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Navigating the Good and the Bad: Why Good Business Practices Work

Wolves are fascinating creatures. They are smart, strong and ferocious. Many innovators are lone wolves. So do many founders. Like the founder, the nickname “lone wolf” can get a bad name. But the best myth of the lone wolf lies in their passion for independence, individuality, and one-of-a-kind vision. These are the most universal and admirable traits of innovators and entrepreneurs.

But the wolf’s power is in the real world, not in mythology. In the real world, wolves rely on packs to survive. In fact, their hunting strategy is based on group organization, and wolves who find themselves alone find themselves hungry. Therefore it has been feared. This is mainly because they work very well together as a social unit. The wolf’s notoriety as a loyal and collaborative communicator has led to the creation of the term “wolf pack mentality”. As Rudyard Kipling said, “The strength of the pack is the wolf, and the strength of the wolf is the pack.”

One way founders find their pack is by adopting Good Business Practices (GBP). Innovators and founders, their pack of trusted advisors enables them to traverse a volatile business environment unscathed, especially in the highly regulated world of medical technology.

In today’s complex market, GBP is the best Wolf Pack mentality. Relying on them, the pack works well. A large stable of experts who can dynamically advise on strategies, rather than rigid structures, and quickly remove short-term barriers that may prevent the products you need from reaching the patients you need them. Because it is readily available. .

Since medtech companies often develop solutions for niche-specific clinical needs (read: underserved and/or underrepresented populations), packs are good to have Not a thing. It’s a “must have” thing to have. Protect your start-up from failure, maximize your solution’s chances of getting to market, and protect your company’s profits and those of the patients who need it most.

What is Good Business Practice (GBP)?

Healthcare is a business that often helps people when they are most vulnerable. Patients often put their lives in the hands of other people and companies that make the products they use when they have no other choice. In it lies the burden of responsibility. GBP fosters integrity, trust and treating people the right way. In today’s situation, this is what investors, consumers and employees are looking for.

Especially in most companies and medical technologies, GBP occurs at multiple levels. At the micro level it is more prescriptive (i.e. regulatory best practices or good manufacturing practices). At the macro level, it is expressed as a set of ethics and principles that govern corporate behavior. It’s not just a statement of values ​​or a marketing strategy. This should be expressed in every decision the company makes and should include the following values:

Honesty and Transparency

Companies that trust their partners and strive to be transparent can gain an edge, especially in highly regulated markets. A company that rarely encounters avoidable trouble.

My team and I also had to learn (sometimes the hard way) how to identify companies that follow the GBP early. We have worked with some companies that lack transparency in their partnerships. This includes my experience with an inventor founder who had typical lone wolf trust issues. His lone wolfism has created an exciting vision in terms of products and company, but six months into his contract he finds that his product is not performing as advertised. I found out, and had to cancel the sale. If he had been honest with us from the beginning (rather than thinking he could fix it in time), we would have worked with him to fix the problem and avoid what ultimately failed. It may have been possible.

A good question to consider is:

How does communication and information flow within and outside the organization? What information is provided and how much is planned (i.e. do you share 10 zipped folders or 3 Confidential or filtered information is a red flag and can be a sign of an immature leader or company.

Bottom line: When it comes to transparency, finding alignment with partners as early as possible eliminates risk.

A culture of collaboration

On the other end of the lone wolf spectrum, you can find many companies that understand that operating in GBP is a real added value. I recently worked with a company that had a passionate leadership team who were not the founders of the technology they were trying to bring to market. It took eight years to get FDA approval. It also lagged behind its market access strategy as it focused on approvals. they asked us for help. After showing us their data and productive give and take, they decided to expand their portfolio into other areas of focus, resulting in early approval of their technology and a more robust company. had continued unilaterally, we might have missed opportunities to expand the products we offer and the company.

So far, having a pack of internal advisors has only made the company successful. It is imperative that the expertise of outside consultants and professional services his provider is available.

A good question to consider is:

How do companies and founders respond to feedback? How willing are founders to say, “Give me all the reasons why this isn’t working”?

Bottom line: Administrative complexity and regulation are systems of inertia, so having a proven partner can give you a competitive advantage when bringing new products to market.

open mind

A challenge for founders and other lone wolves is resilience to mistakes. Blind spots are called blind spots for a reason, no matter how innovative or awesome the product, founder, or company is. we all have them. Being open to outside ideas may not be a precursor to innovation, but it’s staying power, especially in healthcare.

I am not just talking. I had to walk it too. Eleven years ago, when I started my company, I sat down with my advisors to show them the financials. In fact, it felt vulnerable. what was coming? What didn’t I know? But doing it, being open and trusting, allowed me to get stuck in an area I didn’t even know I was stuck in.

examination: How open is this founder or company to new ideas? Would they be happy to say “I never thought of that”?

The lesson: Keep an open mind and doors open to new opportunities.

Advantages of GBP (especially for newcomers)

The healthcare sector is inundated with new players, especially in the direct-to-consumer subscription model. It may be a good thing, or it may be a difficult situation. Many of these players bring innovative thinking, but often lack operational experience in a regulated healthcare environment. This is where the risks are and where GBP will surely deliver its value.

When companies build a culture of openness, trust and collaboration, it shows in everything they do. Enable greater innovation while avoiding unnecessary risk.

Photo: bluebay2014, Getty Images