Creating A Culture Of Innovation - How To Ensure Your Great New Innovation Takes Off!
BLOG SERIES: CREATING A CULTURE OF INNOVATION [Installment 3 of 9 ]
Attention, MedTech and medical device companies! Seeking ways to take your great new product or service to the next level? Have dreams of transforming healthcare and getting wealthy in the process? Fantastic … but it all begins with a culture of innovation. In Installment 3 of this 9-part blog series, we discuss things to keep in mind if you want your great new innovation to take off!
HOW TO ENSURE YOUR GREAT NEW INNOVATION TAKES OFF!
By THOMAS HICKEY
Partner
[July 21, 2021] -- A few years back, I had the distinct privilege of sitting in on a U.S. Navy Blue Angels Flight Debrief after one of their shows in southeastern Michigan. As an aviator myself, this was akin to a kid being taken backstage at Disney World and getting an up-close look at the magic behind the operation and meeting the characters.
Perhaps even more than the show itself [which was amazing], I was blown away by the humility, open communication, respect, and passion for excellence that permeated the debrief room that day. The public saw one thing and I got to see much, much more. In the debrief, there was no apparent hierarchy even though various stripes, patches, numbers and embroidered ranks on flight suits indicated otherwise. The sign at the entry door made me laugh but it was obviously taken very seriously: Check your rank and ego at the door.
It quickly became obvious that these debriefs are all about procedural excellence, cross-the-board quality and safety … the search for flawless execution and a resounding Mission accomplished!
One pilot said during the debrief, “At this point of our flight, I missed a procedural step and it could’ve created a safety issue.” The group then shared thoughts on how to improve and avoid potential pitfalls in future flights. The aviator took mental and written notes as the others spoke. The constructive feedback that day was delivered honestly and without judgment or penalty. This was obviously a highly skilled, expertly trained team of technicians who shared a common desire to become the very best unit they could be.
What is it your company is missing …?
Watching the “Blues” reminded me of other teams of highly skilled aces who produce their own brand of magic and wizardry in operating rooms across the country. Surgeons, OR nurses and other clinicians united in the quest for flawless execution and positive patient outcomes. I couldn’t help but wonder, in surgical debriefs, if there’s a sign outside the conference room that reads, Check your rank and ego at the door.]
In MedTech Gurus podcast Episode #73, I sat down with Dr. Matthew M. Cooper, M.D. MBA FACS, Global Senior Medical Director & Director, Patient Safety C.O.E. at 3M Company. Dr. Cooper has been involved in numerous clinical studies, he’s a cardio-vascular surgeon and is a consultant to the Federal Air Surgeons for the Federal Aviation Agency.
Oh, and he happens to be an aviator, too. Brilliant is the word that comes to mind. The guy does it all.
I asked Dr. Cooper what companies are missing when they bring what they believe to be an innovative new technology to a surgeon in hopes of capturing their attention and establishing a foothold in the healthcare marketplace. He told me companies are often too enamored with their own product and they may not realize their baby skews a tad ugly. They often fail to see the product through the knowledgeable and discerning eyes of a surgeon or other key players in the OR.
He went on to tell me many companies simply don’t do their due diligence. To capture a surgeon’s attention, they need to ensure what they’re proposing actually addresses an existing clinical need or medical gap. Further, they must be able to articulate and prove [with data] the new technology is not only superior to what may exist currently but it’s significantly superior. This is the best to differentiate yourself from competition, he told me.
An “elegant solution to a non-problem” … oops!
Over the years, I have said many product development teams have a knack for creating an “elegant solution to a non-problem” which gets you exactly nothing in terms of acceptance and sales. For a new technology to be embraced and lauded – by medical professionals and patients alike – it must have demonstrable positive impact on patient outcomes and it has to make sense in today’s healthcare economic model. Remember, you’re not just dealing with docs and nurses here, you’re also addressing hospital administrators.
Dr. Cooper shared three critical things for companies to keep in mind when introducing the latest, greatest and most innovative product or service to the healthcare community:
Collect robust clinical evidence that adheres to all regulatory guidelines and makes business sense in the clinical passage to the marketplace. Data is king. Have plenty of it.
Throughout the product development process, be sure to communicate with those facing the medical gap your company hopes to fill. Stay in touch with clinical support teams and listen to their feedback closely.
