Corporate Innovation - where Digital Health meets Pharma by Shwen Gwee

João Bocas - The Wearables Expert ™ Interviews Shwen Gwee, Digital Health and Corporate Innovation Executive & Startup Advisor.

We've discussed and touched upon the following:

- What's important to consider in Corporate Innovation

- How Pharma works

- Major challenges and pitfalls encountered by Digital Health Startups

How can we make Healthcare Uncomplicated?

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Twitter - https://twitter.com/shwen

LinkedIn - https://www.linkedin.com/in/shwen/

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Corporate Innovation: where Digital Health meets Pharma

The world is going through a digital transformation. And this is also true for the pharmaceutical industry, which has always been a pioneer when it comes to innovation. In today's world, innovation needs to be more than just an idea. It needs to be a real-life solution that can make a difference in people's lives. The only way to achieve this is by combining different fields and bringing together experts from different industries.

If you said "digital health," we're right there with you. But let's not forget pharma! Turns out they're both in need of some innovation, and they can help each other out with it.

Take digital health: it's changing how patients manage their health and take care of themselves. But pharmaceutical companies want to be able to reach those patients, too—and they don't want to keep paying for ads that don't work as well as they should. That's where pharma comes in: pharma companies can use their expertise in reaching customers through digital platforms and make sure ads are being seen by the right people at the right time. And since pharma companies have already done the research needed for drug safety and effectiveness, they can also be a big help when it comes to educating patients about how to take care of themselves.

One of the biggest challenges for Digital Health Startups is making sure that the health information (HIPAA-compliant, of course) is secure.

Another challenge is making sure that a startup's digital tools are compatible with other medical devices.

It's also important to make sure that their products are easy to use by patients who may not be tech-savvy.

The digital health industry is growing rapidly, but it's also very young and dynamic. It's important to know what you're getting into before you start your own company.

Here are some of the major challenges and pitfalls that digital health startups face:

1. The healthcare industry has a lot of regulations, and these regulations can vary by state or country.

2. many players in the digital health space have deep pockets, which means that companies need to invest heavily in growth and marketing to stay competitive.

3. Digital health startups often have small teams working on multiple projects at once, which can lead to communication issues among team members if they aren't careful about prioritizing tasks appropriately.

Digital health startups face a lot of challenges, from a lack of funding to get their product off the ground. But some common pitfalls tend to trip up new companies more than others.

One of the biggest challenges for these startups is what we like to call "the pivot." It's not always obvious when it's time for a pivot, but it often comes down to whether or not your product is doing what you need it to do. If you're finding that your users aren't clicking on your ads or using your app as much as they should, then maybe it's time to revisit your product and see if there are ways you can make it better.

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