Eli Lilly CEO Details Steps to Drive Down Health Costs

from tHEORetically Speaking: The HealthEconomics.Com Blog at http://bit.ly/2MBv6PP on August 28, 2018 at 05:10PM

Eli Lilly CEO David Ricks in an article published on Fortune says an outdated health care system using outdated methodologies is doing little to stymie ever-growing health care costs.

“Today, our primary challenge is to help people live independently with mostly chronic illnesses over a long period,” Ricks writes. “Yet we continue to pursue that task with the same high-cost, high-touch tools that were built in a different era for a different job.”

Touting the role digital technology plays in health care, Ricks said an “efficient network” must be developed to “unleash the power of today’s technology.” To develop such a network, he writes, the industry must:

  • Digitize everything;
  • Empower consumers; and
  • Pay for value.

“In nearly every industry, consumers have been the catalysts for reducing costs and improving quality,” Ricks writes. “That hasn’t happened yet in health care – because it’s nearly impossible to get meaningful cost and quality information before receiving treatment.”

To read Ricks’ full article on Fortune, click here.