Designing Clarity 03 – Did Apple just Disrupt Healthcare?
Did Apple just disrupt Healthcare? More specifically, Health Tech?
I would say Healthcare is one of those industries ripe for innovation disruption. It is a mature industry lead by large slow-moving organisations, that have been around forever. They have built their equivalent of the Great Wall of China to protect their R&D innovations, inventions, and products.
Building an innovative solution for healthcare is not easy. Reasons for innovation failure include not articulating your value proposition well and being unable to convince stakeholders (clinicians, healthcare professionals, etc). The most ironic failure of all is failing to follow existing clinical work or process flows.
That is not all, one of the HealthTech VCs, Octopus Ventures, describes their challenges with the FDA, as one of their biggest hurdles to their success.
“The FDA currently classifies 1,700 generic types of devices across 16 medical panels. This can make it hard to draw out general rules of thumb, but we know that the likely time span for the regulation process spans from 6 to 18 months. Approval rates are in fact very high (98%). But this figure hides the casualties of those who don’t even make it to the finish line and drop out before the decision is even made. In many cases, these companies simply run out of money. – Octopus Ventures.”
Wow! Now join me on the podcast for the rest of the discussion!
The Designing Clarity Podcast is hosted by Brian Ling. Brian is the founder and design director of Design Sojourn, a Design Led Innovation Consultancy passionate in using design thinking to make lives better.
This podcast is for business leaders and entrepreneurs looking to innovate and design their new normal.