"Commercialization is all about the application of capital into a system that will scale and meet people’s needs." -Dr. Grace Terrell
When it comes to healthcare and innovation, the dysfunction of the system can seem hard to When it comes to healthcare and innovation, the dysfunction of the system can seem hard to overcome without the right strategies. Why is it hard for some innovations to succeed? What are the key things you need to do in order to ensure your success? What are some of the biggest shifts in care delivery and benefits redesign?
On this episode, primary care physician and Envision Genomics CEO, Dr. Grace Terrell shares on her perspective on innovation as an early adopter of value-based care.
3 Things You'll Learn
1. Innovators face a commercialization dilemma
Many innovators find themselves at a crossroads as they try to commercialize. First, they can circumvent the current system and go direct-to-consumer, which means coming up with creative cash and subscription models, while handling the costs of educating the consumer market. On the other hand, they can go into the healthcare system, which means dealing with longer budget cycles and outdated payment models. This is a critical choice any healthcare innovator must make, and the decision affects every element of the business.
2. Why many innovations fail
It’s tempting to focus on one part of the commercialization process - the product itself. Other key details must be considered; whether the product really meets the needs of the target market, how the product scales and who pays for it.
3.The importance of being agile in innovation
Don’t become too fixated on one market segment or approach, be flexible enough to pivot when shifts are necessary. Many things in healthcare can change, especially in terms of policy and all healthcare innovators need to be in a position to move quickly.
One of the biggest barriers to commercialization is how innovations are created. Healthcare innovators leave the industry to escape the dysfunction of the market, but end up creating products to sell back into that dysfunctional system. The problem is, it’s difficult to change healthcare outside of the system, or without involving many different people in the process. It takes a village to build a successful innovation and business, from investors, partners, willing payers and patients.
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.
Dr. Grace Terrell is a Primary Care Physician and President and CEO of Envision Genomics, a company helping clinicians diagnose rare disease through the integration of genomic data into clinical care. At Envision Genomics, she is focused on the integration of precision medicine technology into population health frameworks for patients with rare, misdiagnosed, and undiagnosed disorders to improve the triple aim 100-fold. She is a national thought leader in health care innovation and delivery system reform, and a serial entrepreneur in population health outcomes driven through patient care model design, clinical and information integration , and value-based payment models.
Go to http://envisiongenomics.com/ for more information. To get in touch with Dr. Grace, email gterrell@http://envisiongenomics.com/ follow @gracet22 on Twitter and connect with her on LinkedIn https://www.linkedin.com/in/grace-terrell-5a483914/.