Can YOU Innovate Healthcare? Critical Info For Startups
If your invention aims to innovate Healthcare never forget to prove the three main points in your marketing message whenever you’re talking to investors or potential buyers:
If your invention aims to innovate Healthcare never forget to prove the three main points in your marketing message whenever you’re talking to investors or potential buyers:
- Clinical Value – what is the main value to the buyers/investors. How does the device improve clinical outcomes, care, and progress of medicine
- Emotional Value – how does the technology make the doctor/patient relationship better, is the equipment sexy, what do doctors really think about it, what are the last reviews like
- Business Value – how does the device make doctors money, how does the device make money for the investors. This part is frequently missed. Any executive that does not know the numbers should not be making the pitch.
But there’s one more very important point Healthcare Startups should aim to prove: how does the device complete the circle of care. In other words, how does the device help patients, organizations, and doctors.
Remember, even though you may have an innovative way to help patients deal with their conditions, it’s important to look at other end-users that are necessary.
It does not help if your “Diabetes App” helps patients check their blood sugar level cost-effectively… if it doesn’t aim at solving a community’s challenge of accessing medical care … and if it doesn’t take into account that at the end of the few thousand hours a diabetes patient who manages their disease still has to see a doctor. The doctor has to review the data.
Have you involved the doctor in the big picture? The patients may love it but market development for medical equipment is all about bridging the gap between patients and doctors. Too many startups end up widening the gap and that’s when they fail, especially when pitching to potential investors.
Nex time we’ll cover the issue of “Marketing Disruptive Technologies”
Discuss this topic, connect with doctors and investors, network, and sell your devices at the next Healthcare Pioneers event – June 26th, 2013 in New York City
