Innovation Lifecycle Management: Procurement Incentives

Design of procurement incentives can significantly affect margins of innovators and overall innovation procurement process. There are a variety of incentive models with different levels of effectiveness that are used in various health care systems. Extrinsic incentives have always played a critical role in influencing the decisions during procurement of innovation. Fixed-price procurement strategies can force innovators to reduce overall costs as compared to cost-plus procurement models. This can influence the quality of technology and services that hospitals get from the innovators. The incentives design should reveal the goals and values of the healthcare system and must be in accordance with the performance objectives that are patient-focused and translate into patient-first outcomes.

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