Healthcare Tech: A Product Manager’s Guide.

Whether you’re contemplating a career in the vast $4.3 trillion healthcare industry or you’re already working in it, it’s crucial to know that product management in healthcare sector stands apart from other industries. To understand the unique dynamics of healthcare product management, we must first recognize what’s really at stake in this field.

In many ways, healthcare is a world unto itself, distinct from other sectors. When we think of healthcare, we often visualize the dedicated efforts of doctors and nurses who provide direct patient care. While their roles are undeniably crucial, the healthcare ecosystem extends far beyond the medical professionals. It encompasses a vast array of healthcare tech products and solutions that are integral to patient care, diagnosis, treatment, and overall well-being.

This article examines the world of healthcare technology, exploring its intricacies, confronting the challenges it presents, and shedding light on the pivotal role that product managers play within this evolving landscape as well as spotlight some existing health tech products that have distinguished themselves in the sector.

What is Healthcare technology?

Healthcare technology, often referred to as health tech or healthcare tech, is a vast sector that blends cutting-edge innovations with the fundamental principles of healthcare. It encompasses a wide spectrum of digital solutions, medical devices, software applications, and services aimed at revolutionising the healthcare industry. These innovations aim to enhance patient care, streamline healthcare operations, improve diagnostics, and drive medical advancements.

Product Management in Healthcare Technology

One of the key players in this intricate blend between technology and healthcare is the Product Manager.

Product Managers in healthcare tech are responsible for orchestrating the development, deployment, and evolution of healthcare products and services. They act as the driving force behind innovation, ensuring that technology aligns with the needs and expectations of both healthcare professionals and patients.

But what makes product management in healthcare tech distinct?

To answer this question, we need to recognize that healthcare technology isn’t just about creating gadgets or apps; it’s about fundamentally transforming how healthcare is delivered. Every decision made by a product manager in this field has far-reaching life or death implications affecting patient outcomes, data security, regulatory compliance, and the overall quality of care

Types of Healthcare Tech Products

Healthcare tech products encompass a wide range of products and services vital for individual well-being and the functionality of the healthcare system. To help understand them better, let’s examine some common types of Healthcare tech products

1. Administrative Healthcare Technology

Administrative healthcare tech focuses on technology solutions designed to streamline and optimize the administrative and operational aspects of healthcare delivery. Product managers in this sector work on various tools and platforms to improve efficiency, reduce costs, and enhance the overall management of healthcare organisations.

Some examples include:

• Healthcare Revenue Cycle Management (RCM) Software: Product managers have developed RCM software to manage billing, claims processing, and revenue optimization for healthcare providers. These tools help organisations improve cash flow and reduce billing errors e.g. Epic Systems — Resolute RCM
• Electronic Health Records (EHR) and Practice Management Systems: While EHRs are primarily clinical tools, they often include practice management features that allow healthcare facilities to schedule appointments, manage patient demographics, and handle billing and insurance information e.g. Cerner — PowerChart.
• Telehealth and Telemedicine Platforms: these play a crucial role in healthcare. These platforms enable remote clinical care, but they also involve administrative healthcare tech aspects like facilitating telehealth appointments, handling patient registration, and managing billing processes e.g. Doxy.me
• Inventory Management: Healthcare facilities require efficient management of medical supplies and pharmaceuticals. Product managers work on inventory management systems to optimize stock levels, reduce waste, and lower costs. e.g. McKesson — Inventory Manager

2. Surgery Healthcare Technology

Healthcare technology for surgery encompasses a wide range of innovative solutions designed to enhance the safety, precision, and outcomes of surgical procedures. Product managers in this field collaborate with multidisciplinary teams to develop cutting-edge surgical technologies.

Some examples include:

• Surgical Navigation Systems: These systems provide real-time 3D imaging and guidance to assist surgeons in accurately navigating complex anatomical structures. e.g. Medtronic StealthStation.
• Laparoscopic and Endoscopic Instruments: Laparoscopic and endoscopic surgeries rely on specialised instruments and cameras. Product managers innovate in this space to make instruments more ergonomic and develop high-definition cameras for better visualisation. e.g. KARL STORZ Endoscopy.
• Smart Surgical Instruments: These instruments are equipped with sensors and feedback mechanisms to enhance precision and reduce the risk of errors during surgery e.g. Verb Surgical (a joint venture between Google and Johnson & Johnson).
• Remote Monitoring and Telementoring: Product managers work on solutions that enable experienced surgeons to provide guidance and support to less-experienced colleagues during procedures in real time e.g. Proximie.

3. Drug Healthcare Technology

Drug development technology is a critical aspect of the healthcare industry, enabling the discovery, development, and testing of new pharmaceuticals and treatments. Product managers in this field work on a wide range of technologies that streamline and enhance the drug development process.

Some examples include:

• High-Throughput Screening (HTS): HTS platforms allow researchers to quickly test thousands of compounds for potential drug candidates. Product managers in this area focus on optimizing screening processes, data analysis, and automation e.g. Tecan Infinite M Nano+ Microplate Reader.
• Bioinformatics and Computational Biology: Product managers work on software tools and platforms for analyzing biological data, genomics, proteomics, and structural biology. These tools aid in target identification and drug design e.g DNASTAR Lasergene.
• Clinical Data Management Systems (CDMS): CDMS platforms capture, clean, and manage clinical trial data. Product managers prioritise data accuracy, security, and real-time access for researchers and sponsors e.g Medidata Rave.
• Laboratory Information Management Systems (LIMS): LIMS solutions help manage and track laboratory samples, data, and workflows. Product managers focus on customization, data integration, and compliance with regulatory standards e.g. LabWare LIMS.
• Electronic Lab Notebooks (ELN): ELN systems replace traditional paper notebooks in laboratories, enabling researchers to record and manage experimental data digitally. Product managers enhance collaboration and data security features e.g. Labguru.

4. Fitness Healthcare Technology

Fitness healthcare tech leverages technology to enhance physical well-being, track fitness progress, and promote a healthier lifestyle. Product managers in this sector are responsible for developing innovative solutions that cater to the needs of fitness enthusiasts, athletes, and individuals looking to improve their health.

Some examples include:

• Fitness Wearables: These are products like smartwatches, fitness trackers, and smart clothing that monitor various health metrics. They focus on improving sensor accuracy, battery life, and user experience e.g Fitbit Charge 5.
• Mobile Health Apps: Healthcare tech product managers develop mobile applications designed to track physical activity, provide workout routines, and offer nutritional guidance. They focus on creating user-friendly interfaces, personalization features, and integration with wearables e.g MyFitnessPal.
• Smart Equipment: Fitness equipment manufacturers collaborate with product managers to create smart gym equipment like connected treadmills and strength machines. These products offer data tracking and integration with fitness apps e.g Peloton Tread+
• Health and Fitness Communities: Product managers may lead the development of social fitness platforms that encourage users to connect with others, share their fitness journey, and participate in challenges. They work on fostering user engagement and community building e.g. Strava.

5. Mental Healthcare Technology

It focuses on leveraging technology to promote mental well-being, provide mental health support, and address various mental health challenges.

Some examples include:

• Data Analytics for Mental Health Research: Some mental healthcare tech products contribute to mental health research by aggregating anonymized user data. Product managers ensure data security and may collaborate with researchers and institution e.g Ginger.
• Mental Health Wearables: Wearable devices that monitor physiological indicators of stress and anxiety fall within the scope of mental healthcare e.g. Oura Ring
• Crisis Intervention Apps: Product managers collaborate on apps that provide immediate support to individuals in crisis. These apps often include crisis hotlines, text-based support, and safety planning features. e.g Crisis Text Line
• Tele-therapy Platforms: Tele-therapy platforms connect individuals with licensed mental health professionals for online therapy sessions. It usually is a platform that offers real-time therapy sessions with customizable appointment scheduling e.g Nguvu health.

Common Challenges in Healthcare Technology

The healthcare product industry is essential for improving patient care, but it also faces significant challenges. Below are some of the prominent challenges and potential solutions to address them:

1. Regulatory Compliance:

Challenge: Stringent regulations and standards in healthcare make it challenging to develop, test, and market products.

Solution: Employ dedicated regulatory experts who stay up-to-date with changing regulations. Ensure compliance from the product’s inception, streamline documentation, and engage regulatory authorities early in the development process.

2. Data Security and Privacy:

Challenge: Healthcare products deal with sensitive patient data, making security and privacy paramount.

Solution: Implement robust encryption, access controls, and compliance with data protection laws. Regularly conduct security audits and penetration testing to identify vulnerabilities and address them proactively.

3. Interoperability Issues:

Interoperability issues in the context of healthcare refer to challenges related to the ability of different healthcare systems, devices, and software applications to seamlessly exchange and use health information

Challenge:Healthcare systems often lack interoperability, hindering data exchange between different platforms.

Solution: Adopt industry-standard data formats like HL7(Health Level Seven) and FHIR(Fast Healthcare Interoperability Resources) to ensure compatibility. Develop APIs and connectors that allow seamless integration with Electronic Health Records (EHR) and other healthcare systems.

4. Resistance to Change

Challenge: Healthcare professionals can be resistant to adopting new technologies.

Solution: Create user-centric products that align with existing workflows and offer extensive training and support programs. Demonstrating how the product simplifies tasks and improves patient outcomes can motivate adoption.

