Sir Muir Gray and Lucy Abel debate: Is value-based health care nothing more than health economics re-packaged or is health economics nothing more than only one of the six contributors to value-based healthcare?
Health economics is concerned with how to allocate resources in healthcare to optimise outcomes. Health economists have developed a variety of methods to evaluate whether the cost of providing healthcare interventions is worth the benefits. In other words, whether they are good value. These are based on preferences expressed by wider society relating to the value of increasing the length and quality of life. These values can be applied to an intervention by linking them via clinical outcomes.
Sir Muir Gray is now working with both NHS England and Public Health England to bring about a transformation of care with the aim of increasing value for both populations and individuals and published a series of How To Handbooks for example, How to Get Better Value Healthcare, How To Build Healthcare Systems and How To Create the Right Healthcare Culture.
Lucy Abel is a health economist working within the field of primary care and is part of the Nuffield Department of Primary Care Health Sciences at the University of Oxford. She collaborates with research groups to bring the tools of economic evaluation to primary care health science research.