Myriad Genetics’ Post

What's in store for #HealthTech in 2024? As one of the most active teams in the space, our team at Stout sees multiple early trends impacting #venturecapital and M&A activity for the months ahead. Here are only a few of them: 🏥 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐏𝐫𝐢𝐨𝐫𝐢𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐂𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬: Economic conditions are influencing investors to focus on healthcare and life sciences ventures that show clear clinical effectiveness and real-world benefits for payers and employers, moving away from investments without substantial healthcare impact. 👩👩👦👦 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫-𝐃𝐫𝐢𝐯𝐞𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐬:  A move towards more consumer-focused healthcare solutions, emphasizing affordability and convenience, driven by digital health technologies and direct-to-consumer models. ♀ 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐖𝐨𝐦𝐞𝐧’𝐬 𝐇𝐞𝐚𝐥𝐭𝐡: 2024 will be a transformative year for women’s health, with increased funding, attention, and innovation addressing this historically underserved segment. 🧠 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬 𝐚𝐧𝐝 𝐀𝐈 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧:  The healthcare sector is expected to witness an increase in partnerships between startups and incumbents, leveraging AI innovations to enhance healthcare delivery and consumer access. 👩🎓 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐚𝐧𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬:  Despite the optimistic outlook, companies face a challenging investment landscape, requiring more professional approaches to funding, regulatory compliance, and market penetration. #digitalhealth #healthtech #venturecapital #mergerandacquisitions #stout

Innovation has always been the driving force for a brighter future. Here are some fascinating observations on the most innovative companies: - A staggering 50% of the most innovative companies are based in the United States - There were some expected names on the list, but also a few surprising ones (Shell and McDonald's, who would have thought?) - Over the past decade, the mix of industries hasn't changed considerably. However, there's now a significantly stronger presence of healthcare companies - clearly due to the COVID pandemic Let's keep an eye on how these trends evolve and support these companies in their drive for innovative solutions! #innovation #industrytrends #healthcare

Embracing innovation at your organization requires dedicated innovation advocates and top executives who prioritize its value. Building that foundation will ensure innovation becomes a core tenet of your organization and a baseline expectation for every employee. ...But, what exactly *is* innovation? In healthcare, innovation is fundamentally mission-driven. Our ingrained beliefs around the sanctity of human life, patient safety, and community service inform every decision we make. Innovations arise from individuals who've been inspired by living the Hippocratic oath, who've given their lives to serve, and who are undeterred by charging into the unknown despite facing considerable odds. Innovation can be creating new devices that solve a specific problem or fix a flaw, but many innovations are also seeking to address challenges around: 💡 Acquiring and retaining patients by providing superior clinical outcomes and an exceptional patient experience 💡 Optimizing established procedures to support more patient-centered approaches to healthcare delivery 💡 Embracing and evolving the role of technology to deliver better access and outcomes No matter what drives your organization to innovate, working together to achieve your greater mission in service of the patient is key. While extending and improving human life, innovations can also create economic opportunity—generating direct non-clinical revenue, creating jobs, increasing the tax base, and/or reducing operational costs to help improve our bottom line. Mission-driven innovation doesn't disregard the fundamentals of the marketplace, but it follows a path illuminated by purpose. In this industry, we can do well *and* do good by staying firmly rooted in our mission even while demonstrating the adaptability needed to remain a leader in changing times. What is *your* organizational mission? How could a commitment to innovation allow you to better serve your patients and community *and* improve economic opportunity? #leadershipdevelopment #organizationaltransformation #healthcareinnovation #missiondriven #missiondriveninnovation

The Esoteric Art of Anticipation in Product Innovation There is a hidden art that lies in understanding and shaping what people need before they even know it. True innovation isn't just about reacting to current challenges, it's about predicting and solving the problems of tomorrow. This requires a blend of expertise and empathy, where technology meets a deep understanding of human needs. For healthcare professionals on the front lines, anticipating future needs is more than just a strategy, it's a responsibility. They, along with patients, hold vital pieces to the puzzle of well-being. But the future of healthcare relies on seeing beyond what's asked today. When we design new healthcare solutions, we envision a future beyond the present. We don't just answer current questions, we anticipate the ones patients and providers might have tomorrow. Our goal is to create solutions that feel intuitive and meet unspoken needs, like they were always meant to be. This doesn't mean ignoring the present. It means listening even deeper to the healthcare community and those they serve. It's a dialogue that combines listening with foresight, where feedback is used to not only understand the present but also predict the future. Anticipation in product development is a dance with time, a step towards the needs of tomorrow. It's not just about creating what's needed now, but about elevating and transforming experiences for years to come. As we build the next generation of healthcare tools, let's embrace a vision that's both bold and compassionate. Let's innovate with foresight, empathy, and an unwavering commitment to improving human health and the tools that protect it. #Innovation #HealthcareTechnology #FutureThinking #ProductDevelopment

