Our recent post Digital Health Success Stories Report - Part 1 took an in-depth look at some of the recent successes in the world of health tech. In Part 2 of this report, we investigate some of the recently failed digital health efforts and ascertain the lessons we should learn from them.
Part 2 of our report looks closely at some of the high profile failures to date in order to highlight warning signs for projects and collaborations in the future. You’ll hear from Skip Fleshman, General Partner at Asset Management Ventures, about his perspective on the enormous investment being pumped into the market and how it should be managed. You’ll get an insider view from Cure Forward and Imperial College Health Partners about some of the reasons behind failures they have experienced and what we can learn from them. And through two case studies, you’ll learn more about how transparent and accurate results and trials are integral to ongoing development and success.
Our expert community helped us identify some of the core principles that should guide any project in the space to have the best chance of success:
Take a patient-centred approach – the main feature of any digital health product must be improved patient outcomes.
Offer a real solution to a problem that actually exists – digital solutions must be better than any alternative and cheaper.
Think about integration –solutions must be compatible with the existing healthcare technology infrastructure.
Have the right business model - a model must deliver savings for the system and revenue for the provider.
We believe that real success cannot be defined merely by investment but also by impact and outcomes. True innovation needs collaboration. The end goal should be to reduce costs and improve healthcare for the givers, receivers and everybody else in between. The winners understand the idiosyncrasies of healthcare but are not fazed or confined by them.
We would love to hear from you on failures you have experienced and how you learned from them.