The state of health care is rapidly evolving toward a consumer-centric model where technologies play an increased role in how each consumers' unique preferences are understood; how their individual context is perceived; and how their care needs, protocols, and medicines should be designed to shift from a state of sick care to health care. This precise understanding presents the opportunity not only to improve care for immediate needs, but also to predict upcoming needs and underlying capacity by leveraging both longitudinal and real-time data, delivering higher-quality, more personalized experiences.
New roads to the health innovation ecosystems of tomorrow
Perhaps no industries better understand how to create and fulfill consumer-centric experiences than retail and technology. It’s no surprise that both established players like Amazon and greenfield startups are driving a paradigmatic shift at the intersection of innovation and health, leveraging their core competencies to offer more accessible and affordable care, largely enabled through technology. While the transformative power of technology has undoubtedly benefited consumers, it has caused disruption for incumbent health care and life sciences enterprises.
In order to respond to these disruptors, remain nimble, and drive transformation in their business models, traditional health care and life sciences enterprises are moving to reinvigorate their “innovation ecosystems.” Best exemplified in Silicon Valley in the 1990s, an innovation ecosystem is a community where a critical mass of available capital, startups, differentiated talent, enabling institutions, and favorable government policies converge and fuel vigorous cooperation and competition.
These ecosystems are where the magic happens: Ideas develop rapidly, startups readily source talent and funding, hypotheses are swiftly prototyped in real-world settings, and enterprises continuously bring new innovations to market—all measurably faster together and within the ecosystem than outside of the ecosystem or on their own. Not only do these vibrant ecosystems increase local productivity and growth, but they also drive disruptive innovation globally.
Enterprises that invest in developing a presence within an innovation ecosystem are well-positioned to access resources unique to the ecosystem and conduct mutually beneficial activities, such as sharing industry expertise to guide solution development. What it means to develop a presence will vary based on the characteristics of the ecosystem and ambition of the enterprise, but it is commonly achieved through developing a physical innovation and/or R&D center, funding and incubating startups, sponsoring events, and creating relationships with local ecosystem players.
There is particular benefit in working with earlier-stage ecosystems where talent, real estate, and other scarce resources are more accessible and energized by the idea of partnering with more established outside players. Once an enterprise has established a presence in the ecosystem, it enables a wide spectrum of activities and the realization of key benefits.
It’s a common misconception that having an office or physical building in the location is equivalent to having a presence in the ecosystem. In truth, the benefits that an enterprise will yield from an ecosystem directly correlate to the time and energy invested. To truly take advantage of an ecosystem and realize the above benefits, enterprises need to embed themselves in the community and become a resource to participants through a give-and-take relationship.
Download the PDF to explore how innovation ecosystems are driving organizations toward the future of health.
Innovation starts with insight and seeing challenges in a new way. Amid unprecedented uncertainty and change across the health care industry, stakeholders are looking for new ways to transform the journey of care. Our US Health Care practice helps clients transform uncertainty into possibility and rapid change into lasting progress. Comprehensive audit, advisory, consulting, and tax capabilities can deliver value at every step, from insight to strategy to action. Our people know how to anticipate, collaborate, innovate, and create opportunity from even the unforeseen obstacle.
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