"Success in healthcare commercialization starts with slowing down to wrestle with our assumptions."
-Dr. Roxie Mooney
Healthcare innovators are usually in such a rush to get to market that they don’t take the time to create the correct framework for decision making and develop the right strategies. Usually, they employ a waterfall strategy, which makes them susceptible to failure.
How can we implement incrementally, instead of taking a static approach? Why is it a huge mistake to lock down our strategy without making it flexible, iterative, and data-centric? How do we connect the insights between the disparate parts of the commercialization process? On this episode, we talk about why the waterfall strategy doesn’t suit the healthcare commercialization process, and why a “set-and-forget” approach is a costly mistake.
3 Things You'll Learn
- The strategy for successful innovation is not meant to be static. We need an agile, iterative methodology that keeps up with the dynamic nature of healthcare.
- The waterfall method is not flexible enough. Consumer needs, market trends, and competitors aren’t fixed. Our strategies have to account for that level of constant change.
- Set a strategy that leaves options open. Just like Napoleon, one of the greatest strategists in history, we should be setting strategies that give us options and maneuverability. There’s no sense in sticking with a strategy even in the face of conflicting data.
The decisions we make in healthcare don’t function in a vacuum. Because of this, healthcare innovators are up against a lot of challenges that can affect the commercialization process. The first step healthcare innovators can take to beat the odds is to have a framework for those commercialization decisions, from concept to launch and beyond.
Our strategy needs to reflect the dynamic and complex nature of the healthcare industry; and if we make decisions in the right sequence, we will avoid market failure, use our organizational resources well, and increase the profits of our innovations.
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.