The 4 V's - How to Win at Health Innovation

Innovation in healthcare needs to demonstrate four things to be truly transformative: validation and verification, the creation of high value for end users, scalability and virality, and a valid, automatic, scalable, and time-efficient (VAST) business model. Innovators in healthcare must validate and verify their solutions to ensure they meet customer needs and are error-free, while also ensuring clinical validation. Value creation is inherently tricky but central to innovation, and end users will not switch to a new product unless perceived value is at least a 5x multiple of existing offerings. Scalability and virality are also important, as new solutions must overcome barriers to widespread adoption and become the standard of care. Lastly, a VAST business model that creates profit quickly and has a growing customer base is crucial to success.