In this inspiring episode of Impetus Digital‘s Fireside Chat series, Dr. Roxie Mooney, Healthcare Commercialization Strategist at Legacy DNA, joined me for an in-depth discussion around healthcare innovation and commercialization. Among many other things, we delved into the impact of COVID-19 and how innovators can thrive in this new environment and economy.
Here is a preview of the start of our thought-provoking conversation:
Q: A lot of people listening would be very interested to find out what brought you to where you are today? What sparked your interest in healthcare commercialization and innovation?
A: I started Legacy DNA a little over 10 years ago as a healthcare marketing agency, and, just a few years in, I decided to go back to school and get my doctorate in business. I really had no idea what that journey was going to look like. I just knew that I wanted to further my education.
One of the first things they ask is “What is the business problem that you want to be married to for the next five to seven years of your life?” Because you’re eating, sleeping, and drinking with this thing for a long time. For me, I had worked with a number of early-stage healthcare startups so I saw that we were on this precipice, this explosion of innovation in healthcare. This is the early 2000s, before the Affordable Care Act had even come about.
I come across this alarming statistic that 95% of innovations that are brought to market fail to reach an adequate level of customer adoption or financial ROI. Frankly, that just really stopped me in my tracks, because, for years, we’ve heard about this looming increase in the cost of healthcare and so you think the solution is going to be all of these innovators coming up with these new ideas. This statistic was very alarming to me that the majority of the innovations that people brought to market wouldn’t get into the hands of the people that needed them the most.
It really started to keep me up at night thinking about this. Like, if we’re talking about other industries, it’s kind of like, “Okay, who cares if iPhone 12 comes out,” but we’re talking about healthcare where lives are at stake and quality of life is at stake. It’s really personal; it could be your family, could be my family, or even ourselves and, God forbid, the only reason why we don’t have access to that is because that innovator didn’t have the commercialization expertise to make it successful. That’s my story and, at that point, I said, I’m going to figure out what strategies and tactics innovators need, whether they’re at a big company or a small company, to make sure that they’re beating the odds…
For more of our discussion, you can watch the whole Fireside Chat with Dr. Roxie Mooney, or listen to the podcast version, below.
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Impetus Digital is the spark behind sustained healthcare stakeholder communication, collaboration, education, and insight synthesis. Our best-in-class technology and professional services ensure that life science organizations around the world can easily and cost-effectively grow and prosper—from brand or idea discovery to development, commercialization, execution, and beyond—in collaboration with colleagues, customers, healthcare providers, payers, and patients.