Disruptive Innovations in Healthcare: How They Are Changing Your Customers and What You Can Do Now

Transcription

1 Disruptive Innovations in Healthcare: How They Are Changing Your Customers and What You Can Do Now Michael W. Young Principal biomedworx: Life Sciences Consulting February 25, 2018 Mandalay Bay Resort, Las Vegas, NV

2 My thanks to HCEA and the organizers of the HCEA Innovate Workshop for their gracious invitation

3 Where are we going? What Is Creating an Environment for Disruptive Innovation? What Exactly is Disruptive Innovation? The Convergence of Life and Business Changing Expectations of Your Convention Customers What Can I Do to Succeed in a Disruptive Ecosystem?

4 What Is Creating an Environment for Disruptive Innovation in Healthcare? You re getting older and your customers are getting younger. Values Systems Change [Work / Life Balance]

5 Consider how your end customer demographics are changing. 65 million Americans who are nearly 18 years old weren t witness to 9/11. 10,000 Americans will retire on Monday. And another 10,000 on Tuesday and every day after. There are over 60 million Hispanics in the US (18%) but the number of Hispanic physicians has dropped 22% since In 2017, for the first time, more Women enrolled in US Medical Schools than Men 51% (+3.2%)

6 Who you need to attract to the Convention Floor affects How Baby Boomers are now 54 to 73 years old ( ) Gen Xers are now 36 to 53 years old ( ) The ave. physician age in the US is now 47 years old and dropping. Gen Y (Millennials) are now 18 to 35 years old ( ) This is the largest cohort with over 77 million Millennials

7 US Physician Profile 80% of US Physicians say they are Over-Extended Ave Age is now under 47 yrs old (54 in 2012) Only 17% in solo practice (62% in 2008) Ave work week = 53 hours (~20 patients/day) 09/2017 The Physicians Foundation

8 What Is Creating an Environment for Disruptive Innovation in Healthcare? Use of Technology is Broader and More Common Physician diagnosis vs. Watson Robotics in surgery Technology lowers care costs over time, increases accuracy, improves quality/reliability = better clinical outcomes Does better clinical outcomes = better patient care?

9 What Is Creating an Environment for Disruptive Innovation in Healthcare? The Regulatory Environment is Changing Pharma / Device/ Diagnostics Faster Approvals possible? Less red tape but lower unit prices? More New Therapies = More Launches?

10 What Is Creating an Environment for Disruptive Innovation in Healthcare? Expectations of Service, Value, and Convenience are Changing UBER, Blue Apron, Amazon Prime, Netflix MinuteClinics, Doc in the Box, Telemedicine Pay online, Mail Order Rxs, AI and Bots Amazon, Berkshire Hathaway, plus JPMorgan

11 Disruptive New Customers ACOs, IDNs, other Market Access Decision Makers

12 What Exactly is Disruptive Innovation? A disruptive innovation is one that brings to market products and services that are much more affordable, and ultimately higher in quality. It improves a product or service in ways the market doesn t expect. Typically, a disruptive innovation serves a different set of customers.

13 Bringing Gourmet Meals to Middle- Class Tables in 1954

14 Disruptive Technology offering access to care previously unreachable GE Healthcare s Vscan with Dual Probe a pocket-sized Ultrasound machine

15 What Disruptive Innovation will change this paradigm or improve it significantly?

16 The Convergence of Life and Business Why do we do things, use technology, process decisions, and accept innovation differently in our personal lives than in our business lives? The convergence is likely the most subtle but powerful Disruptive Innovation we can expect in the next 5 years.

17 The Convergence of Life and Business There are over 1 Billion active users on Facebook (2017) Over 50% of American households have an Amazon Prime account. While subscriber TV cord-cutting is growing still the overwhelming majority of disposable income families have cable or satellite subscriptions. What do they all have in common: Big Data

18 Data-Driven Tactical Ecosystem that works with Your Convention Presence AMBIENT DATA HIPAA Compliant Tactics A PERSONALIZED CALL-TO-ACTION SEM Organic Search Share The Target Physician / Patient Recommend Tweet Call1-800# Locate Your Trial Clinic Word of mouth Click-to-Call (mobile) Facebook Ads Every Screen Share Additional Channels Talk to my doctor

19 Technology is an Overwhelming Driver in Disruptive Innovation

20 Virtual and Augmented Reality

21 Accessible Experiential Technology

22 Mobile as Engagement Sensor

23 Mobile as Engagement Sensor

24 Changing Expectations of Your Convention Customers Think about their age, their motivations, the way in which they intake information. The shift to education and search SEO on the Exhibit Floor Millennials want a relationship

25 Why the Need for Patient-Centricity? Shouldering more of the cost of care More vested in care direction Valuing the Quality of Life Physician as god model outmoded Insatiable need for info (#1 lookup) Insistent on value Education and communication are common threads = MEETINGS / SYMPOSIA Industry

26 What Can I Do to Succeed in a Disruptive Ecosystem? In what ways does your CONFERENCE / MEETING help YOUR customers: Create a conversation? Determine what patients want? Determine what prescribers need? Define what payers will reimburse? Ultimately, build trust?

27 What Can I Do to Succeed in a Disruptive Ecosystem? Actively Collect and Engage with Social Media Apply CRM (Salesforce.com) Know your customers before they get to the MEETING (Pull vs. Push) PLAN To continually add to your delegate profile throughout the year Leverage Big Data Be intentful

28 What Can I Do to Succeed in a Disruptive Ecosystem? Take Chances Question the Status Quo Be purposeful in change Being unique is not always useful

29 BECOME AN EXPERIENTIAL CONTINUUM PRE-MEETING > CONGRESS/EVENT > POST-MEETING 2 9

30 So, that s the end of this talk. But not the conversation.