Start From the End!
Commercializing an innovation in any industry is hard, but it’s especially complex in healthcare related fields. Research and experience indicate that even the most promising ideas face an onslaught of commercialization challenges.
There are many forces that can kill an innovation, both internal and external: Confusing the processes of launch and commercialization. Overlooking the early adoption lens. Leading with a technology solution and looking for a problem later. Not figuring out who will pay for the innovation up front. Being in a multi-sided market and confusing who is the user, the buyer, the prescriber, and the influencer, etc. Not seeing the patient as a consumer or viewing them only as a consumer. Not preparing for the long sales cycles inherent to healthcare. Leapfrogging right over strategy and diving right into tactical execution.
These are just to name a few.
But health innovators are far from hapless and are certainly not helpless. They can indeed control many of these commercialization decisions. There are also many forces that can drive an innovation. Understanding the difference between launch and commercialization. Developing an early adoption commercialization strategy that includes the five key components required for penetrating the early market: timing, targeting, communications, product, and pilot strategies. Using an evidence-based methodology for making commercialization decisions. Getting expert guidance from a healthcare commercialization strategist. Focusing on early market first. These are some of the issues we can help you with to successfully break into new international markets.