5. Cost Constraints

Challenge: Healthcare budgets are often limited, and products must demonstrate a clear return on investment.

Solution: Conduct cost-benefit analyses to showcase the economic advantages of the product, such as reduced operational costs, improved efficiency, and better patient outcomes.

6. Competitive Landscape

Challenge: The healthcare product market is highly competitive, requiring differentiation.

Solution:Focus on innovation by identifying unmet needs and emerging trends. Regularly gather feedback from healthcare professionals to enhance product features and stay ahead of the competition.

7. Data Quality and Accuracy

Challenge: Inaccurate or incomplete data can lead to errors in healthcare decisions and treatments.

Solution:Implement data validation mechanisms and quality control processes. Leverage AI and machine learning algorithms to clean and enhance data accuracy.

Healthcare tech product spotlight.

Let’s take a closer look at a few highly successful Healthcare tech products that have made a significant mark in the Healthcare tech sector.

1. Reliance Health

Reliance Health is a Nigerian healthcare technology company founded in 2019, with a mission to make quality healthcare accessible to all Nigerians. The company leverages technology and innovation to provide a range of healthcare services, including telemedicine, health insurance, and access to a network of medical professionals.

Key Features:

1. Telemedicine Services: Reliance Health offers a robust telemedicine platform that connects patients to licensed doctors via mobile apps and web interfaces. Patients can schedule virtual consultations, receive medical advice, and even get prescriptions online.
2. Health Insurance Plans: Reliance Health offers affordable health insurance plans to individuals, families, and corporate clients.Their health plans cover a wide range of medical services, including doctor consultations, diagnostics, and hospitalisation
3. Network of Healthcare Providers: The company has established partnerships with a network of healthcare providers, including hospitals, clinics, and laboratories. This network ensures that patients receive quality care when needed, and services are easily accessible.
4. Pharmacy Services: Reliance Health provides an online pharmacy platform where users can order prescription medications and have them delivered to their doorstep.

2. Betterhelp

BetterHelp is an online therapy platform that provides accessible and convenient mental health services to individuals seeking professional counseling and therapy. Founded in 2013, BetterHelp has grown to become one of the leading online therapy providers, offering a range of therapy options to address various mental health concerns.

Key Features

1. Licensed Therapists: BetterHelp has a network of licensed and accredited therapists, including psychologists, counsellors, and social workers. Users can choose a therapist based on their specific needs and preferences.
2. Various Communication Channels: Users can engage with their therapists through a variety of communication channels, including text-based messaging, live chat, phone calls, and video sessions. This flexibility allows users to choose the mode of communication that suits them best.
3. Secure and Confidential: BetterHelp prioritises user privacy and data security. All communication between users and therapists is encrypted, and therapists adhere to strict confidentiality standards.
4. Affordable Pricing: BetterHelp offers subscription-based pricing, making therapy more affordable compared to traditional in-person sessions. Users pay a fixed monthly fee for unlimited messaging and scheduled live sessions with their therapist.
5. User-Friendly Platform: The platform is designed to be user-friendly and accessible. It includes features like a journal for self-reflection, worksheets, and a progress tracker to help users monitor their mental health journey.

3. LifeBank

LifeBank is a Nigerian health technology company founded in 2015 with a mission to improve access to safe blood and other medical products in Africa. It has become a prominent example of leveraging technology and innovation to address critical healthcare challenges in Nigeria and beyond.

Key Features

1. Blood Supply Chain Optimization: LifeBank created a digital platform that connects blood banks, hospitals, and patients in real-time.Using their mobile app and web platform, healthcare providers can request life-saving medical products such as blood, oxygen, and vaccines.

2. Cold Chain Logistics: The company developed a robust cold chain logistics system to ensure the safe transportation of temperature-sensitive medical products.This includes the use of smart refrigerators and a data-driven approach to monitor and manage inventory effectively.

3. Data-Driven Decision Making: LifeBank collects and analyzes data on blood supply and demand to predict shortages and optimize distribution.Data insights enable proactive responses to healthcare needs, reducing wastage and ensuring timely delivery.

4. Network of Blood Donors: LifeBank established a network of voluntary blood donors through its mobile app. Donors can register and receive notifications when their blood type is needed, facilitating a quick response to shortages.

In conclusion, healthcare products and services span a wide spectrum, each playing a unique role in the healthcare ecosystem.Effective product management is instrumental in ensuring that healthcare offerings not only meet rigorous quality standards but also align with the unique needs of its stakeholders . Whether it entails optimizing the usability of complex medical devices or refining the user experience of cutting-edge digital health solutions, product managers are at the forefront of innovation, striving to improve healthcare outcomes across the board.