Effective healthcare product management strategies, sortedEffective healthcare product management strategies, sorted

Effective productive management strategies are comparable to the journey of a fitness enthusiast seeking to achieve peak health. In the same way that one would meticulously plan workouts, fine-tune dietary habits, and track progress, healthcare providers use a maze-like process to strategise, iterate, and collaborate to develop robust product management strategies. They combine clients' preferences and precision with adaptability, aiming not just for short-term gains, but for a long-term, impactful result similar to a flourishing fitness regimen.

To be most effective, a product management strategy needs to fill a gap in the market by providing a product that serves its customers in a way that its competitors are not addressing. Considering the target audience, how the new product will perform in the current market and how it can help achieve the company's overall goals is vital. This ensures new products have a lasting impact not only on a company's business but on its customers as well.

Ademola Ade-Serrano, medical doctor and innovation manager at PharmAccess Foundation, said: “Keep the health consumer and patient at the centre of your product design, development, and deployment. Doing this should ultimately lead to a product that improves health outcomes.”

From a survey of more than 5,000 product managers from around the world, about 75 per cent responded that best practices in product management are not being adopted at their companies, it is a fledgling function within their organisation, or that it was non-existent according to a survey conducted by McKinsey.

The healthcare business ecosystem is a peculiar one and product management strategies in healthcare require a delicate balance between innovation, compliance, and patient-centricity:

Deep understanding of user needs: Work with healthcare professionals, patients, and stakeholders to truly understand their pain points and needs. Tom Eisenmann, a professor of Business Administration at the Harvard Business School notes: “Many overlook a crucial step in the lean start-up process — researching customer needs before testing products. They keep rushing to launch fully functional offerings that do not fit any market needs. It is essential to conduct surveys, interviews, and focus groups to gather insights and shape product development.”

Compliance and regulation adherence: Healthcare products must adhere to strict regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and Food and Drug Administration (FDA) guidelines. Make certain that your product management processes incorporate these requirements from the beginning.

Iterative development with prototyping: Create prototypes or minimum viable products (MVPs) early in the process to collect feedback. Iterate and refine the product in response to user feedback using an agile approach.

Interoperability and integration: Healthcare products frequently require integration with pre-existing systems. To ensure seamless integration with electronic health records (EHR) and other healthcare infrastructure, prioritise interoperability standards such as HL7 and FHIR.

Usability and user experience (UX): Simplify complex interfaces and workflows for healthcare professionals. Intuitive design and user-friendly interfaces enhance adoption rates and overall satisfaction.

Data security and privacy: Make strong data security measures a priority to protect patient information. Processes need to be put in place to maintain trust in healthcare settings, encryption, access controls, and regular security audits which are highly essential.

Scalability and flexibility: To accommodate growing user bases or changing healthcare needs, products should be designed with scalability in mind. Adaptability allows for changes in healthcare settings or evolving requirements.

Ethical considerations: Ensure that technology is used ethically in healthcare. Maintain fairness, transparency, and accountability principles in the development and deployment of healthcare products.

Collaboration and partnerships: Encourage collaboration with other healthcare organisations, technology providers, and research institutions. Partnerships can help to accelerate innovation and expand the reach of your product.

Successful healthcare product management demands a profound grasp of industry complexities, prioritising patient welfare, alongside continuous education for seamless adoption and outcome measurement tracking.

Jennifer Orisakwe is a health researcher and data storyteller, who loves to explore the ways actions (and inactions) of healthcare stakeholders affect decision-making and outcomes.