International assurance, tax and advisory firm EY has launched a first-in-industry initiative to tie medicine payments to clinical and patient satisfaction outcomes.
Built using clinical artificial intelligence (AI) and blockchain thanks to two technology collaborations, the Health Outcomes Assessment platform will, according to EY, lead to “fairer reimbursement and access to novel treatments for patients”.
The project sees EY partner with AI provider Sensyne Health and blockchain developer Guardtime. The former will use AI to determine the impact of medicine on patient health, while the latter will ensure sensitive healthcare data is securely handled and entirely traceable.
“Payers, providers and pharma have long aspired to move toward value-based healthcare; this collaboration will make it possible,” said Mike Gault, CEO of Guardtime.
“Guardtime’s KSI blockchain technology will help ensure patient-level data visibility without compromising data privacy, helping to ensure all participants can collaborate securely and with confidence.”
Disrupting medicine payments by linking them to clinical outcomes
Together the technologies will provide a clear picture of the clinical impact and patient satisfaction particular medicines are having, allowing reimbursement to be paid in line with their benefits.
The plan to link medicine payments to clinical outcomes is extremely novel for the healthcare industry – in part because it previously was near impossible to successfully track and monitor at the level required. However, EY believes this technology will make the concept possible for the first time.
“We are delighted to be working to deliver the triple win: with life sciences companies increasing access to medicines, healthcare providers achieving greater efficiency and effectiveness and, most importantly, more patients getting better health outcomes,” said Dan Mathews, EY EMEIA life sciences leader.
“This is possible through the combination of novel technologies and a supporting commercial model that allows industry collaboration.”
“This new collaboration will position Sensyne at the center of a technology solution to one of the major challenges facing global healthcare – how to link reimbursement to the benefits provided to patients,” added Lord Paul Drayson, CEO of Sensyne Health.
“We look forward to working with EY, Guardtime and global pharmaceutical companies and payers to help deliver this new capability.”