g-f(2)2158 Revolutionizing Healthcare: The Strategic Imperative for Digital Platforms

 

genioux Fact post by Fernando Machuca and ChatGPT

Introduction:

In the rapidly expanding digital health services market, platforms integrating AI, telemedicine, and data analytics are revolutionizing healthcare delivery. However, many struggle to achieve profitability despite substantial investments, highlighting the need for a strategic overhaul in digital health platform strategies.

genioux GK Nugget:

"Digital health platforms face unique challenges due to the complexities of healthcare ecosystems and tight regulatory environments, requiring a distinct approach to strategy formulation and implementation." — Fernando Machuca and ChatGPT

genioux Foundational Fact:

Despite significant venture capital investment and user adoption, digital health platforms often fail to achieve profitability, signaling the need for a reevaluation of platform strategies tailored to the healthcare context.

The 10 Most Relevant genioux Facts:

1. The digital health services market surpassed $175 billion globally in 2022, with a projected 27% compound annual growth rate until 2030.
2. Digital health platforms integrate AI, telemedicine, and data analytics to enhance healthcare delivery, connecting patients with medical professionals.
3. Despite attracting substantial venture capital funding, many digital health platforms struggle to match the success of other platform businesses.
4. Healthcare faces challenges such as increased demand, access barriers, and rising expenditures, necessitating innovative solutions like digital health platforms.
5. Digital health platforms must navigate complex healthcare ecosystems, integrating with incumbent solutions and addressing regulatory constraints.
6. Platform strategy in healthcare differs from other sectors, requiring a nuanced understanding of the industry's unique conditions and demands.
7. Successful digital health platforms focus on complementing existing healthcare offerings rather than disrupting them, leveraging partnerships and integration.
8. Scaling digital health platforms requires shifting from traditional network effects to learning effects, emphasizing data-driven operational improvements.
9. Governance of digital health platform ecosystems involves distributed orchestration, collaborating with stakeholders, and influencing regulatory development.
10. Strategic changes in digital platform strategy within the healthcare sector can lead to higher-quality and more innovative health services globally.

Conclusion:

Leaders and managers of digital health platforms must reevaluate their strategies, focusing on organizational learning, ecosystem integration, and distributed orchestration to navigate the complexities of the healthcare sector and drive sustainable growth and innovation in healthcare delivery globally.

REFERENCE

The g-f GK Article

Marcus Holgersson, Joakim Björkdahl, Anna Essén, and Johan Frishammar, Health Care Platforms Need a Strategy Overhaul, MIT Sloan Management Review, MAGAZINE SPRING 2024 ISSUE, March 12, 2024.

ABOUT THE AUTHORS

Marcus Holgersson is a professor of industrial management and economics at Chalmers University of Technology in Sweden. Joakim Björkdahl is a professor of strategic management and innovation at Chalmers University of Technology. Anna Essén is an associate professor at the House of Innovation, Stockholm School of Economics. Johan Frishammar is a professor at entrepreneurship and innovation at Luleå University of Technology in Sweden.

Classical Summary:

In the spring 2024 issue of the MIT Sloan Management Review, an insightful article titled "Health Care Platforms Need a Strategy Overhaul" sheds light on the evolving landscape of digital health platforms. Authored by Marcus Holgersson, Joakim Björkdahl, Anna Essén, and Johan Frishammar, the article delves into the challenges facing digital health platforms despite their rapid growth and substantial investments. The authors assert that while these platforms hold promise for revolutionizing healthcare delivery, they often struggle to achieve profitability and success comparable to other platform businesses. Drawing from extensive research conducted over four years, which included interviews with leaders and managers at 14 organizations in Sweden, the article identifies three key areas where a strategic overhaul is imperative for digital health platforms to thrive. These areas include market entry strategies, business scaling approaches, and ecosystem governance tactics. Through a detailed exploration of these domains, the authors offer valuable insights into the complexities inherent in the healthcare sector and propose innovative strategies for navigating them. Ultimately, the article serves as a call to action for organizations operating in the digital health space to rethink their approach and embrace a new paradigm for success.

Marcus Holgersson

Marcus Holgersson is an Associate Professor at the Entrepreneurship and Strategy division and Vice Head of Department with responsibility for education at the Department of Technology Management and Economics at Chalmers University of Technology in Sweden¹². His research and teaching focus on management, economics, and strategies of innovation and intellectual property¹².

Holgersson has held visiting positions at the University of Gothenburg, Stanford University, and UC Berkeley¹. He has published his research in various prestigious academic journals, including the California Management Review, Long Range Planning, R&D Management, and Technovation¹. His work has been recognized with multiple awards and scholarships, including the Wallander scholarship (2013), Chalmers Pedagogic Prize (2014), the Honorary Prize from students in Industrial Engineering and Management (2017), and the Best Teacher Award in Industrial Engineering and Management (2018 and 2021)¹.

In addition to his academic pursuits, Holgersson is the founder and director of the Stanford GSB Venture Capital Initiative¹. His research interests include intellectual property management, licensing, technology & innovation, innovation management, innovation studies, open innovation, and strategic management¹.

Source: Conversation with Bing, 4/1/2024

(1) Marcus HOLGERSSON | Associate Professor | Associate Professor .... https://www.researchgate.net/profile/Marcus-Holgersson.

(2) Chalmers Research: Marcus Holgersson. https://research.chalmers.se/en/person/marhol.

