To succeed in innovation and reduce costs, healthcare companies must balance science and vision, adopt a minimum viable product approach, and allow fast review cycles. This approach helps identify investments that yield better results at lower costs.
Fremont, CA: The healthcare sector is grappling with numerous disruptive factors, necessitating adaptation from all players, regardless of their size or segment. Experts discuss five trends driving transformation and provide strategies for industry players to adapt.
More Complex And Patient-Centric Needs
Healthcare has shifted from a one-size-fits-all approach to personalized care, catering to customers' age, gender, and lifestyle needs. As patients become more empowered, they expect care to come to them. Healthcare companies face challenges in delivering customer-centric value due to the complex web of customers, including providers, insurers, patients, and regulators. Stakeholder mapping and priority setting are essential for healthcare companies to capitalize on opportunities in their multidimensional stakeholder base.
Pressure to Innovate Cost-Effectively
The COVID-19 pandemic has heightened the need for rapid innovation in healthcare, requiring companies to adapt to market changes and focus on organizational capabilities rather than technologies. Public scrutiny of innovation costs is causing debates worldwide, as mass-volume diseases have been cured and R&D focus shifts to niche disease areas. To succeed in innovation and reduce costs, healthcare companies must balance science and vision, adopt a minimum viable product approach, and allow fast review cycles
