Developing health tech products is like navigating the fast lane when you’re late for a flight. Innovation is constant and moves on a vertical trajectory that developers have to keep up with. This is why accelerating product development is increasingly becoming a critical factor for success. Drawing inspiration from insights shared by Forbes and my own experiences in the industry, I’ve identified five strategies that can help turbo-charge product development.
Use Agile Methodology
In the early days of my career in health tech, I witnessed the power of Agile methodologies firsthand. Forbes highlights the importance of using Agile principle when developing products, and I couldn’t agree more. Traditional waterfall methodology will slow the entire development process down due to delayed feedback loops. Agile, on the other hand, encourages cross-functional collaboration, continuous refinement, and frequent feedback.
I was blown away by Agile principles and the impact they had on the product development process. What was usually achieved in a few months took just a few weeks. Breaking the development process down into smaller, manageable sprints which run concurrently increases adaptability and flexibility. This, in turn, speeds up the entire development process.
Leverage Big Data
Forbes emphasizes the importance of leveraging big data to ensure any decisions made during the product development process are informed decisions. By tapping into big datasets you gain insights into user behavior, you can more easily identify patterns, and you are better poised to anticipate market trends. Naturally, this kind of information is a game-changer which will keep you ahead of the pack.
On my journey in the health tech industry I have seen the impact data-driven decision-making has on product development time and time again. Harnessing big data is pivotal to success because it gives you statistical information which enables you to refine product features and enhance user experience. Health tech startups that do this are far more successful than those who adopt a ‘hit or miss’ approach.
Prioritize User-Centric Design
In the health tech industry, user-centric design can make or break a product. Forbes stresses the importance of prioritizing user experience. In my opinion, it is vital! There is nothing quite as frustrating as a health tech product that is clunky and difficult to use. Invest time and resources to understand the needs and preferences of your users from the get-go. A user-centric design guarantees satisfaction which will lead to adoption
By conducting usability studies, gathering feedback, and continuously improving the design, you will craft a product that your users want to utilize. A user-centric approach not only accelerates adoption but also contributes to long-term customer satisfaction. And satisfied, loyal customers are exactly what health tech startups and their investors want. Not so?
Nurture Strategic Partnerships
Collaboration has been a recurrent theme in all the health tech ventures I have been a part of. Strategic partnerships accelerate the development process by providing startups with access to opportunities and resources. Partnerships that are win-win are ideal.
I recall a project aimed at developing a remote patient monitoring system that had a huge impact on the quality and cost of the services provided by healthcare institutions. They were only too happy to share information and resources with the startup in order to streamline their systems using the product. This also led to accelerated adoption of the product by their patients which the startup was obviously thrilled about.
Use Regulatory Consultants
Navigating the labyrinth of health tech regulations is daunting. After many years in the health tech industry I can tell you categorically that NOT using a regulatory consultant to assist you WILL slow down, possibly even stall, the launch of your product. Seeking expert guidance early in the development process will prove invaluable and ensure that you are not held up by non-compliance with the myriad of stringent standards in the heathcare industry.
Using a regulatory consultant to proactively address regulatory requirements will protect you from costly delays and setbacks. Forbes rightly recommends that health tech startups seek expert advice to navigate the complex landscape of healthcare regulations successfully. Regulations are essential for ensuring patient safety, and must be abided by. However, they need not be a roadblock.
I am confident that these 5 strategies will help you accelerate your product development. The combination of agility, data-driven decision-making, user-centric design, strategic partnerships, and regulatory compliance will keep you at the forefront of the health tech industry. Not only will you get your product to market more efficiently and effectively, you will find that the product itself is more robust and ready to lead the charge in shaping a healthier future.
