MD+DI | A Guide to Widespread Therapy Adoption in Medtech
ORIGINALLY POSTED ON MD+DI
AUGUST 2024
Thoroughly understand your stakeholders
L.R. Fox, founder of NEXT Life Sciences, is a young and ambitious innovator with a background in engineering and a track record of successful ventures in highly regulated industries like cybersecurity, defense, and aerospace. At NEXT, his team is developing Plan A, a non-hormonal, long-lasting, reversible male contraceptive.
Fox’s algorithm for medtech starts by dismantling the stakeholders and understanding each of their needs. Potential users, healthcare providers, payers, and regulatory bodies will have different concerns. Once you identify your key stakeholders, you can start a meaningful dialogue. Think carefully about whom your product or service concerns. For example, addressing the spouses or partners of their end users was an unexpected, but good step in NEXT’s case.
By actively engaging in conversations with these various audiences, Fox and his team gained valuable insights that enabled them to tailor Plan A itself as well as its messaging.
Secondly, as an entrepreneur who likes to try his hand at different industries, Fox understands the value of experience and actively seeks out domain experts and leaders in the pertinent field. He asks himself, “If there's one person that I need to talk to to really understand this, who is that person?” This attitude opens doors to valuable partnerships, collaborations, and opportunities for further innovation. Thanks to the network he built in this fashion, Fox positioned Plan A not only as a contraceptive but as an impetus for addressing structural problems in society.
To take a page from Fox’s book, take some time to identify the different groups who have a stake in your product or service. Remember, skepticism is healthy and deserves engagement. That’s the only way to tailor your solution or message to their respective needs. While doing that, actively seek out subject matter experts in your field, offer support, and foster collaborations. Connect with others who share your goals and stand together in the niche you’re seeking to reshape.