2. Work out where you fit within the healthcare system.
Healthcare systems can be complex and challenging to navigate, with historical legacies and substantial differences depending on the region. At a time when new players are arriving from all sides, it’s even more vital that start-ups understand how they fit into the connected healthcare system they are targeting whilst ensuring scalability to other markets.
For example, this can mean working out the difference between who uses the innovation, who benefits from it, who pays for it, how much they pay and why. Is it reimbursable? Does it have an appropriate code? Patients and consumers, employers, hospitals, insurance companies could all be answers, and those answers can all change depending on the country you’re selling to, making it sometimes challenging to scale. That’s why it’s important to find a partner who understands the full ecosystem and its interdependencies — rather than operating with point solutions — at a global scale.
Even selling an innovation into one single hospital is tough — I should know because I’ve been in your shoes and (hopefully) learned from my successes and failures. Finding a partner who understands hospital workflows, clinical pathways and overall priorities in hospital management around delivering improved clinical outcomes for lower cost can help you to link the value of your innovation with the priorities of your potential customer.