Providing support to FasterCures’ project on biomedical innovation metrics

Investing in ideas concept, photo by freshidea/Adobe Stock

To support FasterCures in the development of a performance scorecard which can be used to measure innovation in the biomedical ecosystem, RAND Europe reviewed existing approaches to measuring and characterizing innovation.

A systems-led approach, which takes into account the multiple and complex interactions between actors within the system, may better characterise and assist in assessing the health and development of the overall biomedical innovation ecosystem.

Background

FasterCures, a centre of the Milken Institute focused on accelerating medical research, is currently conducting a project on biomedical innovation metrics. The aim of the project is to build an understanding of the current metrics that are in place to measure innovation in the biomedical ecosystem, and establish the extent that these existing approaches are appropriate and relevant to measure and drive innovation for the benefit of patients.

Goals

As part of the ongoing project, FasterCures commissioned RAND Europe to provide external support and input to help shape their work, identify existing practice, and draw on previous research in this area effectively.

The research team sought to identify, review and appraise existing approaches, to support the development of a performance scorecard which can be used to measure innovation in the biomedical ecosystem.

Methodology

Through a targeted literature review, interviews and a critical review, the research team provided an overview and appraisal of existing approaches to measuring and characterizing innovation, considering their relevance to the aims of the wider project.

Interim Findings

The biomedical innovation ecosystem is a complex and multifaceted concept. A systems-led approach, which takes into account the multiple and complex interactions between actors within the system, may better characterise and assist in assessing the health and development of the overall biomedical innovation ecosystem.

The conceptualization proposed by RAND Europe in the working paper provides a customised high-level overview of key actors and their interactions within the system. It draws on the evidence review done as part of this study, in order to help frame findings and facilitate identification of a fuller range of indicators to cover the system.