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Rethinking value in health innovation: from mystifications towards prescriptions

Mazzucato, M; Roy, V; (2019) Rethinking value in health innovation: from mystifications towards prescriptions. Journal of Economic Policy Reform , 22 (2) pp. 101-119. 10.1080/17487870.2018.1509712. Green open access

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Abstract

Debates over value in health innovation in the U.S. and Europe have become increasingly dominated by “value-based pricing”. We examine this prevailing narrative and its weaknesses and then present an alternative framework for rethinking value in health. Drawing on scholarship from the political economy of innovation, we argue that value in health must be considered in terms of both value creation as a collective process amongst public and private actors, as well as value extraction that occurs due to financialization. In building this alternative framework, we pose three questions that present areas for further research and public policy change.

Type: Article
Title: Rethinking value in health innovation: from mystifications towards prescriptions
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/17487870.2018.1509712
Publisher version: https://doi.org/10.1080/17487870.2018.1509712
Language: English
Additional information: This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way
Keywords: Value-based pricing; public value; health economics
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose
URI: https://discovery.ucl.ac.uk/id/eprint/10079425
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