The use of Value-Based approaches to Innovation Procurement

Value-Based Procurement (VBP) is a relatively new approach to the procurement of innovative goods and services that offers procurement professionals the opportunity to support clinical teams to deliver better, measurable outcomes that matter to patients within the resources available. By focussing on getting the best value from the product or service rather than just getting the best price, they can contribute to improved overall system financial sustainability and better patient and population health, which in the medium term will reduce (or at least mitigate the rise) in spending on healthcare.