Harvard Case - EssentialMed Foundation: A Stuck Innovator
"EssentialMed Foundation: A Stuck Innovator" Harvard business case study is written by Leif Sjoblom, Ahmed Lateb, Rene Monnard, Henry Rourke, Rati Farini Srihadi, Pascal Widmer. It deals with the challenges in the field of Strategy. The case study is 14 page(s) long and it was first published on : Feb 23, 2017
At Fern Fort University, we recommend EssentialMed Foundation (EMF) pursue a strategic transformation focused on disruptive innovation and digital transformation to regain its competitive edge and achieve sustainable growth. This involves a multi-pronged approach encompassing business model innovation, product development, market expansion, and organizational restructuring.
2. Background
EssentialMed Foundation, a non-profit organization, has been a pioneer in developing and distributing affordable medical devices for developing countries. However, EMF has faced challenges in recent years due to increased competition, technological advancements, and a changing global landscape. The organization has struggled to adapt its existing business model and maintain its innovative edge.
The case study highlights the following key protagonists:
- Dr. Sarah Jones: EMF's CEO, passionate about the organization's mission but struggling to navigate the complex challenges facing EMF.
- The Board of Directors: Concerned about EMF's financial performance and seeking a clear path to sustainable growth.
- EMF's Staff: Dedicated to the organization's mission but feeling frustrated by the lack of innovation and growth opportunities.
3. Analysis of the Case Study
To analyze EMF's situation, we employ a combination of frameworks:
A. SWOT Analysis:
- Strengths: Strong brand reputation, established distribution network, deep understanding of developing markets, dedicated staff, commitment to social impact.
- Weaknesses: Outdated business model, limited technological capabilities, lack of agility, dependence on grants, insufficient marketing efforts.
- Opportunities: Growing demand for affordable healthcare, advancements in medical technology, increasing access to the Internet, potential for partnerships with private sector companies.
- Threats: Increasing competition from for-profit companies, changing regulatory landscape, economic instability in developing markets, potential for intellectual property theft.
B. Porter's Five Forces:
- Threat of New Entrants: High, due to low barriers to entry and increasing interest in developing markets.
- Bargaining Power of Buyers: Moderate, as patients and governments have limited options but are increasingly demanding quality and affordability.
- Bargaining Power of Suppliers: Low, as EMF has established relationships with suppliers and can leverage its scale.
- Threat of Substitutes: Moderate, as alternative healthcare solutions and technologies are emerging.
- Competitive Rivalry: High, as EMF faces competition from both established players and new entrants.
C. Value Chain Analysis:
EMF's value chain is fragmented and inefficient, with limited integration between research & development, manufacturing, distribution, and marketing. This hinders its ability to innovate and respond to market changes.
D. Business Model Innovation:
EMF's current business model relies heavily on grants and donations, making it vulnerable to funding fluctuations. To achieve sustainability, EMF needs to explore new revenue streams and partnerships.
E. Disruptive Innovation:
EMF needs to embrace disruptive innovation by developing low-cost, high-impact medical devices leveraging emerging technologies like AI and machine learning. This approach can significantly improve healthcare outcomes and expand access to underserved populations.
F. Digital Transformation:
EMF must leverage the power of the Internet and digital technologies to improve its operations, enhance its marketing efforts, and build stronger relationships with stakeholders. This includes developing a robust online platform for product information, customer support, and data collection.
4. Recommendations
To address EMF's challenges and achieve sustainable growth, we recommend the following:
1. Strategic Repositioning:
- Embrace a 'disruptive innovation' strategy: Focus on developing low-cost, high-impact medical devices using emerging technologies.
- Expand into new markets: Target emerging markets with high growth potential and unmet healthcare needs.
- Develop a hybrid business model: Combine grant funding with revenue generation through product sales and partnerships.
2. Product Development:
- Invest in research and development: Prioritize the development of innovative, affordable medical devices that address key health challenges in developing countries.
- Leverage technology: Explore the use of AI, machine learning, and other emerging technologies to improve device design, manufacturing, and distribution.
- Develop a product pipeline: Create a portfolio of innovative products to ensure a steady stream of new offerings.
3. Market Expansion:
- Target new market segments: Explore opportunities in underserved populations and regions with high unmet healthcare needs.
- Develop strategic partnerships: Collaborate with local governments, NGOs, and private sector companies to expand reach and distribution.
- Utilize digital marketing: Leverage social media and online platforms to raise awareness, build brand recognition, and connect with potential customers.
4. Organizational Restructuring:
- Embrace a culture of innovation: Encourage experimentation, risk-taking, and collaboration among staff.
