Harvard Case - Biodesign for the Underserved
"Biodesign for the Underserved" Harvard business case study is written by Stefanos Zenios, Nathan T. Blair, Lyn Denend. It deals with the challenges in the field of Strategy. The case study is 27 page(s) long and it was first published on : Sep 15, 2009
At Fern Fort University, we recommend Biodesign for the Underserved adopt a hybrid business model combining social impact with financial sustainability. This approach involves leveraging their expertise in product development and design to create innovative, affordable solutions for underserved populations while simultaneously generating revenue through strategic partnerships and licensing agreements.
2. Background
The case study focuses on Biodesign for the Underserved, a non-profit organization dedicated to developing innovative medical devices for underserved populations. The organization faces challenges in balancing its social mission with financial sustainability. While their expertise in product development is strong, they struggle with securing funding and scaling their impact.
The main protagonists are the founders, Dr. Paul Yock and Dr. Michael Cima, who are passionate about improving healthcare access for underserved communities. They are faced with the dilemma of choosing between a purely philanthropic model or pursuing a more sustainable business approach.
3. Analysis of the Case Study
To analyze Biodesign's situation, we can apply several frameworks:
1. SWOT Analysis:
- Strengths: Expertise in product development and design, strong network of collaborators, commitment to social impact.
- Weaknesses: Limited funding, lack of marketing and sales expertise, difficulty in scaling operations.
- Opportunities: Growing demand for affordable healthcare solutions, increasing interest in social impact investing, potential for partnerships with pharmaceutical companies.
- Threats: Competition from established medical device companies, regulatory hurdles, potential for market failure.
2. Porter's Five Forces:
- Threat of new entrants: Moderate, as developing medical devices requires significant expertise and capital.
- Bargaining power of buyers: High, as underserved populations are price-sensitive and may have limited access to healthcare.
- Bargaining power of suppliers: Moderate, as the supply chain for medical devices is relatively complex.
- Threat of substitute products: Low, as there are limited substitutes for specialized medical devices.
- Rivalry among existing competitors: Moderate, as there are both non-profit and for-profit organizations developing solutions for underserved populations.
3. Value Chain Analysis:
Biodesign's value chain includes:
- Research and Development: Developing innovative medical device solutions.
- Design and Engineering: Creating prototypes and testing designs.
- Manufacturing: Producing devices at scale.
- Distribution: Delivering devices to underserved populations.
- Marketing and Sales: Raising awareness and generating revenue.
4. Business Model Innovation:
Biodesign can explore various business model innovations to achieve financial sustainability:
- Social Impact Bonds: Partnering with investors to finance projects and receive returns based on social impact outcomes.
- Pay-for-Performance Models: Receiving payments based on the effectiveness of their devices in improving patient outcomes.
- Licensing Agreements: Granting licenses to pharmaceutical companies to manufacture and distribute their devices.
- Joint Ventures: Collaborating with other organizations to develop and market their products.
4. Recommendations
1. Hybrid Business Model:
- Social Impact Focus: Continue to prioritize the development of affordable and accessible medical devices for underserved populations.
- Financial Sustainability: Implement a mix of revenue-generating strategies, including licensing agreements, partnerships with pharmaceutical companies, and social impact bonds.
2. Strategic Partnerships:
- Pharmaceutical Companies: Partner with companies to leverage their manufacturing capabilities and distribution networks.
- Non-Profit Organizations: Collaborate with other organizations serving underserved populations to expand reach and impact.
- Investors: Seek funding from social impact investors who prioritize both financial returns and social impact.
3. Product Development Strategy:
- Focus on High-Impact Solutions: Prioritize developing devices that address significant unmet needs in underserved populations.
- Cost-Effectiveness: Design devices with affordability in mind, considering materials, manufacturing processes, and distribution costs.
- Scalability: Ensure that devices can be manufactured and distributed at scale to reach a large number of patients.
4. Marketing and Sales Strategy:
- Targeted Marketing: Develop marketing campaigns specifically targeting underserved populations and healthcare providers serving these communities.
- Digital Marketing: Utilize online platforms and social media to raise awareness and connect with potential partners.
- Partnerships with Healthcare Providers: Build relationships with hospitals and clinics in underserved areas to promote the use of their devices.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Biodesign's core competency lies in product development and design. The hybrid model allows them to leverage this strength while pursuing financial sustainability.
- External Customers: The recommendations focus on serving the needs of underserved populations and healthcare providers serving these communities.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Biodesign through its focus on social impact and innovative product development.
- Attractiveness: The hybrid model offers the potential for both social impact and financial returns, making it an attractive option for investors and partners.
6. Conclusion
By adopting a hybrid business model and pursuing strategic partnerships, Biodesign for the Underserved can achieve both its social mission and financial sustainability. This approach will enable them to develop innovative medical devices, improve access to healthcare for underserved populations, and create a lasting impact on the world.
7. Discussion
Alternatives:
- Purely Philanthropic Model: This model would rely solely on donations and grants, limiting Biodesign's ability to scale its impact.
- For-Profit Model: This model could lead to higher prices and limited access for underserved populations.
Risks:
- Market Failure: The market for affordable medical devices in underserved populations may not be large enough to support a sustainable business model.
- Competition: Established medical device companies may pose a significant threat to Biodesign's success.
- Regulatory Hurdles: The process of obtaining regulatory approval for medical devices can be lengthy and expensive.
Key Assumptions:
- There is a significant unmet need for affordable medical devices in underserved populations.
- Investors and partners are willing to support organizations that prioritize social impact.
- Biodesign can successfully develop and manufacture cost-effective medical devices.
8. Next Steps
- Develop a detailed business plan: Outline the specific strategies for achieving financial sustainability and social impact.
- Secure funding: Seek funding from social impact investors, foundations, and government agencies.
- Establish strategic partnerships: Partner with pharmaceutical companies, non-profit organizations, and healthcare providers.
- Pilot test products: Conduct clinical trials to demonstrate the effectiveness and safety of their devices.
- Scale operations: Expand manufacturing and distribution capabilities to reach a wider audience.
By taking these steps, Biodesign for the Underserved can successfully navigate the challenges of balancing social impact with financial sustainability and create a lasting positive impact on the lives of underserved populations.
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Case Description
As director of the California HealthCare Foundation's (CHCF) Innovations for the Underserved program, Margaret Laws' goal was "to reduce barriers to efficient, affordable healthcare services for the underserved." The path to achieving this goal took multiple forms, including improving the availability of specialty care for low-income, uninsured, non-English speaking and rural Californians. Specialty care was an incredibly constrained resource within the healthcare system, even for insured patients. In order to improve access, increasing specialist throughput became paramount; and this could often be achieved through process improvements. But in conversations with faculty from Stanford University's Program in Biodesign (henceforth referred to as Biodesign), Laws became intrigued by the potential of new device technologies to improve throughput and increase capacity. The question was whether the biodesign innovation process taught at Stanford to develop devices for commercially attractive markets could be adapted to focus on the needs of the underserved, and particularly needs related to limited access to specialists. In order to answer that, the faculty from the Biodesign program and CHCF launched a pilot program that would undertake a condensed version of the identification phase of the biodesign innovation process, which included needs finding and needs filtering. This paper explores that project and what was learned.
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