Why Innovations Fail and the Blueprint for Getting Them Right with Regina Herzlinger
This week’s podcast features an interview with Regina (“Regi”) Herzlinger, the Nancy R. McPherson Professor of Business Administration at Harvard Business School. (She was the first woman to be tenured and chaired at Harvard Business School.) She initiated the courses in healthcare at HBS and was the first faculty member to be selected by the students as their best instructor. In 2018, she was awarded the prestigious ACHE Honorary Fellowship, which represents the leaders of America’s hospitals, and was one of the 100 Most Influential People in Healthcare—World Edition by Grupo Midia.
Her new book, Innovating in Healthcare (Wiley, May 2021), focuses on how the healthcare industry (from hospitals to start-ups) can better implement new solutions that lower costs while increasing quality and access.
(The first 100 people to email Quint will receive a copy of the book. Email Quint@QuintStuder.com.)
As one of the world’s leading authorities on healthcare innovation, Dr. Herzlinger explains how innovation is the key to solving our biggest problems. Healthcare accounted for 18 percent of the 2017 GDP and will likely reach nearly 20 percent by 2025, while hospital-induced deaths have skyrocketed, and tens of millions of people remain uninsured. She says we need innovations in healthcare that can meet these needs.
She talks about why many past innovations have failed to cut costs or solve our biggest problems and why we have to rethink how we view innovation, and she provides a ton of real-life stories to showcase her point. She gives the framework for how to tell a good innovation from a bad innovation and provides a tool kit for how to successfully innovate (either a product or service), including the right questions to ask before you even get started.
This is a must-listen for healthcare execs, providers, students, or anyone interested in how to successfully innovate in any industry.