Healthcare in Malaysia operates on an efficient and widespread two-tier system, consisting of a government-run universal healthcare system that serves Malaysian citizens, and a co-existing private healthcare system that caters to citizens and international patients alike. Demand for healthcare services is expected to continuously expand in the future due to projected demographic shifts, among which are the increase in aging population, life expectancy and lifestyle diseases. Governments and healthcare providers alike face the daunting prospect of containing costs while improving patient outcomes.
Value-based care represents a drive for improved patient outcomes at lower cost. The industry’s ‘Quadruple Aim’ adds the vital importance of the patient and practitioner experience to these compelling goals. With a continuous focus on this aim, value-based care should be translated into daily practice.
Thus, the question is not if we should embrace this idealistic and attractive new healthcare paradigm, but how. To achieve the Quadruple Aim requires a huge transformation across the entire end-to-end value chain. Risks and pitfalls are plentiful.
The total healthcare industry spending in Malaysia, which stood at RM52 billion at end-2017, is expected to reach about RM80 billion by 2020, fuelled by increasing demand for healthcare services, and emergence of new care models beyond traditional hospital settings. Increased consumer sophistication in relation to healthcare related technologies also helps. However, rapid development in technology presents both challenges and opportunities to industry players, including pharmaceuticals, diagnostics, medical technology manufacturers, digital health vendors and healthcare service providers.
This conference will bring together professionals, scholars, industry players, policy and decision makers and many others at the forefront of healthcare and medical fields to engage in an instructive conversation concerning current healthcare issues and how to maximize patient value by centering care around the patient. This can be achieved by measuring relevant health outcomes and its costs.