Harvard Case - BETIC, IIT Bombay: Commercializing A Novel Digital Stethoscope
"BETIC, IIT Bombay: Commercializing A Novel Digital Stethoscope" Harvard business case study is written by Rohan Chinchwadkar, Mueen Ahmed, Sankalp Pratap. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Sep 29, 2021
At Fern Fort University, we recommend BETIC, IIT Bombay, pursue a disruptive innovation strategy focused on digital transformation and globalization to commercialize their novel digital stethoscope. This strategy will involve leveraging their core competencies in technology and analytics, coupled with a strategic alliance with a global healthcare company, to rapidly scale their product and capture a significant market share in the emerging digital healthcare market.
2. Background
BETIC, a start-up incubated at IIT Bombay, has developed a novel digital stethoscope capable of capturing and analyzing heart sounds with high accuracy. This technology offers significant advantages over traditional stethoscopes, including increased accuracy, data storage, and remote monitoring capabilities. However, BETIC faces challenges in commercializing their innovation, including limited resources, lack of market access, and fierce competition from established players.
The main protagonists of the case study are:
- Professor S. K. Gupta: BETIC?s founder and a leading researcher in medical technology.
- Dr. Amit Sharma: A young engineer with expertise in digital signal processing and a strong entrepreneurial drive.
- Mr. Rakesh Kapoor: A seasoned business executive with experience in medical device manufacturing and marketing.
3. Analysis of the Case Study
To analyze BETIC?s situation, we can utilize several frameworks:
a) Porter?s Five Forces:
- Threat of New Entrants: High due to the ease of entry in the digital healthcare space and the availability of open-source software platforms.
- Bargaining Power of Buyers: Moderate, as healthcare providers are increasingly seeking cost-effective and efficient solutions, but they also have bargaining power due to their volume purchases.
- Bargaining Power of Suppliers: Moderate, as the technology required for the digital stethoscope is readily available, but specialized components may create some dependence on specific suppliers.
- Threat of Substitute Products: High, as traditional stethoscopes remain a viable alternative, and other digital health solutions are emerging in the market.
- Competitive Rivalry: High, with established players like Medtronic and Philips investing heavily in digital healthcare solutions and new start-ups entering the market.
b) SWOT Analysis:
- Strengths:
- Novel and innovative technology with significant advantages over traditional stethoscopes.
- Strong technical expertise and research capabilities within IIT Bombay.
- Potential for cost-effectiveness compared to traditional methods.
- Potential for data analytics and remote monitoring applications.
- Weaknesses:
- Limited financial resources and lack of market access.
- Lack of experience in manufacturing and marketing medical devices.
- Competition from established players with deep pockets and strong brand recognition.
- Opportunities:
- Rapidly growing digital healthcare market with increasing demand for innovative solutions.
- Potential for partnerships with healthcare providers and insurance companies.
- Expansion into emerging markets with high growth potential.
- Threats:
- Competition from established players with superior resources and market presence.
- Regulatory hurdles and ethical concerns related to data privacy and security.
- Technological advancements that may render the current technology obsolete.
c) Value Chain Analysis:
BETIC?s value chain consists of:
- Research and Development: Developing the digital stethoscope technology and its features.
- Manufacturing: Producing the device, potentially through outsourcing or establishing a manufacturing facility.
- Marketing and Sales: Reaching target customers, including healthcare providers and patients, and promoting the product?s benefits.
- Customer Service: Providing technical support and addressing customer queries.
- Data Analytics: Developing and utilizing data analytics capabilities to extract insights from the collected heart sound data.
4. Recommendations
To overcome the challenges and capitalize on the opportunities, BETIC should implement the following recommendations:
a) Disruptive Innovation Strategy:
- Focus on a niche market: Initially target specific segments within the healthcare market, such as remote patient monitoring, telemedicine, or specialized clinics.
- Develop a low-cost, high-value product: Leverage the cost advantage of digital technology to offer a competitive price point while providing superior functionality.
- Build a strong brand identity: Position the digital stethoscope as a cutting-edge, innovative solution that enhances patient care and improves healthcare outcomes.
b) Strategic Alliance:
- Partner with a global healthcare company: Seek a strategic alliance with a company that has established market presence, manufacturing capabilities, and distribution networks.
- Leverage the partner?s resources: Utilize the partner?s expertise in regulatory compliance, marketing, and sales to accelerate market penetration.
- Share intellectual property and technology: Consider a licensing agreement or joint venture to maximize the benefits of collaboration.
c) Digital Transformation:
- Develop a robust data analytics platform: Utilize AI and machine learning to analyze the collected heart sound data and extract valuable insights for diagnosis, treatment, and patient management.
