What is disruptive innovation?
Disruptive innovation is a technology that changes the baseline of how the market – and society – operates. It doesn’t streamline or improve existing solutions, but brings a new service to the masses that solves their daily problems.
Why is disruptive innovation important for both Healthtech startups and large corporations?
Disruption For Healthtech Startups: 70% Of People Are Dissatisfied With The Health Market
Disrupting the market is the ultimate goal of all startups. Specifically for Healthtech startups, disruption comes along with creating groundbreaking solutions to community health issues. This is crucial for both meeting societal needs and creating a unique lane in the health market. According to a 2019 study by IPSOS, only 30% of people in the United States are satisfied with their current health care, revealing a large market gap for Healthtech innovation.
Disruption For Healthtech Corporations
One of the biggest mistakes a large company can make is being complacent in their scope and strategy. Healthcare corporations should always keep a startup mentality to research cutting-edge ideas, while using the advantage of their resources to acquire and support growing disruptive technologies.
1. Disruptive innovation in testing
In the past few years, Labcorp has become a household name because of its ubiquity among at-home Covid testing solutions. Labcorp, along with 5 other major laboratories, conduct over 100,000 tests per day. What is less known is Labcorp’s role in pioneering accessible PCR testing, cited as “the gold standard for COVID-19 detection” by the National Institute of Health. Labcorp has also recently joined forces with Ascention, expanding their testing resources and reach across the nation.
The lesson: Successful innovation is the byproduct of striving for accessibility.
2. Disruptive innovation in mental health
Headspace co-founders Andy Puddicombe and Richard Pierson had the ultimate goal of democratizing the benefits of meditation. They noticed that the levels of stress and anxiety due to increasing demanding work environments, social media use, and more have been increasing. As an ordained Buddhist monk, Puddicombe set out to make the health benefits of meditation accessible to the people who need it now more than ever.
The lesson: Consult tried-and-true ways to solve modern problems.
3. Disruptive innovation example in medicine development
The Covid-19 pandemic has reiterated the importance of having a quick and effective medicine development process. Apprentice.io aims to streamline the pharmaceutical research process using intelligent AR (Augmented Reality) and AI (Artificial Intelligence) connected technology to make the development process quicker and more accurate.
The lesson: Disrupt by aiming to use new technologies to revamp old processes.
4. Disruptive innovation in cancer therapy
Celgene’s pioneering individualized cancer treatments have revolutionized the field of cancer therapy. What they do is use a patient’s own white blood cells to teach it how to fight cancer cells, before reintroducing it back to the patient. This personalized method is highly effective and eliminates the issues of one-size-fits-all cancer treatments. This method of personalized patient treatments can be the future of all illness treatments.
The lesson: Think beyond standard procedures to create new, better standards.
5. Disruptive innovation in healthcare systems
The largest integrated healthcare delivery system is RWJBarnabas Health, which combines the resources of academic medicine, research, and practice to create a full-cycle health hub for New Jersey residents. They create innovative disruption by integrating the crucial component of health research and development in.
The lesson: Look at the full picture of your company’s impact and optimize each component.
Healthtech startups need to be well-versed in the language of innovative disruption to have the best products and the best market outcomes. To connect with Healthtech startups in New Jersey, follow TechUnited:NJ on all platforms:
