Healthcare innovations play within a multi-sided market which adds a layer of complexity and difficulty a lot of other industries don’t have. What are some of the unique features of healthcare that innovators have to navigate? How do entrepreneurs balance between enthusiastic optimism and the realism of how the market works? What strategies can you use to beat the odds and maximize your ROI?
On this episode, I’m joined by the founder and CEO Health Innovation Partners, Paulo Machado who shares on his multiple level experience with commercialization and how to decrease the 95% failure rate of healthcare innovation.
"Design solutions that are not just product-focused, but business model-focused." -Paulo Machado
3 Things You'll Learn
1. Healthcare innovators often have tunnel vision on their creation which is a mistake
Don’t just focus on the solution you are creating, think about the greater system around the solution. Remember there are many stakeholders involved in the process of the commercialization and in order to succeed you have to think about how your innovation impacts them, and the other stakeholders it has to interact with.
2. It’s so important to have the ability to pivot
One of the things that help ensure successful commercialization is your ability to pivot when the hypothesis you originally had doesn’t pan out. Be willing to let go of any static positions and accept that you’ll have to change some things.
3. The difference between decision making in consumer and healthcare products
In normal consumer goods, the person decides what product they want, they pay for it and they are the user, those 3 primary functions sit with one person. In healthcare, those 3 decision points exist in different stakeholders with misaligned financial incentives.
A successful healthcare innovation has to work within the massive healthcare system that exists. Innovators tend to oversimplify the problems and facets of healthcare, and come up with specific point solutions as a result. But if you neglect the larger ecosystem, your innovation won’t be good enough, even if it’s really amazing. Remember, healthcare products aren’t a normal good and you don’t just sell to one consumer. You sell to multiple stakeholders, who aren’t always aligned in their goals. Always design your innovation with the whole system in mind.
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.
Paulo is the Founder/CEO Health Innovation Partners. He is focused on empowering consumers to be healthier, enabling providers to become more effective & ensuring that key stakeholders offer value driven solutions. To connect with him, go to https://www.linkedin.com/in/paulojmachado/ or send an email to firstname.lastname@example.org.