Identify a need and market value
Before investing significant time and effort in developing an innovation for healthcare, you should first ask yourself the question:
Is my innovation really needed?
It is very important to do some research to understand the user need and market. By doing so, you will avoid wasting time and money on something that offers limited market value. You should be able to articulate:
- why your innovation is needed
- who will benefit from your innovation
- how those people will benefit
Do not skip this stage! It is important to understand that monetary value is tied to the benefits of an innovation, so you always identify market value. It is a harsh reality that companies often fail because there is little or no need for their product or service.
It is also important to identify the needs of the people your innovation will benefit, and that it meets those needs throughout development.
Key questions to ask yourself
- Will my innovation be completely new to the market, or will it have a competitive advantage over similar existing products?
- Does my innovation address an unmet need for care providers, patients or the target population?
- Does my innovation align with the priorities of the NHS?
The NHS Long Term Plan provides a strong indicator for where the NHS will focus their future investment.
A Healthier Wales: our Plan for Health and Social Care is the Welsh Government’s long term plan for health and care.