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Rethinking value in health innovation: from mystifications towards prescriptions

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  • Mariana Mazzucato
  • Victor Roy

Abstract

Debates over value in health innovation in the U.S. and Europe have become increasingly dominated by “value-based pricing”. We examine this prevailing narrative and its weaknesses and then present an alternative framework for rethinking value in health. Drawing on scholarship from the political economy of innovation, we argue that value in health must be considered in terms of both value creation as a collective process amongst public and private actors, as well as value extraction that occurs due to financialization. In building this alternative framework, we pose three questions that present areas for further research and public policy change.

Suggested Citation

  • Mariana Mazzucato & Victor Roy, 2019. "Rethinking value in health innovation: from mystifications towards prescriptions," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 22(2), pages 101-119, April.
    • Handle: RePEc:taf:jecprf:v:22:y:2019:i:2:p:101-119
    DOI: 10.1080/17487870.2018.1509712
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    Cited by:

    1. Walsh, P.P. & Murphy, E. & Horan, D., 2020. "The role of science, technology and innovation in the UN 2030 agenda," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    2. Llewellyn, Sue & Begkos, Christos & Ellwood, Sheila & Mellingwood, Chris, 2022. "Public value and pricing in English hospitals: Value creation or value extraction?," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 85(C).
    3. Susan K. Sell, 2020. "What COVID-19 Reveals About Twenty-First Century Capitalism: Adversity and Opportunity," Development, Palgrave Macmillan;Society for International Deveopment, vol. 63(2), pages 150-156, December.
    4. Susan K. Sell, 2021. "21st Century Capitalism and Innovation for Health," Global Policy, London School of Economics and Political Science, vol. 12(S6), pages 12-20, July.
    5. Luca Papi & Riccardo Ievoli & Giorgia Gobbo & Enrico Deidda Gagliardo & Lamberto Manzoli, 2021. "Performance governance per la generazione di Valore Pubblico in sanit?. Evidenze empiriche dalle aziende sanitarie dell?Emilia-Romagna," MECOSAN, FrancoAngeli Editore, vol. 0(117), pages 27-58.

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