Our innovation is driven by the free market and a profit motive. Just like cell phones, computers, any other market. If you are a medical equipment company or a drug company, why innovate when the system won't pay any more for your new stuff than your old stuff?
Or more directly: Why would the panel embrace innovation, unless the innovation is tied to cost savings?
The worst thing possible for the ACA's popularity is if some new popular treatment is not covered because that would balloon the costs inside the system too much. You can tell the old person until they are blue in the face that they way we did it in the 80's was good enough, but if they see a new technique with better results they want it.
Medicare already goes out of its way to kill innovation in the elderly segment, to the point of not allowing out of pocket pay, if it will lead to an increase in expectations and costs. Here is an example:
http://www.beckersasc.com/news-analysis/why-arent-surgery-centers-buying-femtosecond-lasers.html
And since that article is old I can give you an update: Not only does Medicare NOT allow carve-out or reimbursement increases for femtosecond, they have gone after those that push femtosecond as the new standard of care. That is what innovation by a panel gets you.
Do we want a bean counter deciding for all of insured America (since the private companies will follow along and use the panel's decisions like a shield) what procedures won't change for decades because a much better procedure with much better results costs too much?