Why Innovation in healthcare is hard

On Planetary Health First Mars Next our past special live guest was Suzy Engwall VP of Early MedTech at Alira Health. She led us through an excellent discussion of Why Innovation in healthcare is hard.

See the Live full episode Here:

Why is innovation in healthcare so hard?

There are many reasons why healthcare innovation is so hard. Some of the most common reasons include:

• High cost: Healthcare is a very expensive industry, and it can be difficult to get new products and services to market that are both affordable and effective.
• Regulations: Healthcare is a highly regulated industry, and it can be difficult to get new products and services approved by regulators.
• Lack of data: Healthcare data is often fragmented and difficult to access, which can make it difficult to develop and test new products and services.
• Culture: The healthcare industry is often slow to change, and it can be difficult to get new ideas adopted.
• Patents: Patents can give companies a monopoly on new products and services, which can make it difficult for competitors to enter the market.

Despite these challenges, there are many examples of successful healthcare innovation. Some of the most notable examples include the development of new vaccines, the introduction of electronic health records, and the use of telemedicine to provide care to patients in rural areas.

As the healthcare industry continues to evolve, it is likely that we will see even more innovation in the years to come. However, it is important to remember that innovation is not easy, and it will require the collaboration of many different stakeholders, including patients, providers, payers, and policymakers.

Takeaways from Suzy’s talk: What or how organizations can accelerate or increase their chances of success:

• Design Thinking: Having a MVP, minimum viable product
• Get customers feedback as soon as possible
• One of her passion’s is pediatrics but it is so hard to see innovation because the market size is so small.
• She is big on Startup Studios.

A startup studio is a company that creates and launches multiple startups. They provide founders with the resources and support they need to succeed, from ideation to launch.

There are many benefits to working with a startup studio. Some of the most common benefits include:

• Access to resources: Startup studios have access to a wide range of resources, including office space, funding, and mentorship. This can be a huge benefit for founders who are just starting out and don't have the resources to do everything themselves.
• Shared knowledge and experience: Startup studios have a wealth of knowledge and experience that they can share with founders. This can be invaluable for founders who are new to the startup world.
• A proven process: Startup studios have a proven process for launching startups. This can help founders avoid making common mistakes and increase their chances of success.
• A supportive community: Startup studios provide founders with a supportive community of other founders, mentors, and advisors. This can be a great source of support and advice for founders who are facing challenges

Suzy Engwall is an expert on all things:

Healthcare Innovation Leader | Startup Advisor | Design Thinking Practitioner | Partnership Leader and Connector of People

She loves to talk about #startups, #hackathon, #invention, #healthcare, and #innovation

More details about Suzy Engwall:?

Suzy Engwall is a Healthcare Innovation Leader, Startup Advisor, Design Thinking Practitioner, Partnership Leader and Connector of People. She has been working to make change in the healthcare industry for 17 years and has spent the last 6+ in the innovation space. She is incredibly passionate about this work and is honored to work with so many amazing startups as well as fantastic hospitals and health systems.

She is currently the VP of Early Medtech Development at Alira Health, where she is responsible for leading the company's efforts to develop and commercialize new medical devices. She is also a mentor at the Founder Institute, where she supports early-stage entrepreneurs in the healthcare space.

In her previous role at the Innovation Lab, she was responsible for leading the company's innovation and commercialization efforts across various health systems. She worked in lock step with C-level executives and other leadership to ensure value creation and strategic alignment. She planned and conducted facilitated Innovation/design thinking events and workshops. She oversaw a team that worked with caregivers at all levels to coach and facilitate innovation efforts and culture change. This included new program development and deployment, budget administration, design thinking training and development, overseeing regional outreach efforts, supporting organizational teams in commercialization of intellectual property, and connecting startups to VCs and other funding sources as well as to health systems when solutions align with system strategy.

She is a graduate of the University of California, Irvine, where she earned a Bachelor of Arts degree in Business Administration. She is also a certified Design Thinking Practitioner.

She is passionate about using innovation to improve the healthcare experience for patients, providers, and payers. She is also committed to creating a more inclusive and equitable healthcare system.

Awards and Recognition

Named one of the "Top 25 Women in Healthcare Innovation" by Becker

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#startups, #hackathon, #invention, #healthcare, #innovation Alira Health Founder Institute University of Vermont IDEO #designthinking RedCrow