Healthcare: ripe for disruption
Consumers are now beginning to expect their doctors to offer the same convenience and personalisation as online shoppers with Amazon. The way we live our lives has undergone massive transformation over the past decade, with significant changes in social norms and consumer behaviour. Ten years ago, it was unheard of to rent a stranger’s flat instead of booking a hotel room, or to get out of a taxi without opening your wallet. Technological advances and shifts in consumer habits have wrought fundamental changes in industry after industry – retail, travel, at home entertainment. Healthcare is unlikely to be immune.
The incumbents in those industries seldom saw the change coming. They recognised the threat these changes posed to their core business, but were unable to sufficiently break out of mental paradigms about how they traditionally win in the marketplace to alter their course.
Identifying the next big tipping point comes down to pattern recognition.
An industry is ripe for disruptive innovation when a number of conditions collide. First, you see unhappy consumers, facing many frustrations, and you also observe waste or inefficiencies in the supply side of the system. Then, you need a catalyst. It could be a regulatory change, a new technological advance, or a shift in social norms to change the landscape and create conditions ripe for disruption.
We are seeing this potent mix of conditions now in healthcare. New technology and rapid progress in genomics promise to revolutionise diagnostic capabilities and to personalise medical care. And consumers are beginning to expect their doctors to offer the same convenience that ordering an Uber does.
How should we in healthcare respond to these changes that are coming down the track? Do we leap on-board, or stand aside and let the train pass? Do let us know your thoughts by posting a comment at the end of this blog.