Episode 17: Product Thinking in Healthcare w/Gayatri Gopal

14 July, 2020 / Host: Magnus Billgren

How to Innovate in the Healthcare Industry

The healthcare industry is undeniably one of the most significant and exciting sectors globally, as it involves saving lives and ensuring that people stay healthy. However, like many other industries, it is not without its challenges. Healthcare is a complex field that is evolving rapidly, with new technologies and innovations emerging daily. For those seeking to enter or grow in the healthcare market, there are specific considerations that must be taken into account. In this article, we explore insights from Gayatri Gopakl, a healthcare product leader and innovator, on product thinking in healthcare.
Gayatri Gopakl is an experienced healthcare product leader and innovator. She has extensive experience in healthcare, working with Fortune 500 companies, start-ups, and government organizations. In her recent appearance on The Productbeats Show, Gayatri shared her insights on product thinking in healthcare, touching on issues such as technology, outcomes, stakeholders, and product mindset.

Technology is not the problem

One of the misconceptions about healthcare is that the problem lies in the lack of technological innovation. However, Gayatri pointed out that technology is not the problem. In fact, there are several technological advancements that can be applied in healthcare. The challenge is in the application of technology and its integration into the healthcare system.

"Healthcare is not about technology innovation; it is about the application of technology and how it can be integrated into the healthcare system to achieve better outcomes," Gayatri said.

Outcomes and values must be proven

Another key issue in healthcare is the dominance of risk aversion. This risk aversion, Gayatri noted, stems from the fact that healthcare is a highly regulated industry where patient safety is of utmost importance. Therefore, any new product or technology must prove that it can provide better outcomes and values than existing solutions.
"Healthcare is a regulated industry where outcomes and values must be proven. As product leaders, we must ensure that we are delivering better outcomes and values, not just outputs," Gayatri emphasized.

Steer Stakeholders and Sales over time

In healthcare, product thinking is a long-term business that involves guiding all stakeholders over time. The stakeholders include patients, providers, payers, regulators, and the broader ecosystem. Therefore, as a product leader, it is crucial to steer stakeholders and sales over time. This means that product leaders must have a clear understanding of the market dynamics and regulatory landscape to ensure that their products meet the needs of all stakeholders.
"The healthcare industry is complex, and it involves several stakeholders who have different needs and priorities. As product leaders, we must have a deep understanding of the market dynamics and the regulatory landscape to ensure that our products meet the needs of all stakeholders," Gayatri said.

Product Thinking in Healthcare: Key Takeaways

Product thinking in healthcare is not about technological innovation, but about proving outcomes and values. The healthcare industry is unique in that it is driven by risk aversion, which makes it difficult for new products and ideas to gain traction. However, there are certain key takeaways that can help navigate this complex landscape.

Firstly, it's important to focus on first principles and develop a product compass that outlines the key goals and objectives of the product. This can help to ensure that the product is aligned with the needs and values of stakeholders and customers.

Secondly, measuring outcomes rather than outputs is crucial in the healthcare industry. This means focusing on how the product actually impacts patient outcomes, rather than just looking at usage or adoption rates. By measuring outcomes, it's possible to demonstrate the value of the product and gain buy-in from stakeholders.

Thirdly, evolving the mindset around product thinking is essential in the healthcare industry. This means being open to new ideas and approaches, and constantly iterating and improving the product based on feedback and data.

Overall, product thinking in healthcare requires a unique set of skills and strategies. By focusing on outcomes, evolving mindset, and guiding stakeholders over time, it's possible to develop products that truly make a difference in people's lives.

Gayatri Gopakl's insights on product thinking in healthcare highlight the importance of having a deep understanding of the market dynamics and regulatory landscape in healthcare. This is where a comprehensive and rigorous product management certification program can make a difference. The Productbeats Product Management Certification Program is designed to equip product managers with the necessary skills and knowledge to succeed in the complex and dynamic healthcare industry. With a focus on practical, real-world application, the program provides product managers with the tools and techniques needed to drive innovation and deliver value to all healthcare stakeholders.
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