It’s no secret that the healthcare innovation industry is competitive. After all, there’s a lot of revenue on the line. The market is currently valued at $350 billion and is expected to undertake rapid growth in the coming decade, ultimately culminating in a valuation of more than $1.6 trillion by 2035. While the products and services that healthcare innovation businesses offer can vary widely, if you take a closer look at the businesses that succeed in this industry, you’ll tend to notice that many of them have overlapping characteristics that guide them in the direction of success. And if it worked for them, there’s every chance that it can work for your business, too. With that in mind, we’ve rounded up the 4 core principles that successful modern healthcare innovation businesses nearly always possess.
By Team Savant
Image: Tom Claes
They Have Small, Focused Teams
If you walk into the workspace of a healthcare innovation business that’s on its way to success, what you’ll likely find is a small, focused team consisting of specialists who have a clear role within the organization. Some of the most successful healthcare innovation businesses have been built with surprisingly small teams, which shows that not only is it not necessary to pack a company with employees, but it also shouldn’t be the approach.
They Bring In Outside Expertise When Necessary
It takes a lot to be a success in the healthcare industry, and the best businesses have no problem bringing in outside expertise and experience when necessary. When every penny is precious, it often makes a lot more sense to take this approach rather than attempt to hire a full-time employee for every task. There are external companies that play a key role in supporting peptide drug development, assisting with regulatory submission processes, or manufacturing the product at scale, and the smartest healthcare innovation businesses know when they should be brought in. Ultimately, it’s about making the most of the talent and resources available to the business, even if that talent/resource lies outside of the organization.
They Validate Often
Some products arrive on the market and have the air of being an instant success, but that’s not the case — the business all but knew that it was going to be a hit. That’s not because they had full faith from the get-go, but because they were constantly testing and validating their product throughout the journey to market. It’s a lot easier to have confidence moving forward when you know that you’re moving along the right track and that you’re not mindlessly drifting into one that might prove to be an expensive mistake.
They Scale Gradually
Healthcare innovation businesses are motivated by success, but too much success, too soon, can be damaging. The best healthcare innovation companies never get ahead of themselves; they do things step by step. Scaling the business gradually allows the organization to do things in a controlled, sustainable way. Things can look a lot different when it’s no longer a small-scale operation, and gradual growth ensures that any cracks don’t grow too big.