Check your ego and rank at the door and course-correct appropriately, based on the feedback you’re receiving. Doing this not only enhances the chances of your product better aligning with their existing needs, it fosters a spirit of partnership with the very people you’ll one day need to convince to take the plunge and choose your innovation.
Check all the boxes …
When you’ve done your listening, made your adjustments and it’s time for “the big sell”, be sure you’ve got these five boxes checked or you’re wasting not only your time but the time of those you most need to Wow!
Craft your key messaging in a way that speaks directly to what is important to your audience right now. It must fit into their existing workflow and the manner in which they take care of their patients. Don’t expect them to blow up their routines just for you and your product.
Further tailor your key messaging to resonate with distinctly different targets – medical specialists and hospital administrators. They have uniquely different desires. Deliver your messaging respectfully, efficiently and on-target.
When it comes to data, remember all purchasing decisions at hospitals or hospital systems are evidence-based and must demonstrably prove your claims of improved patient outcomes. Use this as your standard. Do not deviate and you will likely have a productive discussion.
Be sure you understand how care is delivered throughout the patient journey. Be very knowledgeable about the various steps and stages along the way. Keep this in mind at all times because the patient is, needless to say, a rather significant consideration in this very important discussion.
Finally, be super respectful of your audience’s time. They’re busy, busy, busy people. Make your case quickly, accurately, and succinctly.
It comes down to this: The best products and the best presentations stand the greatest chance of acceptance. The product and the pitch are equally important when you’re trying to gain traction and get your innovation into the marketplace.
Be eminently patient …
In closing, a couple of things come to mind. Your journey – product development and refinement, sales and entryway to market – takes time. And cutting corners to speed up the process is a one-way ticket to failure. You must be patient. Your product development teams must be patient. You must invest the necessary time to gather your clinical data, refine your product based on feedback, develop your presentation, and get on the right persons’ calendars. Then optimize the time you have before them.
Lastly [and critically important], keep your investors “in the loop”. They’ve invested in you and your product perhaps less for changing the world and more for improving their investment portfolios. They want to know what’s going on. Keep them informed every step of the way. Like the Blue Angels’ Flight Debrief, be open, honest and candid in your communication so your wonderful new innovation can take flight!
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Reach Out … We’re Here for You
Chances are, your company has just such a revolutionary healthcare product or service but you’re at a crossroads. You’re unsure where to turn, what to do next and whom you should be consulting to help you get your breakthrough into the healthcare mainstream.
Excelerant Consulting might just be your next best friend. We have a deep and comprehensive understanding of Group Purchasing Organizations, Integrated Delivery Networks, and Regional Purchasing Coalitions. We have trusted and long-standing relationships with the key players. We can help assess your product or service’s viability and get you in the door and likely to contract with the right people. Contact us today.
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In installment 4 of our Creating a Culture of Innovation series, we’ll reveal what art Masters Paul Cézanne, Vincent Van Gogh, Rembrandt and you have in common!
For more on Dr. Matthew Cooper, tune in to my MedTech Gurus podcast Innovations & Best Practices of a Surgeon and Pilot with Matthew Cooper MD
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TUNE IN: Thomas Hickey is host of Med Tech Gurus, a podcast focused on Medical Entrepreneurship and Marketing [available on Apple Podcasts and other platforms].
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ABOUT THOMAS HICKEY -- Thomas is expert at developing innovative strategies and tactics and possesses a deep understanding of sales strategy and sales channels that combine to produce impressive results. With more than 35 years’ experience in the medical device industry and executive-level experience with manufacturers and Group Purchasing Organizations [GPOs], Thomas is skilled at launches, start-ups, international distribution, technology assessment, and assessing market feasibility. He has successfully launched several products and hired, coached, trained, motivated and optimized literally hundreds of independent and distributor sales team members.
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ABOUT EXCELERANT CONSULTING -- Excelerant Consulting is the go-to organization for med-tech companies that need to position products and services successfully for value analysis committees, contract acquisition, and sales modeling and execution to commercialize the launch of medical devices or services with Group Purchasing Organizations [GPO], Integrated Delivery Networks [IDN], or Regional Purchasing Coalitions [RPC]. Our clients rely on us to enhance their product positioning, navigate corporate contracting opportunities, and provide sales support to accelerate sales growth.
For more info, contact Excelerant Consulting at info@excelerantconsulting.com.