Note: This is a kick-starter post. More posts to follow on this theme of bringing marketable ideas to life.
Healthcare economics is a strange animal. Most often, traditional free-market approaches don’t work – they aren’t linear; ultimate buyer and seller are removed in time and space; and, from a game theory perspective, the number of players exceeds two (payors, vendors, regulators, etc.).
I have no doubt in mind that we can do WAY better in generating, building and manifesting remarkable advances in healthcare. But we are SO not where we can be. And this is largely due to the strange nature of healthcare economics.
So: What to do?
First – Remember that innovations are the things that work in markets. Ideation/daydreaming is not innovation.
Second – Intellectual Property (IP) rights exist to ensure hard work is rewarded…BUT, they are in practice only a small part of the collective incentive, creation and production ecosystem. Meaning: IP rights need reform that maintain their original intent while boosting the other parts of the entire ecosystem. Neologisms?: Creative Rights, Production Rights? (Just thoughts.)
Third – The traditional gaps among inventors, investors and healthcare professionals (physicians, nurses, scientists, etc.) have long been costly inefficiencies. *This* is where today’s media comes into play: networked collaboration, idea generation, follow-up, etc.
There are Fourths, Fifths, Sixths…But we need a new working model that starts with the basics.
So here’s one of the (hundreds of) practical tips I have in mind: Continue to create conventions of “entrepreneurs” and investors who don’t understand Healthcare as sufficiently as they require, with those that do (physician and nurse leaders and others).
But just having a few of these ecosystems is not enough.
We need many more.
And: We need an “API” for Healthcare ventures.
More on that later.