Innovation is a commonplace topic, but it is often talked about. Whether a new product or service can ultimately obtain a certain number of users' purchases is a major factor in testing whether it can ultimately achieve a large-scale market, and is also the key to verifying whether it will eventually achieve a staged success. However, in the early stage of development, whether innovation can be recognized by the market is unpredictable, which is a test of the ability of decision makers, but because of the difficulty of forecasting, innovation itself is full of charm.
In general, the performance of innovation is mainly concentrated in two aspects: business model and technological change. But the commercialization of innovation is only a superficial phenomenon of market development, and the core is the driving force behind innovation. Only by grasping the source of power can we make relatively effective trend judgments on the possible development of innovation. Specific to the medical industry , the driving force behind innovation is not only directly from the needs of users and technological innovation, but more from the changes in payers and policies, which is the core driving force for medical innovation.
Since the 20th century, most major economies have established state medical insurance or commercial insurance and other payers, which has changed the past erroneous situation of medical institutions directly dealing with patients. The payers negotiated with the medical institutions on behalf of the patients to obtain benefits. The price of the patient and the payer, thus forming a greater constraint on the medical institution and the doctor as a whole. Of course, even then, the medical institution as a supplier still maintains a strong position, but the paymenter's rulemaking has the function of reshaping the market for the entire medical market. From this perspective, the dispersed patient needs must pass the payment to the supplier to feedback, thus promoting the supplier's change. Therefore, in addition to services and products for uninsured users and insurance-free payments, innovation in the medical industry is difficult to appeal directly to individual users, but must first be supported by the payer.
In the same way, the payer has the same function in the process of purchasing and using the product. Therefore, whether it is a drug or a device, if you want to obtain a large-scale market, you cannot bypass the payer. This also determines that the innovation in the medical industry is ultimately oriented to the B-side rather than the C-end, which is the biggest difference between the medical market and other markets.
After understanding the biggest special point of innovation in the medical industry, the perception of innovation in the medical industry can get out of the woods.
First, technology is not a decisive factor in innovation, but a payer. In the past few decades, in the medical field, especially in the pharmaceutical field, technological advancement has driven the tremendous development of the industry. But whether a technology can finally be developed, the core is still recognized by the payer. Take Teladoc as an example. This is a company that was established in 2002 and specializes in telecommunication. The technical maturity does not bring the company a large-scale income. However, in 2013, after the US “Affordable Act†was officially implemented, Teladoc gained explosive growth. This is because remote consultation can quickly reduce the cost of consultation and has been adopted by a large number of employers and insurance companies. In the same way, Sequenom, a gene sequencing technology company, soon encountered the pressure of the payer and the fierce market competition after the commercialization of the technology. This was mainly due to the gradual loss of its high threshold, and the increased space and cost compression space could not keep up with the competitive advantage. The growth rate caused by the weakening is slowing down.
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