BIAC has just published an important report: ‘Health as an Economic imperative’ Health Forum 2024 Synthesis report.pdf). Decision-makers are called upon to act.
The provision of healthcare is very important – this is precisely one of the citizens’ biggest concerns – but anyone who takes a responsible view of the challenges realises that the sustainability of our social model and our economy require strong investment in health.
Also last month, Jamie Dimon, the influential CEO of JP Morgan, wrote that ‘Over the last 100 years, the health of our citizens and our workforce has played a significant role in increasing productivity for American workers. Some studies show that over the last 25-30 years, this may have accounted for as much as 45% of productivity growth over time. Healthier workers and the participation of older workers (due to their accumulated knowledge and wisdom) are the main reasons.’
This is something that has always been very clear, but the COVID era has made it obvious to everyone: promoting health is about the health of individuals, but it is also about the health of countries. There can be no progress or development without health.
Returning to the BIAC publication, its conclusions are relevant and very timely, particularly when we talk about other priorities in Europe and we know the difficulties in organising and financing each of the health systems faces.
UEHP fully endorses the principle that ‘Recognising health expenditures as investments with long-term societal and economic returns, rather than costs will be critical’.
This view that health must be a strategic investment for Europe (the Draghi Report also identified this and defined some measures to this end) must be adopted by Brussels and by the governments of the different countries.
The imperative of investing in Health will also require to assume that investors and private providers are stakeholders of the utmost importance. On the one hand, it is well known that the various countries have budgetary constraints and that health financing is already challenging. On the other hand, the capacity installed by private providers in many countries is already very significant (more than a quarter of the total). What’s more, with scarce resources, it’s even more important to find solutions for efficiency and better utilisation of resources (health professionals, facilities, equipment, etc.).
For all these reasons, if Health is essential for Europe, private providers must be essential for investment in Health.
BIAC’s ‘Health as an Economic imperative’ report presents a significant list of recommendations that deserve to be implemented, such as
- ‘Co-investment in health infrastructure and innovation: Developing financing models that de-risk private sector investment in healthcare solutions, such as new treatment technologies, digital health platforms, and resilient supply chains.’
- ‘Aligning incentives between governments and industry: Policies in their design should reward innovation, promote equitable and affordable access to new therapies, and ensure that private sector involvement enhances, rather than replaces, public health investments.’
We know that the challenge is enormous, but the solution lies in dialogue. Authorities (Ministries of Health, etc.) have to define their objectives and establish fair, balanced and predictable conditions with private providers so that we can offer more healthcare, with quality and safety, innovation and a body of motivated healthcare professionals.
Oscar Gaspar, President of UEHP
Read the full version of the May 2025 newsletter HERE
