Posted By: Bala

Health innovation is to develop new or improved health policies, systems, products and technologies, and services and delivery methods that improve people’s health, with a special focus on the needs of vulnerable populations. Especially this becomes a critical need during these COVID times. On the other side, the following challenges are confronting Healthcare that fuels the need for innovation even further.

  • Telemedicine getting to mainstream – How to embrace this disruption?
  • Dissatisfied Consumers (Long wait, higher cost)
  • Ever-Increasing Cost Sharing & Prescription Drug Costs
  • Healthcare Complexity
  • Access and Digital Transformation
  • Healthcare Reform & Political Headwinds

So the leading healthcare and pharmaceutical companies are blazing a new trail for their peers by adopting crowdsourcing to drive their innovation efforts. They are using the collective knowledge and experience of their employees, providers, patients, and researchers, to uncover new ideas that can positively impact business, whether that’s reducing the cost of clinical trials, developing breakthrough treatments, or improving the patient experience. When you take this approach, as you’ll learn shortly, the results can be remarkable. Innovation Minds being a partner for many of these clients and have witnessed what works and what not with Healthcare Innovation, has put-together this assessment for you to quickly discover where you are and where do you want to go in your own journey of Healthcare Innovation.

What and how we assess Healthcare Innovation?

healthcare-table

How the scores are calculated by our assessment?

The above exercise is pretty quick. It can be completed by any stakeholder in about 15-30 minutes and results in a visual way to represent where one’s Innovation Program technology sits in comparison to industry benchmarks. Additionally, it can be completed by multiple individuals within an organization to calibrate a mutual understanding between their collective Innovation Program departments and/or other internal stakeholders. Maturity (scale of 1 to 10) is explained below.

    1. Just realized – Process not in place, however, there is a realization of the need.
    2. Initial (chaotic, ad hoc, individual heroics) – the starting point for use of a new or undocumented repeat process.
    3. Repeatable – the process is at least documented sufficiently such that repeating the same steps may be attempted.
    4. Defined – the process is defined/confirmed as a standard business process.
    5. Capable – the process is quantitatively managed in accordance with agreed-upon metrics.
    6. Efficient – process management includes deliberate process optimization/improvement.
    7. Innovator – Started challenging status-quo and incremental innovation started at the edges.
    8. Disruptor – The tangible impact of the innovation has been proven, started institutionalizing the sustainable.
    9. Market leader – You are nailing it.
    10. World-class – The true north of all.

And the final Report is:

healthcare-charts

** Blue bar represents Innovation Minds benchmark baselined from 25+ companies we worked with, and the black line represents where you may stand.

Wondering what’s your Healthcare Innovation Score?

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