Don ’t Just Digitize. Embrace Digitalization

In June, the Techtour Healthtech Summit returned to Lausanne with an overarching theme of the convergence of medtech and digital health, and the search for a successful digital business model.Although there were two tracks – medtech and digital health – there were digital health companies in the medtech stream and lab companies in the digital health stream that felt very much like medtech.One way to tease apart this convergence and to ask how future business models may evolve is to look at whether companies simplydigitizeanalog processes or fullydigitalize.The digitization of an analog process aims to deliver efficiency; it may change the economics but will probably leave the existing players and business models in place. Think how dollars from traditional ads in print and TV have become cents in online banner advertising, yet the players and purchasing processes remained similar.Digitalization, however, can lead to the creation of new sources of value and a change in business model. Think how Netflix and similar services have changed the traditional TV model from how we access content to who produces the programs themselves.Renal Tracker began with digitization of an analog process – it built its mailing list and initial customer base by e-mailing PDFs of existing guidebooks on renal failure. They then it progressed to the digitalization of care for patients at risk of renal failure by combining information around diet and exercise with coaching, training programs and ...
Source: EyeForPharma - Category: Pharmaceuticals Authors: Source Type: news