Elekta’s Nicolas Huber on Startups in the Healthcare Industry [Podcast]
In episode 5 of the Fliplet podcast, we caught up with Nicolas Huber, Portfolio Manager at Elekta, a Swedish company specializing in cancer therapy products.
We find out how startups in the healthcare industry need to take a different approach to selling their products. Plus, we learn about the key factors that affect the buying process within the healthcare industry.
Startups in the healthcare industry
Nicolas currently mentors startups who are aiming to enter the healthcare market. There are a series of key issues that he notices across startups aspiring to sell their product to the healthcare industry.
He details how he offers his understanding of the industry to help those businesses take a more effective approach to selling.
He points out that when you are selling in a healthcare system, the most important factor is if the product or solution is cost effective. This is often neglected in favor of the impact the product will have on the patient, which isn’t the immediate concern. Nicolas suggests that startups take some time to…
“Sit in the clinic that you think your product could work in and see what the medical team is doing on a daily basis; everyone working in the hospital will be involved in using your product”
The key stakeholders will impact the buying decision as part of a theory that Nicolas refers to as ‘COF’.
What is COF (Clinical, Operational, and Financial)?
COF – clinical, operational, and financial are the drivers behind any decision made about a healthcare project or product, from the perspective of the buyer.
Clinical relates to the effect on the patient. Operational considers the potential improvement of efficiency. For example, if you buy product XYZ, through the operational efficiency, this would mean a saving of £(x) per/year. Financial relates to how buying the product translates to revenue for the hospital, directly or indirectly.
Some of the key questions currently facing the healthcare industry are also addressed in the podcast. How can a wider coverage of healthcare be introduced without increasing the number of resources used?
The US and the UK healthcare systems
The US is a customer based system, but in the UK as a patient, you don’t have a say in what happens during your clinical treatment. Nicolas points out that operational and financial factors are very important in the US. The government is trying to introduce metrics to reimburse hospitals to avoid them overcharging for treatments.
Furthermore, in the US, electronic health records are used. If something goes wrong, the hospital can prove they did everything they could and the bad outcome couldn’t have been foreseen.
Check out the full podcast to hear Nicolas’ in-depth analysis of startups in the healthcare industry.
Do you currently run a startup in the healthcare industry?
If you’d like to get in touch with Nicolas you can reach him through his LinkedIn account