The 8th principle of Value-Based Competition (in healthcare) states: "Innovations that increase value must be strongly rewarded." This principle is equally vital for customer-centered organizations, as it entails the following three essential actions: 1. Understand Your Users Intimately To create value-adding innovations, organizations must understand their target users—their desires, behaviors, journeys, and contexts. This requires curiosity and empathy, supported by an environment that encourages direct engagement with customers. True understanding can't be attained from behind a computer screen or desk. 2. Measure the Impact of Your Innovations It's crucial to quantify the impact of innovations accurately. Move beyond vanity metrics to measure tangible outcomes, such as improved processes, reduced costs, and other value-related results. Remember, value-based metrics reflect real impact, not just the number of innovations launched. 3. Tailor Reward Systems to Drive the Right Actions Effective reward systems are key to incentivizing the right actions across the organization. It’s not just about rewarding those specifically tasked with delivering new solutions but fostering a culture where everyone is attuned to customer needs and responsive to them. The entire organization should be engaged in understanding, communicating, and acting on these insights. By adhering to these principles, organizations can compete based on value and innovate in ways that deliver meaningful value. Link to resource: https://lnkd.in/eBBC5cwc

This PitchBook report about the current state of heath tech investing is worth the download & read. This quote says it all: "In a market increasingly weary of point solutions, early-stage healthcare IT deal activity is lagging as investors hold out for companies developing scale and platform solutions." I was lucky enough to spend nearly 2 decades (and had a blast) helping to build next generation health tech companies. Understanding the importance of being a platform made all the difference in building a great company versus a good company in healthcare. There are so many really interesting companies building fantastic point solutions and are competing for limited dollars - buyers at health systems & payors are looking for platforms that solve many different problems. This creates a significant product-market fit issue. Platforms that solve a wide variety of issues get funded & create returns for investors. When we transitioned from being point solutions to a platform at both Strata Decision Technology and SwipeSense Inc., we changed the trajectory of both businesses. Now that I have moved to the talent space at Hunt Club, I see the importance of building teams that can realize the criticality of being a platform and help healthcare tech companies make that pivot. From Go-To-Market, to Product, to Engineering, all must be able to align around this mission. The execution is really hard. https://lnkd.in/di36gTKv

"Zombie innovation systems are just going through the motions." Boston Consulting Group (BCG) reports that only 3% of companies are innovation ready but 83% rank innovation as a top 3 priority. ❗ Readiness has declined most sharply in those aspects of the innovation system that link business strategy to innovation strategy. ❗ Only 12% of execs say their company has a strong link between the two. ❗ However, innovation activity (the number of projects going through the funnel) has remained steady, evoking a troubling image: "zombie" innovation systems just going through the motions. This reminds me of the "pilotitus" phenomenon in #digitalhealth"... Innovation-based activity but no meaningful outcomes. ✅ Build a stronger link between business strategy and innovation. ✅ Strategy-led innovators achieve a share of revenue from new products 74% higher than companies with just a weak link between strategy and innovation. ✅ How do you link business and innovation strategy? I've written a number of articles that touch upon this in my "strategy & digital health" newsletter... and I'll be covering this in a short course in July (link in comments). ☕ Very happy to share insight into over a coffee. This is Steve: 2024 marks 15 years in #strategy & #digitalhealth. I help organizations get the best from technology based innovation in healthcare and the life sciences. #Innovationstrategy #GTMstrategy #Changestrategy

