The Business of Healthcare Innovation
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This uniquely American initiative brought nations back to life. In Botswana for example, life expectancy jumped from 39 years to The global impact of the bipartisan PEPFAR program in terms of health, safety, and security, is nothing short of miraculous. And it would not have happened without the leadership of those we elect to go to Washington. Just a half-century prior, the scientific community discovered the double helix structure of DNA.
With U. Department of Energy—joined with international partners and the private sector, we took a major leap forward in understanding the genetic factors in human disease by sequencing the 3 billion bits of information in the human genome in record time. That foundational step spurred a revolution in biomedical innovation.
Since those data were made freely available, well over 1, disease genes have been discovered, 2, new genetic tests have been created, and over biotechnology-based products resulting from the project are currently in clinical trials. Researchers can now find a suspected disease gene in a matter of days instead of the previous years needed.
We are well on our way to many new treatments and cures. But not all innovations are created equal. Christensen explains that for an innovation to be truly disruptive it needs to have three things:. I have seen innovation from a front row seat, with some of the original health service disrupters: my dad and brother, Tommy. Tommy, a young surgeon at the time, was inspired in part by a college roommate whose family founded the Memphis-based Holiday Inn hotel group, which at the time was a relatively new business that had mastered the concept of chain facilities that provided consistent quality and benefitted from economies of scale.
Then, hospitals were largely government-owned, faith-based, or independently operated. It was a cottage industry. No one had applied the principles of multi-facility scale and access to capital markets to hospitals—until my brother and dad did with the founding of Hospital Corporation of America. This model, developed by Tommy the instigator and entrepreneur , Dad the physician and driver of culture , and Jack Massey the businessman of Kentucky Fried Chicken fame , allowed expansion into areas that previously did not have nearby access to a hospital — reaching underserved patients in need.
And it created a coherent value network by, for the first time, applying modern business principles to healthcare, which allowed hospitals to provide higher quality care with newer, more advanced treatments, and offer better pay for hospital workers and physicians, reaching more people. HCA transformed an inefficient and variable American hospital system and became a model that has been replicated around the globe.
Today, high costs and uneven access are indicators that the healthcare industry is again ripe for disruption. The reality is that, when HCA was founded in , the healthcare sector had lower barriers to entry. Health delivery was local, not national or global. In fact, there were no healthcare companies in the Fortune now there are 18 including pharmaceutical companies and insurers. And the federal government played a minor role: Medicare and Medicaid had only just been created in In , more than one in three Americans are covered by government-backed insurance. The health sector has become so highly regulated and so extensively covered with third party payors that any innovator serious about disrupting the current system will have to engage with federal and state government in some way—whether achieving FDA approval, gaining Medicaid or Medicare reimbursement coverage, or navigating complex compliance requirements.
With the to-be-launched Philips Marketplace, this is precisely what we aim to offer — helping healthcare providers to embed third-party apps into their workflow via a common underlying deployment platform. As systems and devices in healthcare are getting more integrated, the importance of connecting data across the continuum of care has also moved to the forefront. Traditionally, healthcare data resides in disparate silos. The data is typically not annotated or curated. Over the past 15 years, the more widespread introduction of the Electronic Medical Record EMR has created a system of record to keep track of clinical decisions and to support billing.
But the EMR has not made patient data flow between caregivers; nor does it guide them with actionable insights. What we need instead is a system of engagement , which connects and interprets patient data from various sources to support caregivers with relevant insights at the point of care. The development of patient monitoring in the general ward serves as a case in point.
Today, these data can be automatically integrated and interpreted with smart algorithms to identify when a patient is at risk of deterioration — helping nurses to act swiftly when needed. As we continue to connect data across devices, departments and episodes of care, the ultimate vision is to have a digital twin of a patient: a model that integrates all relevant information about the patient, and that is updated over time.
Digital twins have already shown promise in diagnosis and treatment of heart conditions. Ultimately, they have the potential to offer a degree view of the patient at the point of care. Healthcare will become more precise and personalized as a result. Because the nature of health technology innovation has changed, our research organization also looks very different from 15 years ago. Innovation used to be a sequential process, with central research labs working in relative isolation on concepts for new or improved devices or systems, following a technology roadmap.
We would then transfer these concepts to product divisions in Philips, who would develop them further and push them to the market in a one-size-fits-all manner. Nowadays, innovation is a more parallel process, which occurs in collaboration with customers. For example, we are working side by side with researchers from Karolinska University Hospital in Sweden on innovations in minimally invasive surgery, prostate cancer care and stroke care.
We have similar research partnerships around the globe.
This collaborative approach calls for a different mindset. As a researcher, you cannot focus on technology alone anymore. You also need to have an understanding of value propositions, health economics, market dynamics, and local digital ecosystems. As we like to say within Philips: "not the lab is your world, the world is your lab". This model promotes cross-functional collaboration on a regional level — bringing together knowledge on technology, digital platforms, clinical workflows, IT, finance and market access.
In addition, we now work with a much broader group of stakeholders in hospitals and health systems: not only technical specialists, but also heads of department and board members. This means you have to be able to speak the languages of different stakeholders — a much more versatile and challenging role! To ensure that customers get the integrated solutions they are looking for, our research organization has also taken a much more proactive role in connecting different business units within Philips. For example, in oncology, we are bringing together the latest advances in imaging, digital pathology, genomics and clinical informatics, to support precision diagnosis and therapy planning.
This requires many different experts to work together. Looking back on the changes of the last 15 years, I am once again struck by the tremendous progress that medical science and technology have made — resulting in amazing capabilities for diagnosis and treatment, and a positive impact on society. But it has also become clear that to achieve the quadruple aim, we now need a new approach to innovation. It will be the only way to keep high-quality healthcare sustainable for those who already have access to it, and to eventually make it available to all — for generations to come.
Impact of an intensive ambulatory program on both financial and clinical outcomes in Banner Health, revisit the initial cohort with extended follow-up. Unpublished internal study. Crit Care Henk van Houten joined Philips Research in , where he investigated quantum transport phenomena in semiconductor nanostructures — work awarded with the Royal Dutch Shell prize.
What do we mean by Innovation in Healthcare? - European Medical Journal
Apr 02, Five ways in which healthcare innovation has changed over the past 15 years. Estimated reading time: minutes. A lot has changed in this time span. Aligned incentives have become critical in the transition to value-based care In the adoption of new technological innovations for value-based care, misaligned incentives have historically been the biggest barrier.
- Charging Forward: Heart Team and Eight Seconds the Boys that Refuse to Lose.
- Our Calling.
- Why Innovation in Health Care Is So Hard.
Take hospital readmission management as an example. To succeed with healthcare innovation today, new technologies must go hand in hand with new business models and outcome-based incentives that are aligned across all stakeholders. This means technology vendors need to have an eye for the bigger picture.
Human Centered. Future Focused.
Patient data used to reside in systems of record — now we need a system of engagement, bringing a degree view of the patient into clinical workflows As systems and devices in healthcare are getting more integrated, the importance of connecting data across the continuum of care has also moved to the forefront.
Not the lab is your world, the world is your lab. In discussion with Philips researchers during a recent visit to our Shanghai innovation hub. References  Dahl, D. Share on social media. Follow me on.
The Business of Healthcare Innovation: How New Products Come to Market
More related news. November 19, Philips Lumify handheld ultrasound supports life-saving technology in pre-hospital setting. News article.
click here November 13, Five innovations that are shaping the future of image-guided therapy. November 12, Philips launches its first clinical product for aiding cognitive assessment in the U. Press release.