Book Review: Innovation and Entrepreneurship in the Healthcare Sector
March 21, 2011
This volume by Luis Pareras, MD, published by Greenbranch Press, is one of the most comprehensive works on the topic to date. The book is filled with tables and diagrams on a range of topics covering innovation and bringing innovations to market. The eight sections cover: principles, the healthcare sector, structuring the idea, pushing our idea forward, creating a stratup, venture capital, basic skills, and trends. By beginning with the healthcare value chain, the author lays the basis for innovation and identifying the rich opportunities in this market. Information is covered along with drugs, devices and biotech. Healthcare IT is also put in the context of the value chain with such categories as, reducing friction in transactions, extracting the knowledge component from the system and extending the scope of the relationship between physician and patient, also known as participatory medicine. The concepts of ehealth and Web 2.0 are addressed avoiding the more specific terms, Medicine 2.0 and Health 2.0 and the book stays true to covering topics in an objective, business oriented approach without making claims about where these areas should go. Providing a “Framework for Analysis” puts the health IT initiatives in context of the value chain.
The sections on creating a startup and venture capital could be true for any entrepreneur but do give specific advice to the healthcare entrepreneur, such as, knowing the audience you are addressing and if it is venture capitalist, do not assume they will know the details of your medical intervention or product. Discussing skills like negotiation help lay out specific steps in knowing and enhancing your position whether negotiating a partnership or a buyout.
The book can be used for many audiences – obviously the healthcare entrepreneur would benefit from this book as a reference volume to go to at specific stages of building a startup. The book could easily be the basis of an MBA course on the topic. Those considering moving an innovation into the healthcare market should read it with an understanding of what they are venturing into. Venture capitalist could benefit from understanding the healthcare value chain and how specific innovations target specific steps in that chain. Healthcare executives should consider reviewing this book for understanding the how innovations impact their day-to-day operations and better evaluate the innovations and new products presented to them.
Innovation in healthcare is pervasive, the opportunities are broad. Participating in this innovation needs a toolkit like this book. Is it worth the cost – to many of the groups mentioned above, definitely.
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