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Registration for the 11th annual Asia Summit in Singapore September 18-20 is now open!

Strengthening the Biomedical Innovation Ecosystem: A Scorecard for System Assessment

As patients, we often evaluate our interactions within the "system" of biomedical innovation with a simple question: "Did it work for me?" This evaluation considers many issues, including whether the best treatments are accessible and available, how they are delivered, and how they align with our identity, circumstances, and values to achieve the best possible health outcomes. However, of the myriad rankings that currently exist to measure health innovation, none can answer this fundamental question—which became even more pertinent as the COVID-19 pandemic underscored the longstanding health disparities in this country.

Recognizing this inadequacy, FasterCures, a center of the Milken Institute, spent the past two years conducting research, convening experts, and developing a comprehensive framework to evaluate whether the biomedical innovation ecosystem is working for patients and society. Ideally, policymakers and other stakeholders will use the framework to identify and fix misaligned incentives, systemic barriers and gaps, and inefficiencies—and then evaluate the impact of implemented changes. Ultimately, we hope this framework will help the biomedical innovation and care delivery ecosystem to work better for patients.