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Health care innovation

Preparing for Health care Innovation: How Organizations can Capture Success

With the increased need for accountability, health care quality and patient-centered care, organizations in the sector are increasingly chasing innovation. Health care innovation is crucial to solving some critical challenges in patient care as well as operational efficiency. However, a recent survey by healthcare industry experts states that less than 30% of healthcare providers across the globe are mature in their ability to access, integrate, and analyze healthcare data from diverse sources.

Those still resorting to conventional methods of healthcare are in the threat of being left behind amidst transformations in the healthcare sector. Most of them see health care innovation as highly challenging to implement and often are unsure as to where they should begin. This article describes some key processes that can help organizations demystify the process of health care innovation and ensure a smooth transition.

Transforming health care delivery into a system that is more value-based and patient-centric will require a commitment to change, whether it’s a radical innovation, incremental innovation. Request a free proposal for insights on how your organization can prepare for health care innovation in the long run.

Invention and innovation are not the same

Many organizations often make the mistake of defining innovation as the use of novel technologies, processes or even business models. However, any new technology, at least in the early stages, can only be regarded as an invention. Although inventions are vital, only when these inventions rise to the widespread adoption to transform behavior and functioning of users or organizations can they be termed as innovations. If an invention is not successful in scaling progress at different levels in the organization, it does not become an innovation.

Innovations do not always require radical change

The size of innovation can vary from organization to organization. They can be either radical or even incremental. Health care innovation can be in the form of adopting a new approach to an existing service such as a material improvement on minimally invasive techniques or it can even mean offering a new service that redefines organizations’ existing processes. Continuous incremental healthcare innovation can help organizations learn whether the changes are favorable to their organization or not and adjust their course accordingly.

Radical innovation requires choreography

Several organizations dread radical health care innovation as they believe that this could turn the entire operations of their organization upside down and could cause inconvenience to some degree. This attitude can sometimes have catastrophic outcomes for healthcare companies. Choreographing radical innovation requires healthcare companies to be honest with themselves about their change management prowess. It also necessitates them to take steps to improve it if necessary. They must put into play a mechanism to assess and incorporate all the complementary strategies necessary to execute the

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Market Opportunity + Telemedicine Market

Unique challenges plaguing Europe’s digital healthcare efforts

As the concept of digital healthcare goes global, healthcare stakeholders across geographies are evaluating new tools, while innovators are navigating pathways to implement advanced technologies into healthcare. Over the past decade, the European healthcare system has progressed leaps and bounds. However, the sector is bound by some major challenges including aging population, greater prevalence of chronic diseases, shortage of healthcare workers, and financial discrepancies of care. In order to put a strong fight against the increasing healthcare challenges, the European healthcare sector is now embracing digital innovations and new technologies now more than ever before. But what are the major roadblocks to successful implement digital healthcare technologies in Europe?

Addressing barriers to the full use of digital healthcare solutions in Europe requires a comprehensive action plan. Request a free proposal from our experts for more insights on how our solutions can help MedTech companies identify and tackle critical roadblocks with agility.

Digital healthcare challenges in Europe

Meeting regulatory requirements

The regulatory issues with digital health technologies are highly complicated. The EU is planning to roll out Medical Device Regulation in May and this is also said include regulations relating to digital health technologies. This could mean that out of several medical device that are surveyed, only a few may be compliant with the regulations by the time they go into effect. New medical device regulations that would come into effect this year would require strict and stronger clinical evidence for clinical technologies.

Highly fragmented market

The EU is creating increased regulations around MedTech. However, there are several hurdles to implementation on a country to country basis. MedTech startups in Europe build at a regional level before expanding. This is common trend in the US as well. However, the challenge here is that the systems are designed and developed for a local setting in the initial phase but launching the same system in another country could prove to be a tedious task the regulations and requirements across countries may vary. Setting up digital healthcare technology in a new EU country poses not just regulatory barriers but also logistical ones, such as infrastructure.

Finding funding for digital healthcare

Funding is another major challenge that digital healthcare innovators need to navigate in Europe. Seed-stage financing and early rounds should not be a challenge for digital healthcare startups in Europe because public funds can be sourced from countries like Germany and Portugal that make early-stage investments. There are also several venture capitalists across Europe that can also help with funding. Several US-based investors have been known to provide backing to Europe-grown startups. However, since Europe is a highly fragmented market, finding success across different countries in Europe may be challenging, making it difficult for digital health companies to find investors.

