There is a sick care "innovation" frenzy that is happening both from inside and outside of the industry. The pace of proposed, if not real, change is dizzying and, in many instances, is outpacing the ability of sick care workers and patients to cope with it. But, what is the real impact of all this activity?
Here are a few metrics you should use:
1. Have you created something that is an innovation or just innovation theater?
2. Are you measuring inputs, outputs or impacts?
3. What is the clinical evidence that your solution is safe, effective and cost-effective?
4. How has your solution substantively improved quality, patient and doctor experience and equity and reduced costs?
5. What is the level of dissemination and implementation of your technology and how long did it take?
6. How have you closed the system-doctor-patient adoption and penetration gaps and expectations and priorities ?
7. Are you asking for forgiveness or permission?
8. Do you have a VAST business model that can scale?
9. Are you taking advantage of the opportunities created by the sick care megatrends?
10. What and how quickly will it take for the sick care workforce to learn how to use your technology such that they feel comfortable including it in their therapeutic armamentarium?
11. What are you doing to win the 4th industrial revolution?
12. How is your solution moving sick care to health care?
Based on the answers to these questions, I would give the Sick Care Innovation class a C-. I'm sorry, but we don't measure innovation on a curve. Given that grade inflation is rampant, I'm sure I'll get lousy student evaluations. It's a good thing I have some side gigs to pay for parking at work.
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs.
The way we assess value in medical technology is changing radically.
Radical innovation cannot happen in the absence of some type of pain and constraints that create tension and an impetus for change.
More informed decisions could enable further advances within the new value-based paradigm in medicine.
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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