Healthcare innovators have to make a lot decisions in the commercialization process and each choice can determine the success or failure of the innovation. What are some of the pitfalls of bringing an innovation to market? What needs to change in healthcare to make innovation easier? Why is proof of efficacy and value so important to gain adoption?
On this episode, I’m joined by the founder of The Health Care Blog and SMACK.health, Matthew Holt, who shares his point of view on why some innovations succeed, why some fail, and where the market is going..
"Across the board, healthcare has only gotten bigger, more bloated, inefficient, and expensive over the last two decades. " -Matthew Holt
3 Things You'll Learn
1. The different levels of innovation
There are two kinds of innovations. One involves selling tools to the health system incumbents to help it run better. The other type is more of a disruption model, where the innovation is developed to replace the healthcare incumbents.
2. One of the biggest issues in healthcare
Most of the problems in healthcare are attached to a few people, but these are the people the current system makes most of its money from. The problem is that these people experience the worst of the healthcare system. The healthcare system focuses on procedures, but not on managing their chronic illnesses very well.
3. How healthcare innovation get stuck before innovation
Many innovations gets stuck before the implementation and they fail to get sign off from the people on the frontline. This is because the delivery layer and the innovation layer don’t communicate very well.
One of the main reasons why healthcare innovations fail to reach any level of customer acceptance and profitability is because the industry is a very unique beast to deal with. Healthcare innovators must consider the experience of the clinicians who will use the new solution. It’s also important for innovators and investors to expect and plan for the long sales cycles in healthcare. You also must know how your solution fits into the larger healthcare ecosystem. Ultimately, there are a lot of things that have to go right to reach commercial success and there are no short cuts to developing a winning commercialization strategy.
If you want to maximize ROI and avoid market failure when launching and commercializing your healthcare innovation, let’s talk! Click drroxietime.com to book your free 30-minute strategy session.
Matthew is the founder of The Health Care Blog and the Health 2.0 conferences. He is also the President of the SMACK.health Advisory service for health tech startups.