There’s an inherent institutional mismatch in health innovation. 🤔 Daniel Young 15 May 2024

There’s an inherent institutional mismatch in health innovation. 🤔

mismatch in health innovation

There is an inherent institutional mismatch in health innovation, and it’s the seeming incompatibility of the healthcare system to understand and value technological innovations. And what they don’t understand, they won’t buy.

📉 What’s an institutional mismatch in Health Innovation?

This term highlights the gap between rapid medical technology innovation and the conservative adaptations of healthcare institutions. (More links on this in the comments…)

Here’s a brief summary of the institutional mismatches in health innovation:

🔢 Economics

Healthcare economics are challenging, as seen in Walmart’s closure of its retail care centers. Despite significant funding, financial realities create tough environments for startups. Healthcare systems balance new ideas against value and operational changes, while tech innovators often misalign with what HCOs and payers need. 💸

🚧 Regulatory

Health tech faces major regulatory challenges, delaying launches and increasing costs. Effective ventures engage early with regulators to streamline clinical effectiveness documentation and risk communication.

🌍 Localization and Cultural Biases

Expanding into new markets? Each has unique cultural and regulatory expectations. Sensitivity to these nuances is crucial to avoid delays in clinical studies and market entry.

⚙️ Integration

Integration is a major challenge, being disruptive and resource-intensive. It’s crucial for ventures to align closely with healthcare systems to ensure smooth transitions and empathy for the integration efforts.

🔗 Focus on designing tech that integrates seamlessly into existing systems.

By tackling these mismatches, digital health and medtech ventures can improve integration into healthcare systems, enhancing patient outcomes and care efficiency. 🌟

Even though the institutions are not often equipped to facilitate the introduction of bold, innovative technologies, they will support those products who can clearly communicate value and how it may contribute to patient care. It’s our job to bring clarity and align these mismatches.

What do you think? Have any experiences to share? Please post them in the comments below.

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Contact Daniel Young
Daniel Young is the founder of Digital Health Works, an international digital health and med tech commercialization agency.
 
It’s his vision and passion for technology and digital health that drives what we do.

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