HealthTech Innovation and Impact Tracking System
The journey from identifying and articulating an important unmet medical need to developing an innovative solution that becomes the standard of care is long and challenging. To help investigators navigate the journey and accelerate efforts we have created the HealthTech Innovation and Impact Tracking System.
This tool helps investigators track important deliverables in the four key areas critical to commercial success.
Key Areas for Success
- Clinical: This area determines whether your innovation will be accepted and adopted in a clinical workflow, will produce real improvements in patient outcomes, and/or will lower costs.
- Market/Business: This area determines if there is a significant unmet need with enough buyers willing to buy the innovation at a sustainable price.
- Regulatory: This area determines what claims will you need to prove and how long/how much will it take to gain regulatory approval.
- Technical: This area determines if the technology is protectable, will work better, and be lower cost than the alternatives.
Within each of these key areas, the innovation cycle progresses through 10 distinct milestone phases, from need through standard of care. Each milestone has key deliverables that can be easily tracked in the tool resulting in individualized project progress reports. You can use these summaries to navigate and accelerate the complex healthtech journey, plan resources, anticipate pitfalls, and create resources that you can use to support additional funding opportunities for your project.
Note: It is not uncommon for investigators to be inclined to focus on one key area at a time, only progressing to the next when the first has been completed, however, it is crucial that each area advance concurrently as issues that arise in one area deeply impact the others.
Need: Insights into unmet clinical needs and available soutions.
Idea: Potential solution described to meet the need.
Proof of Concent (PoC): Key component concepts validated in models and value proposition articulated.
Proof of Feasibility (PoF): Feasibility of whole solution demonstrated in models and in feedback from stakeholders.
Proof of Value (PoV): The potential of the solution to work and create value for all stakeholders is demonstrated (initial commercial investment).
Initial Clinical Trials (ICT): Regulated production of prototypes and collection of clinical and economic data.
Validation of Solution (VoS): The solution is shown to be effective and its value to all stakeholders is validated.
Approval and Launch (A&L): Institutional and regulatory approcal received and sales launch.
Clinical Use (Use): The solution is used successfully in day-to-day clinical practice.
Standard of Care (SoC): The solution is recognized as the standard of care.