Value-based procurement (VBP) is a collaborative, multidisciplinary approach to partnering for patient centric, better quality and more financially sustainable healthcare. VBP involves pursuing better outcomes for patients and other healthcare actors while optimizing the cost of delivering care. It represents a shift away from the traditional focus on price of supplies (inputs), towards a new approach that emphasizes what is valued (outputs).*
By focusing on value, including cost of care and outcomes criteria instead of price alone, procurement authorities can play a role in delivering better quality care more efficiently. Some healthcare providers across Europe are already testing new approaches to value-based procurement (VBP).

https://www.medtecheurope.orgiwp-content/uploads/2020/06/2019_VBPC-Event-Report. pdf