Giving Compass’ Take:
• Kristin A. Sonderman et al., advocate for the private health sector adopting a corporate shared-value mindset in order to tackle the global surgical care gap.
• How can a shared value mindset be implemented in other areas?
The United Nations has a unified vision for the future of health, prosperity, and development through the adoption of the 17 Sustainable Development Goals (SDGs). The World Health Organization (WHO) has prioritized universal health coverage with a target of worldwide coverage of 80 percent by 2030. None of these goals, however, is achievable without addressing the major gaps in surgical, obstetric, and anesthesia (SOA) care. Two-thirds of the world’s population lack access to safe surgical care.
Improving surgical care will boost health systems, support the well-being of populations, and create a productive workforce, which will consequently drive economic growth and alleviate poverty. The private sector has an essential role to play in closing this gap, and investments in global surgery can lead the way in demonstrating how the private sector might do so.
Impact Investing is a complex topic, and others found these selections from the Impact Giving archive from Giving Compass to be good resources.
The Shared-Value Approach
Shared value holds that private industry can help address the needs and challenges of society while also generating economic value and increased business revenue. Corporate Shared Value (CSV) shifts the core of the company’s mission to competing on the basis of improving health outcomes for new, previously underserved markets, therefore simultaneously increasing the company’s profit and benefiting society.
It combines the desires of Industry to find new markets for surgical goods and the needs of health ministers to mobilize resources to improve national health. The population served will enjoy improved health and economic productivity, while Industry opens new markets and creates opportunities for increased productivity in the value chain.
Generating financial returns through shared value requires a long-term approach. Scaling up surgical services requires significant up-front investment long before any increase in revenue or profits is realized.
The financial cushion of a multibillion-dollar corporation to cover the initial period and the incentive for investors for high returns can ensure sustainable investment and improved long-term health for the population. In addition, when all stakeholders see the goal of achieving shared value, rather than charitable donations, the power dynamics change and all parties are empowered to seek more favorable terms.
Specific Areas of Engagement
- Re-conceiving Products and Markets
- Expand lean product design
- Support research productivity and development
- Improve after-sales sustainability and equipment maintenance
- Redefining Productivity in the Value Chain
- Education and training on products/techniques
- Long-term partnerships with training institutions of providers
- Supportive supervision programs
- Collective impact
- Stabilize and streamline the surgical supply chain
- Expansion of management capacityEnabling Cluster Development
Read the full article about surgical device industry should lead the way toward health equity and global development by Kristin A. Sonderman, Isabelle Citron, Alexander W. Peters and John G. Meara at Stanford Social Innovation Review.
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