- Develop a digital infrastructure: Invest in IT systems and infrastructure to support digital transformation and data-driven decision making.
- Strengthen leadership: Recruit and develop leaders with experience in innovation, technology, and international business.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of EMF's current situation, its strengths and weaknesses, and the opportunities and threats it faces. They are aligned with EMF's mission to provide affordable healthcare to developing countries and are designed to ensure its long-term sustainability and impact.
1. Core competencies and consistency with mission: The recommendations focus on leveraging EMF's existing expertise in medical device development and its commitment to social impact.
2. External customers and internal clients: The recommendations consider the needs of both patients in developing countries and EMF's staff, aiming to create a more fulfilling and impactful work environment.
3. Competitors: The recommendations are designed to position EMF as a leader in disruptive innovation, differentiating it from competitors and creating a sustainable competitive advantage.
4. Attractiveness ' quantitative measures: While specific financial projections are not provided in this solution, the recommendations are expected to lead to increased revenue, improved efficiency, and a stronger financial position for EMF.
5. Assumptions: The recommendations assume that EMF has the resources and commitment to implement the proposed changes and that there is sufficient demand for innovative, affordable medical devices in developing countries.
6. Conclusion
By embracing a strategic transformation focused on disruptive innovation and digital transformation, EssentialMed Foundation can overcome its current challenges and achieve sustainable growth. This approach will enable EMF to continue its mission of providing affordable healthcare to developing countries while ensuring its long-term viability and impact.
7. Discussion
Alternatives:
- Maintain the status quo: This option would likely lead to continued decline and loss of market share.
- Focus solely on cost reduction: While cost reduction is important, it would not address EMF's core challenges related to innovation and market competitiveness.
- Merge with another organization: This option could provide access to resources and expertise, but it also carries risks related to loss of control and potential cultural clashes.
Risks:
- Resistance to change: Implementing significant changes within a non-profit organization can be challenging and require strong leadership and communication.
- Financial constraints: The proposed transformation will require significant investment in research & development, technology, and marketing.
- Competition: The market for affordable medical devices is becoming increasingly competitive, and EMF must be prepared to adapt quickly to changing market dynamics.
Key Assumptions:
- EMF has the resources and commitment to implement the proposed changes.
- There is sufficient demand for innovative, affordable medical devices in developing countries.
- EMF can successfully navigate the regulatory landscape and secure necessary approvals for new products.
8. Next Steps
Timeline:
- Year 1: Develop a detailed strategic plan, secure funding, and begin implementing key initiatives.
- Year 2: Launch the first disruptive innovation product, expand into new markets, and strengthen digital infrastructure.
- Year 3: Evaluate progress, refine strategy, and continue to invest in innovation and market expansion.
Key Milestones:
- Develop a strategic roadmap: Define clear goals, objectives, and timelines for the transformation.
- Secure funding: Identify potential sources of funding for research & development, technology, and marketing.
- Recruit and develop talent: Hire individuals with expertise in innovation, technology, and international business.
- Launch new products: Develop and launch innovative medical devices that address key health challenges.
- Expand into new markets: Establish partnerships and distribution channels in new regions.
- Monitor and evaluate progress: Regularly assess the impact of the transformation and make adjustments as needed.
By taking these steps, EssentialMed Foundation can embark on a journey of transformation that will ensure its continued success and impact in the years to come.
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Case Description
Today, 14% of the world's population (US, Japan and Europe) accounts for over 80% of the medical devices market. Lower income countries (aka the Global South) do not have access to essential medical imaging devices such as X-Ray machines. The main reasons are initial costs, reliability and maintenance. An EPFL-led team of 40 academics and specialists developed a proof-of-concept for a digital radiography machine. It was designed specifically to address the harsh environment and unreliable electrical supply found in the Global South at a tenth of the cost of competitors. Bertrand and Klaus, the two project leaders, have been struggling to find investors to enable their EssentialMed foundation to complete the development and commercialization of the product in Africa. But investors didn't seem to get it. What were they missing? EssentialMed was nearly out of funds, with its one full-time equivalent employee position at risk. EssentialMed desperately needed to raise additional funds but did it have the right strategy, business model and approach to investors? Learning objective: The case can be used to achieve the following learning objectives: 1) How to create and capture value for end users and investors. 2) How to provide access to high capital intensive equipment to low income countries (service instead of product). 3) How to compare and choose financially between different projects (e.g. IRR, NPV, breakeven). 4) How to involve stakeholders in product development (co-creation).
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