🚀 Revolutionizing Healthcare Innovation: A New Perspective from Sagetail.com Are large healthcare organizations inherently at odds with breakthrough innovation? Our latest video at Sagetail.com challenges this notion and offers a fresh perspective. 🔍 Deep Dive into Innovation Challenges We've unpacked the unique barriers large healthcare systems face in nurturing transformative ideas. From risk-averse cultures to bureaucratic complexities, the innovation landscape in these mammoth institutions is often fraught with obstacles. 🌟 Strategic Insights for Change Drawing insights from a candid discussion with a CEO of a multi-hospital system, we explore effective strategies that can pivot these organizations from stagnant to dynamic. We delve into the importance of fostering subcultures of innovation, setting audacious goals, and the significance of creating internal competitions to stimulate creativity. 🏆 Success Stories and Practical Solutions Inspired by Lockheed Martin's Skunk Works model, our video illustrates how even the largest entities can adopt a startup's agility and creativity. 💡 Why This Matters In an era where healthcare demands are rapidly evolving, the ability to innovate swiftly and effectively is more crucial than ever. Our video is not just a discussion – it's a roadmap for transformative success in the complex world of healthcare. 🔗 Watch the full video below and explore how Sagetail.com can guide your organization towards groundbreaking innovation. 👥 Join our conversation on how large organizations can harness the power of innovative thinking. Share your thoughts, experiences, and insights below! #HealthcareInnovation #Leadership #OrganizationalChange #Sagetail #InnovationStrategy #Consulting

🚀 Revolutionizing Healthcare Innovation: A New Perspective from Sagetail.com Are large healthcare organizations inherently at odds with breakthrough innovation? Our latest video at Sagetail.com challenges this notion and offers a fresh perspective. 🔍 Deep Dive into Innovation Challenges We've unpacked the unique barriers large healthcare systems face in nurturing transformative ideas. From risk-averse cultures to bureaucratic complexities, the innovation landscape in these mammoth institutions is often fraught with obstacles. 🌟 Strategic Insights for Change Drawing insights from a candid (paraphrased, and unrevealed) CEO of a multi-hospital system, we explore effective strategies that can pivot these organizations from stagnant to dynamic. We delve into the importance of fostering subcultures of innovation, setting audacious goals, and the significance of creating internal competitions to stimulate creativity. 🏆 Success Stories and Practical Solutions Inspired by Lockheed Martin's Skunk Works model, our video illustrates how even the largest entities can adopt a startup's agility and creativity. 💡 Why This Matters In an era where healthcare demands are rapidly evolving, the ability to innovate swiftly and effectively is more crucial than ever. Our video is not just a discussion – it's the beginning of a roadmap for transformative success in the complex world of healthcare. 🔗 Watch the video below and explore how Sagetail.com can guide your organization towards groundbreaking innovation. 👥 Join our conversation on how large organizations can harness the power of innovative thinking. Share your thoughts, experiences, and insights below! #HealthcareInnovation #Leadership #OrganizationalChange #Sagetail #InnovationStrategy #Consulting

2023 has been an extraordinary year at Bold Health, both the year of our greatest accomplishments and that of our toughest challenges. After 6 years of founding and running the company alongside my cofounder Jossy Obi Onwude, MD FAIDH, I finally felt worthy as a CEO. And it’s not because of external recognition or because of things going well, but because through all the tumult, I could keep my head high and stay true to my values, as well as continue to advance our mission and values as a company. I used to want more growth, more funding, more clients, more employees, and I used to blame myself for every problem. Now I choose to see myself as the source and enabler of each solution and breakthrough, and I celebrate every little progress with gratitude. Now I aim to deal with each situation and challenge that arises with the highest level of reason, integrity, and service, rather than aiming for the illusory end goal (which I learnt never looks like what we planned for). That’s a much more empowering and creative way to run a business. I now care more about HOW we do things, not only what we do. Then the process becomes the win and a new adventure every day that I can meet with excitement. Business is full of ups and downs, so this helps me gain a healthy perspective and attitude, both as a leader and as an individual evolving alongside the organisation, our team, our collaborators and our customers. The entrepreneurial journey has humbled me in more ways than I can count. It has broken me and rebuilt me. Being a CEO is probably the hardest job out there, with nonstop pressure and never ending problem solving. It’s also the perfect role for me, one I learn how to perform better at every day. In the past year, I have become a more empowered, positive and intentional leader. It is nice to receive this recognition as a top 50 healthcare technology CEO in 2023, alongside other CEOs I admire like 23ndme’s Anne Wojcicki or Calibrate’s Isabelle Kenyon. There’s still a lot of work left to do, and I feel lucky to be a contributor to innovation in human health and wellbeing! Thank you Technology Innovators Media Group LLC for the recognition 🙏