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Don't Disappear! Healthcare Companies Must Evaluate What Could Make Their Products

Published: 04/08/2016 by 1888PressRelease

1888 PressRelease - ResearchWorks CEO Dr. Moshe Engelberg shares insight into how to assess future market threats and opportunities.

San Diego - The healthcare industry is changing at an incredible pace, which leads to winners and losers. New companies emerge and existing companies go away. New products thrive and others become obsolete. In order to ensure long-range success in this ever-changing environment, healthcare companies need to continually evaluate what could make their products, services or company irrelevant, obsolete or undesirable. ResearchWorks CEO Dr. Moshe Engelberg shared some simple exercises and evaluation methods that will help healthcare companies stay viable and not disappear.

Engelberg explained, "Your company or product disappearing can be an unpleasant thing to think about, but it's really important to think about, especially when you're doing well. As you know, there is a plethora of products, services and companies that were once great and then succumbed to forces that made them disappear."

In today's healthcare environment, consider the impacts of Meaningful Use and the MEDTECH Act; the shift toward value-based reimbursement and growing influence of GPOs; the proliferation of wearables and monitoring devices; and the health plays of leading tech companies like Apple and Google.

Any of these forces could position a few as market leaders, necessitate radical restructuring for many, make other companies disappear, and launch countless new startups to replace them.

"You want to stay strong and be proactive," said Engelberg. "Don't be one of the disappearing companies or a victim of circumstances."

First consider the relationship that the product, service or company has with the market and healthcare business environment. Engelberg suggests starting with these five questions:

1. What change in the market could make the products or services irrelevant, obsolete or undesirable?
2. What technological innovation could make the products or services irrelevant, obsolete or undesirable?
3. What shift in consumer behavior could make the products or services irrelevant, obsolete or undesirable?
4. What policy or regulation could make the products or services irrelevant, obsolete or undesirable?
5. What competitor could make the products or services irrelevant, obsolete or undesirable?

The answers should look beyond the present, see threats to long-term viability and proactively make plans for success. Think big picture, not just about what might replace the current offerings, but also about what might integrate the technology into something bigger, like how smartphones have integrated the functions of MP3 players. Also, consider getting input from Key Opinion Leaders (KOLs) and customers to give a more well-rounded perspective and greater certainty in the conclusions.

Now take a look at internal practices and beliefs that, if unchecked, could prevent the company from being agile and responsive and ultimately make the company disappear. But don't do this assessment unilaterally; get feedback from team members.

Drawing on the innovation work of Dartmouth Professor Vijay Govindarajan, think about these traps that can make even highly successful companies flop.

Major investments in systems or technologies can make it prohibitively expensive to move to newer and better tools. But the longer companies stay with what they have, the harder it is to switch. Some call this the "sunk costs" fallacy.

Fixation on what originally brought success blinds people to new things that can threaten or displace them. Often, people don't see it until it's too late. Then, they respond with desperation. Sometimes "if it ain't broken, don't fix it" just does not apply.

"Hyperfocus on today's marketplace can sometimes lead people to ignore new trends and market forces as well as forget to analyze future opportunities and threats," added Engelberg. "They get too wrapped up in the business to focus on the business. They're all about today, losing out on forward thinking."

Combine the assessment of traps based on internal practices and beliefs with the answers to the first set of questions about the company's relationship with the market and external environment.

Engelberg concluded, "Be honest. Stay strong. Don't disappear!"

About ResearchWorks: Founded 25 years ago by Dr. Moshe Engelberg, ResearchWorks is a strategic consulting firm with deep roots in custom research. The firm's goal is to help companies in the health industry conquer obstacles, gain confidence and achieve success in the marketplace. ResearchWorks conducts custom research, develops grounded strategies and creates persuasive messaging to help companies avoid mistakes, know what to do and why, and get products and marketing right - the first time. To learn more about ResearchWorks and Founder and CEO Moshe Engelberg, Ph.D., visit
www.http://ResearchWorks.com

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Don't Disappear! Healthcare Companies Must Evaluate What Could Make Their Products
 
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