"Just because your innovation solves a real problem or is technically and functionally superior to competing solutions, doesn’t mean it will automatically reach commercial success."
-Dr. Roxie Mooney
Many healthcare innovators underestimate what it takes for their innovations to achieve market success. What are the three lenses of innovation that health innovators must get right to increase their chances of success? How do these factors influence commercialization?
On this episode, we talk about the three things innovators need to consider when bringing healthcare innovations to market.
3 Things You'll Learn
- Desirability: innovators should ask themselves if the problem the product is trying to solve is a priority for the healthcare system.
- In order to find out if your innovation is viable, ask yourself if the product is worth it, and if you have realistic estimates of sales and revenue. Just because there’s a market for a solution, doesn’t mean it will be viable for the business.
- To determine if an innovation has feasibility, you need to have the resources and capabilities to build a competitive advantage and differentiation in the market.
If you can confirm the desirability, viability, and feasibility of our innovation, you will be able to validate product-solution fit and product-market fit. When you achieve these two things, you will be able to reach market success.
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.