creating Shared Value.
I am grateful to Michael Porter for having introduced me to the leadership team of World Economic Forum’s Value in Healthcare project, an introduction that eventually led to the 2018 launch of a pilot of the World Economic Forum project in Ontario, Canada.
World Economic Forum estimates that 30-50% of the $7 trillion spent worldwide on healthcare are wasted “due to the misalignment of incentives, interests, strategies and behaviors of parties engaged in healthcare delivery. The result is disparities in the quality of care delivered, unsustainable costs, and patient and physician frustration to an ever more convoluted system. Recognizing these misalignments prevent healthcare systems from concentrating on outcomes that matter to patients, this multi-stakeholder project creates roadmaps to eliminate these misalignments and focus healthcare systems on value. The core tenets of Value-based Health Care (VBHC) revolve around the idea of aligning all stakeholders of a system towards value delivered to patients. It is defined as delivering the best health outcomes for a given cost.”
At World Economic Forum Steering Committee Meeting
I sat on the steering committee of the Canadian pilot which encompassed 35 public and private healthcare stakeholders. The objective was to reduce disease progression, limit complications and improve health outcomes for patients suffering from type 2 diabetes.
The third and final World Economic report from 2018 can be found here: