From Innovation to Market: Do You Have a Healthcare Plan?

From Innovation to Market: Do You Have a Healthcare Plan?

From Innovation to Market: Do You Have a Healthcare Plan?

Pundits and prognosticators are practically giddy about the global post-pandemic healthcare innovation opportunities. 

At the same time, the entrepreneurs who are working diligently to transform international sick care to health care have to overcome many obstacles and overcome the cynicism about shiny objects, snake oil and trusting biomedical and clinical entrepreneurs. The most recent example is the number of people around the world who say they won't get the COVID-19 vaccine.

Another example is the lessons learned from accelerated deployment of telemedicine and virtual care. 

Having a go to market plan and a strategic communications plan is important, but not enough. The most difficult part is engrafting your innovation into a customer culture, dominating your product category, and, in the case of sick-care, making it the standard of care over time. In other words, how do you plan to change doctor and stakeholder behavior over the long run?

The parts of your innovation to market (I2M) plan should include:

  • Discover customer's pain, wants and needs.
  • Design a product with a compelling value proposition.
  • Develop your product based on early and often end user and stakeholder feedback.
  • Deploy your solution with a go to market and strategic communications plan that tells why you are the best of the rest,
  • Dominate your product category.
  • Disseminate and implement your product by building into it those features and benefits that will overcome the barriers to widespread adoption, penetration, engagement and enable behavior change
  • Define the delta i.e. measure and showcase the before and after value difference you promised your customers you would deliver.

Finding someone to buy your product is only the beginning. If you don't follow up with the other steps, in fact, it might just be the beginning of the end of your company.


Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs.

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  • Lee Shaw

    Sick-care entrepreneurship is fascinating.

  • Donna Hardy

    Healthcare is in need of innovation.

  • Luke Foster

    Well said !

  • Gary Cooper

    Commercialising a product is a satisfying feeling !

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Arlen Meyers, MD, MBA

Former Contributor

Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.

   

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