(3) Dr. Marcus Holgersson | HSTalks. https://hstalks.com/expert/3816/dr-marcus-holgersson/.

(4) Chalmers Research: Marcus Holgersson. https://research.chalmers.se/person/marhol.

Joakim Björkdahl

Joakim Björkdahl is a Professor of Strategic Management and Innovation at the Department of Technology Management and Economics at Chalmers University of Technology¹². He holds a PhD in corporate management and a LicEng. in investments from the same department¹. He also holds a M.Sc. in Electrical Engineering from Chalmers University of Technology¹.

Björkdahl has extensive experience in strategy, innovation, and finance¹. He has worked with strategy, business development, and valuation for manufacturing, pulp and paper, telecommunications, and private equity firms¹. He has also worked for regulatory bodies on different issues¹.

His research focuses on changes in how firms create and capture value (business models), especially in relation to digitalization³. He has published articles in academic journals such as Research Policy, Industrial and Corporate Change, and International Journal of Innovation Management¹. In 2012, he spent six months as a Visiting Researcher at Stanford University¹.

Source: Conversation with Bing, 4/1/2024

(1) Chalmers Research: Joakim Björkdahl. https://research.chalmers.se/en/person/joabjo.

(2) Joakim BJÖRKDAHL | Professor of Strategic management and innovation .... https://www.researchgate.net/profile/Joakim-Bjoerkdahl.

(3) Forskare Joakim Björkdahl - Imit. https://imit.se/en/forskare/joakim-bjorkdahl-2/.

(4) Forskare Joakim Björkdahl - Imit. https://imit.se/forskare/joakim-bjorkdahl/.

Anna Essén

Anna Essén is an Associate Professor at the House of Innovation at the Stockholm School of Economics¹². She is also a Researcher at the SSE Institute for Research (SIR) and an Affiliated Researcher at the Mistra Center for Sustainable Markets¹. 

Essén's research focuses on how digital technology is shaped by and shapes what individuals, organizations, and societies focus their attention on, find worthwhile to aim for, and feel capable of achieving⁶. She has published numerous articles in her field².

In addition to her research, Essén is the head of SSE Executive Education’s popular Accelerating Digital Innovation program, a course of study designed for managers and leaders who want to more actively make the most of opportunities that come with digital innovation⁴.

She has held additional affiliations with the Karolinska Institutet Medical Management Center in Sweden as a Senior Researcher and with Stockholm University's Business Administration department where she earned her Ph.D².

Source: Conversation with Bing, 4/1/2024

(1) Essén, Anna - hhs.se - Stockholm School of Economics. https://www.hhs.se/en/persons/e/essen-anna/.

(2) Anna ESSÉN | Docent, Senior Lecturer | Associate Professor, business .... https://www.researchgate.net/profile/Anna-Essen.

(3) Anna Essén - Researcher and teacher - Stockholm School of Economics .... https://se.linkedin.com/in/anna-ess%C3%A9n-8aa90b18.

(4) Anna Essén about the program Accelerating Digital Innovation - exedsse.se. https://exedsse.se/en/anna-essen-about-the-program-accelerating-digital-innovation/.

(5) Anna Essén about the program Accelerating Digital Innovation - exedsse.se. https://bing.com/search?q=Anna+Ess%c3%a9n+Stockholm+School+of+Economics+summary.

(6) Explaining Ignoring: Working with Information that Nobody Uses. https://journals.sagepub.com/doi/pdf/10.1177/0170840621998720.

Johan Frishammar

Johan Frishammar is a full Professor at the Entrepreneurship & Innovation research group at Luleå University of Technology (LTU) and an affiliated research fellow at the House of Innovation at Stockholm School of Economics¹². He holds B.Sc. & M.Sc. degrees in business & economics, a licentiate degree in engineering, and a Ph.D. in Industrial management¹.

His research primarily focuses on innovation and technology management and strategy in established companies and organizations¹. His current research projects address sustainability transitions, circular business models, innovation measurement, digital platforms, open innovation and alliances, and innovation in healthcare¹. His research is often conducted together with industry, including leading companies such as Ericsson, Scania, Volvo trucks, Volvo cars, BillerudKorsnäs, ABB, LKAB, Boliden, Metso, SSAB, Electrolux, and others¹.

Frishammar has published over 100 peer-reviewed journal articles, book chapters, and conference papers, including articles in leading journals such as MIT Sloan Management Review, California Management Review, Research Policy, Journal of Product Innovation Management, Technovation, IEEE Transactions on Engineering Management, R&D Management, Long Range Planning, Technological Forecasting & Social Change, Journal of Business Research, and others¹.

In addition to his research, he teaches courses in Digital innovation, Innovation & strategic business development, Foundations of innovation management research, and supervises at the M.Sc. and Ph.D. levels¹. He is the program director for the Industrial engineering and management program at LTU¹.

Source: Conversation with Bing, 4/1/2024

(1) Johan Frishammar | Luleå tekniska universitet - LTU. https://www.ltu.se/en/staff/j/johan-frishammar.

(2) Frishammar, Johan - hhs.se - Stockholm School of Economics. https://www.hhs.se/en/persons/f/frishammar-johan/.

(3) Johan Frishammar | IEEE Xplore Author Details. https://ieeexplore.ieee.org/author/37990858200.

(4) Forskare Johan Frishammar - Imit. https://imit.se/en/forskare/johan-frishammar-en/.

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References

“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2158, Fernando Machuca and ChatGPT, March 30, 2024, Genioux.com Corporation.

 

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