- Integrate with existing healthcare systems: Ensure seamless integration with electronic health records (EHRs) and other digital health platforms.
- Explore new applications and services: Expand the product?s functionality beyond basic auscultation to include remote monitoring, predictive analytics, and personalized healthcare recommendations.
d) Globalization Strategy:
- Target emerging markets: Capitalize on the high growth potential of emerging markets with increasing healthcare expenditure and a growing demand for digital health solutions.
- Adapt the product and marketing strategy: Consider cultural differences and language barriers when entering new markets.
- Establish local partnerships: Collaborate with local healthcare providers, distributors, and regulatory bodies to facilitate market entry and build trust.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: BETIC?s core competencies lie in technology and analytics, which are essential for developing and commercializing the digital stethoscope. The recommended strategy aligns with BETIC?s mission to improve healthcare through innovative technology.
- External customers and internal clients: The recommendations focus on addressing the needs of both healthcare providers and patients, offering a solution that improves patient care and reduces healthcare costs.
- Competitors: The disruptive innovation strategy aims to differentiate BETIC from established players by offering a more affordable and accessible solution. The strategic alliance will provide access to resources and expertise that can help BETIC compete effectively.
- Attractiveness ? quantitative measures: The potential for high growth in the digital healthcare market, coupled with the cost advantage of digital technology, makes this strategy attractive from a financial perspective.
Assumptions:
- The technology behind the digital stethoscope is robust and reliable.
- The regulatory environment for digital health devices is favorable for market entry.
- BETIC can secure a strategic alliance with a reputable global healthcare company.
- The market for digital healthcare solutions continues to grow at a rapid pace.
6. Conclusion
By pursuing a disruptive innovation strategy focused on digital transformation and globalization, BETIC can overcome its current challenges and establish itself as a leading player in the emerging digital healthcare market. The recommended strategic alliance will provide access to critical resources and expertise, while the focus on emerging markets will unlock significant growth potential.
7. Discussion
Alternative Options:
- Organic growth: BETIC could pursue organic growth by focusing on building its own manufacturing capabilities and marketing infrastructure. However, this would require significant investment and time, potentially hindering BETIC?s ability to compete effectively with established players.
- Acquisition: BETIC could consider acquiring a smaller company with existing market access and manufacturing capabilities. However, this would require significant capital and could pose integration challenges.
Risks and Key Assumptions:
- Technological advancements: The rapid pace of technological innovation could render the current technology obsolete.
- Regulatory hurdles: Changes in regulations could create barriers to market entry or limit the product?s functionality.
- Competition: Established players could respond aggressively to BETIC?s entry into the market, potentially hindering its growth.
- Partnering risks: The strategic alliance could fail to deliver on its promises, or the partner could become a competitor.
Options Grid:
| Option | Strengths | Weaknesses | Risks |
|---|---|---|---|
| Disruptive Innovation & Strategic Alliance | High growth potential, cost advantage, access to resources | Requires significant investment, partnering risks | Technological obsolescence, regulatory changes, competition |
| Organic Growth | Control over operations, long-term sustainability | Requires significant investment, time-consuming | Competition, market access challenges |
| Acquisition | Faster market entry, access to infrastructure | Integration challenges, potential for overpayment | Competition, regulatory hurdles |
8. Next Steps
To implement the recommended strategy, BETIC should take the following steps:
- Develop a detailed business plan: Outline the target market, marketing strategy, financial projections, and key performance indicators.
- Secure funding: Seek investment from venture capitalists, angel investors, or government grants.
- Identify potential strategic partners: Conduct due diligence on potential partners and negotiate a mutually beneficial agreement.
- Develop a data analytics platform: Invest in AI and machine learning capabilities to extract valuable insights from the collected data.
- Establish a global presence: Identify key emerging markets and develop localized marketing and distribution strategies.
- Monitor progress and adapt the strategy: Continuously assess the market landscape, competitor activity, and regulatory changes, and adjust the strategy accordingly.
By taking these steps, BETIC can successfully commercialize its innovative digital stethoscope and establish itself as a leader in the rapidly growing digital healthcare market.
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Case Description
On January 3, 2017, the principal investigator at the Biomedical Engineering and Technology Innovation Centre (BETIC), in India's Indian Institute of Technology Bombay was considering the next steps for a newly developed product. BETIC was a multi-disciplinary and multi-institutional translational research and development network in the medical technology sector that acted as a running partner for innovators and entrepreneurs. The core vision of BETIC was to create global success stories of indigenous medical devices by providing systematic guidance and support to innovators developing medical devices. The principal investigator and his team had developed an indigenous and innovative smart stethoscope from the ideation stage to a functional prototype. The next critical challenge was how to commercialize the product and ensure that it could deliver the maximum amount of social impact.
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