review the Milken Institute’s 2014 presentation, Healthcare Delivery in the 21st Century. In this video, a panel of experts discusses 21st century advances in health care delivery, and how the delivery can enhance the quality of life for patients and their families.
identify specific examples of 21st century advances in health care delivery and assess ways in which these impact your strategic plan.
HEALTH CARE DELIVERY IN THE 21ST CENTURY
Richard Merkin :Good afternoon. We have a great group to discuss Health Care Delivery in the 21st Century. We have representatives on government, academia, venture capital and industry.
Medicine in the 21st century will be radically different than it was in the 20th century. We may not know what it will look like, but there is certainty that change will occur. There will be a converging of technology. The world will be different. The science will be different. The payers will be different. It is somewhat Darwinian, those who prepare for the future will survive and those who were blinded by preconceptions will fail to adapt to these new circumstances. Frequently, inertia both intellectual and emotional tends to trap people into antiquated ways of thinking even though circumstances radically change. Doing what others do and even doing it better is not going to get us there. We will have to in today innovate and our distinguished panel today will discuss many of the ways that innovation will occur.
First, we are going to have everyone introduce themselves. Sue, why do not you start?
Sure. Good afternoon, it is great to be here. My name is Sue Siegel and I am CEO of GE Ventures and Healthymagination.
Annie Lamont, Managing Partner of Oak Investment Partners and in charge of the healthcare and fintech group.
My name is Larry Jameson. I am a doctor and a scientist. I oversee the healthcare system in the medical school at the University of Pennsylvania.
I am an economist and a Senior Fellow at the Center on Budget and Policy Priorities in Washington D.C.
I am Peter Bach. I am a physician and I run the Health Policy Center of Memorial Sloan Kettering Cancer Center.
Okay. Let us get started. Annie, what are VC’s investing and that it will transform healthcare? And before you start, with transformation, does that mean better healthcare for those that can afford it? Or will people have to choose between doing what they know is right for their longterm health and putting food on the table for their family?
Why do we not deal with that, and the latter question last week and start with what we are investing in? Slide 26 maybe put up. We can talk about what the VC world investing in and whether it is really transformative or not. Some of this is and some of this is not.
So, there was two billion dollars in 2013 in slide 24. Two billion dollars last year invested in digital health. So, not biotech, not life sciences, not simply devices but digital health, and these were in these six areas principally. Electronic health records, big data, digital medical devices, wearables, population and health management, and consumer engagement. And what is interesting about this is I think four of these six areas are consumer oriented, and you might ask, “Could a healthcare consumers yet or consumers paying for healthcare?” Can you put up slide 30? Okay, that is not the slide. I am looking for the video. Can you run that? All right, we will just keep talking until they find it.
So, I think the real question is, “Who is paying in healthcare?” And when you think about who the real customers are and there are payers, providers, pharma, employers, but they are not consumers yet. And so, when we think about healthcare, I mean we think about investing in and our sort of motto is, “We make money by saving money.” And I think that is really where we have to be in the next decade or two in healthcare. Because we have got 800 billion dollars of waste in the system, I mean this is the meaning to your question. This is not a matter of depriving. Okay, now we have got our video.