Healthcare is big business, and the value is still climbing. But, it’s not just providing the care to patients that make money. The analytics behind healthcare is becoming increasingly more valuable.
The analytic data available through competent companies and a life sciences regulatory compliance solution allow any firm to confirm licenses in different states, trade types, compliance with local regulations, and, of course, augment data to ensure duplicate records are eliminated and the data held is accurate.
In short, it is essential to have highly accurate data when building a health solution, whether digital or not.
Unfortunately, despite knowing this fact, 4 out of 5 digital health solutions simply fail. There are 3 reasons why this is the case:
Failure To Use Data
Having access to data is not the same as being able to use the data or interpret it correctly. Any digital health solution that is unable to utilize the data properly is doomed to failure before they even launch.
The analytic data provided is a summary of actual results and only an indication of what could happen, not a definitive answer. But, using it will allow digital health solutions to point people in the right direction. Failing to account for the data available will undermine the reliability and authenticity of any health solution.
Lack Of Industry Understanding
Almost anyone can create an app but if you don’t understand the importance of knowledge and interpretation of symptoms, the app will simply not work properly.
Modern apps can track heartbeats, sleep, exercise patterns, and a host of other activities. However, the accuracy of some of these apps and accessories is questionable and the information it provides may only be part of the picture.
If the digital solution doesn’t respect the knowledge and opinions of the professionals it will always be at odds with them. This will result in a loss of confidence from consumers, leading to the death of the digital health solution.
This lack of understanding is often a result of rushing a product to market in order to try and corner a market and then evolving the product to meet consumer demand. This leaves plenty of room for misinterpretation.
Underestimating the Competition
It is essential to remember that this is a billion-dollar industry and there are new startups every week. If you provide a digital health solution and fail to consider the competition you could well find yourself in a flooded market.
Even if your product is better and more accurate, it will be difficult to compete with a more established firm. Unfortunately, the longer you take developing a solution, the more costly it is likely to be, pricing yourself out of the consumer market.
This is why it is generally a good idea to approach the healthcare industry first. Get them on your side and you’ll have a much better chance of beating the competition.