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Market Intelligence on the Computerized Physician Order Entry (CPOE) and Pharmacy Information Systems (PIS) Market

Business Challenge
A global leader in healthcare technology wanted advise on the current and future prospects of the CPOE and PIS market in Europe and the APAC region.
Situation
The client wanted to understand the current and future landscape for CPES and PIS products in the healthcare market to frame new investment strategies and improve its market position.
Approach
We did an overall industry assessment followed by in-depth market analysis, which helped us understand the major opportunities, challenges, and emerging trends in the market.
Impact
The client re-evaluated its investment and sales strategies for CPOE and PIC products, which helped it improve its sales and market share.

Market Analysis of Healthcare Information Technology (IT) Market in the APAC Region

Business Challenge
A leading healthcare IT services provider wanted to identify and leverage the emerging opportunities in the healthcare IT market in the APAC region.
Situation
The client was interested in establishing its presence in the rapidly emerging healthcare IT market in the APAC region and wanted to understand the market size and geography wise market potential.
Approach
We conducted extensive primary and secondary research in eight countries in the APAC region to assess past and future market growth, evaluate the major market trends, and identify the most attractive market segments.
Impact
The geography-specific insights helped the client evaluate the attractiveness of individual market and segments and also to identify the segment with the highest growth potential.
Market Research

Pharmacy Automation Systems Market Opportunity Assessment in the MEA Region

Business Challenge
A global pharmacy automation systems manufacturer wanted to understand the potential opportunities for pharmacy automation systems in the MEA region.
Situation
The client wanted to evaluate the future potential for its pharmacy automation system products in the MEA region and was looking for advise on how to reformulate its sales and marketing strategies.
Approach
We conducted 25+ primary interviews and exhaustive secondary research for a complete sectorial analysis of the market, along with forecasting the trends and providing a growth forecast for a 5-year outlook period.
Impact
The strategic insights and growth forecasts helped the client evaluate the market potential and realign its business strategy to ensure substantial growth during the forecast period.

Competitive Analysis of Electronic Health Record (EHR) Solutions for Large Ambulatory Practices

Business Challenge
A leading computer system design services provider in the Healthcare industry wanted to benchmark its services and operations for EHR solutions against those of its top five competitors in India and China.
Situation
The client was facing issues such as low sales and customer complaints regarding services, and it therefore wanted to benchmark its competitors’ business models and best practices to turn around its own business performance.
Approach
We identified the top five EHR manufactures in India and China and conducted a deep dive assessment of their product portfolios, technologies, best practices, and service offerings. We also conducted interviews with industry experts to understand emerging business requirements.
Impact
Based on our insights, the client identified and adopted the best practices in its operations and benchmarked its products against the highest quality standards, which helped it considerably improve its sales performance.

Clinical Chemistry Diagnostic Instruments Customer Study

Business Challenge
Our client, a leading medical and diagnostic devices company, wanted to assess the level of interest and satisfaction among the potential and current customers, respectively, of its clinical chemistry diagnostic instruments.
Situation
The client wanted to assess the level of interest in clinical chemistry diagnostic instruments among a specified set of customer segments, who use the products in different settings, in order to determine the potential for its products.
Approach
We conducted a blend of online and comprehensive telephone interviews for this engagement. The interviews, covering 75+ respondents, were conducted in five phases covering various set of respondents including doctors, physical office lab managers and technologists, clinical chemistry lab managers, and directors.
Impact
Based on our comprehensive insights, the client was able to determine the awareness, level of interest, selection criteria, and pain points of customers of clinical chemistry diagnostic instruments, which helped it better position its products to achieve greater customer acquisition and satisfaction.

Competitive Assessment of Healthcare Connectivity Solutions Market

Business Challenge
A global healthcare IT major wanted to benchmark itself against its competitors based on critical performance parameters.
Situation
The client was going through a major strategy overhaul and wanted to benchmark its performance against that of its major competitors to identify areas of improvement.
Approach
We identified the client’s top five competitors and developed a comparison matrix to evaluate their revenue, market shares, R&D expenditure, production, supply chains, and distribution strategies.
Impact
The client was able to evaluate its most successful competitors’ strategies and gain insights on their overall performance to make critical changes in its own strategies.

Customer Survey on Purchase of Blood Banking Data Management Services in Brazil

Business Challenge
A global healthcare technology service provider wanted to understand the purchase decision making process and key purchase criteria adopted by customers of blood banking data management services in Brazil.
Situation
The client wanted to assess the customer purchase trends, identify the key decision makers, and understand their decision-making criteria for buying blood banking data management services.
Approach
We conducted 30+ in-depth interviews with major customers, purchase decision makers, and influencers to evaluate the selection parameters for blood banking data management solutions.
Impact
The client was able to synchronize its sales strategy with the requirements of its customers by understanding the major factors that they consider while evaluating services, thus enhancing the satisfaction of its existing customers.
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