One area that deserves special attention is health technology when it comes to digital healthcare transformation. It is pushing the boundaries of medical insurance for foreigners in China delivery and could lead to breakthroughs in understanding disease. To learn more about its role in life-sciences, explore this special collection. Or dive deeper with articles to find out:
Digital tools that can improve well-being, support sleep loss and help with mental-health issues
What can medtech and other healthcare players do to get more value out of digital health?
It could be used to help companies create new businesses or reinvent themselves
What do executives see as the future for digital therapeutics, and healthcare innovation?
A combination of rapid technological and medical science development, market demand and financial pressures has driven the evolution towards new business models (for instance, next-gen managed healthcare, fragmentation of care sites, integration of care around patients, consolidation of healthcare delivery institutions, technology enabled healthcare services businesses).
Pre-COVID-19, the market for new business innovations was very active and has been growing rapidly during the pandemic. Private equity and principal investors saw the huge opportunity to improve healthcare and have deployed substantial capital, attracting talent from the outside and within healthcare, all with the goal of driving new business creation and scaling-up.
Senior management must be committed to business building. The most successful business-building organizations have a clear, visible and sustained sponsorship by the CEO and senior managers of their business-building ventures. This commitment is demonstrated by prioritizing business development in corporate strategy and allowing time at board and management meetings to allow for capital allocation.
Focusing on value-creation ideas that improve healthcare in meaningful ways is a priority. This involves data, talent distribution, brand, and many other tools that will give the new business unique capabilities while still prioritizing access and quality.
Establishing a culture that values learning and testing. To ensure that the product and market match is optimal, executives must be able learn and experiment with speed. This will allow them to unlock scaling. While organizations may not be able to do it perfectly at the beginning, they will gain muscle over time.
A bias towards “open architecture” capabilities. These capabilities can leverage ecosystems, acquisitions, partnerships, and local assets to provide the value proposition.
Ensure sufficient organizational distance between the core and the new build. This allows the new build to be carried out without compromising processes that are used in mature organizations. This requires that you balance the talent of the core with new hires who bring in different mindsets.
Establishing dynamic performance measurement and management across time horizons with a focus upon capability building, data and milestones in early days and not too indexing financial returns.