In this episode of the Pharmacy View Podcast’s Rx to Riches stream, international host Michael Alexander, a Pharmacist, entrepreneur, digital health enthusiast, Co-Founder of Audrie, and the Regional Vice-President of Health Plans at Omada Health, interviews Nicole Cathcart and Sean Karbowicz from MedSavvy. In this gripping conclusion of our two-part series with the duo from Medsavvy, we delve deeper into the intricacies of entrepreneurship, the transformative power of innovation, and the dynamic landscape of healthcare technology. Join us for the thrilling conclusion of insights, challenges, and forward-looking perspectives.
The episode explores the iterative and collaborative approach to innovation within the tech company, emphasizing the importance of creating an open and idea-driven environment. Nicole and Sean share their experiences, detailing the challenges and perseverance required in entrepreneurship, debunking the myth of overnight success, and highlighting the need for persistence and passion. The conversation delves into the internal and external challenges faced by entrepreneurs, touching on topics such as relinquishing control, healthcare system complexities, and the pragmatic aspects of committing fully to a venture.
The guests provide valuable insights into personal and pragmatic considerations, the dynamic nature of the entrepreneurial process, and the inevitability of setbacks. Nicole’s optimistic perspective on bouncing back from intellectual property losses underscores the creative potential in overcoming challenges. The paradox of personalization in healthcare technology is explored by Sean, emphasizing the risk of technology replacing human touch and advocating for a disruptive approach to scaling the impact of clinicians.
The significance of AI in healthcare, preserving human-like interactions, and the transformative potential of appreciating health equity are discussed. The conversation reflects on lessons learned from the COVID-19 pandemic, acknowledging the diverse preferences and backgrounds of healthcare consumers. The speakers stress the need for technology that caters to a broad range of individuals, moving beyond designing for specific demographics, and fostering positive change in the industry.
Nicole’s insights on navigating the innovation journey highlight curiosity, patience, and adaptability as key attributes. Sean underscores the importance of customer-centricity in entrepreneurship, emphasizing a thorough understanding of the customer’s problem for success in any professional environment. Overall, the episode provides a comprehensive exploration of entrepreneurship, innovation, and the evolving landscape of healthcare technology.
Topics Covered
- Innovation Process
- Entrepreneurial Challenges
- Relinquishing Control
- External Challenges
- Personalization in Healthcare Technology
- Role of AI in Healthcare
- Health Equity and Diversity
- Navigating the Innovation Journey
- Customer-Centric Entrepreneurship
- Lessons from COVID-19
Key Quotes (Time Stamps)
- “We all felt comfortable sharing what we thought was best and comfortable. We were all comfortable fighting for what we thought was best. And we would have constant design sessions.” (3:01 – 3:11) – Nicole
- “We opened more Pandora’s boxes than we solved. But there were definitely moments where we hit on some amazing things through that process of really questioning everything.” (3:24 – 3:36) – Nicole
- “There’s no such thing as overnight success. Everything takes way longer than you think it’s going to take. You think you’ve hit something; maybe you have had a breakthrough, but it’s not it yet; it takes a tremendous amount of persistence and perseverance to be an entrepreneur.” (5:41 – 6:06) – Nicole
- “I do think that’s a concern that people need to think about—who are you trusting, and what are you trusting them with? And it’s a balance.” (14:05 – 14:13) – Sean
- “The risk is often worth taking. It’s just important, I think, to have that mindfulness of how much of me is wrapped up in this. And if things go sideways, how much of my heart is going to be impacted by this—just make sure that you can you can live with that.” (16:39 – 16:53) – Sean
- “I think there’s an opportunity to be disruptive in terms of scaling the impact that a clinician has. The way to do that is through personalization—make me more accessible as a Pharmacist, frankly. How can I work more closely with an individual patient and have the technology behind me and support me so that I look smarter and more responsive, etc.? But I’m still, as the Pharmacist, front and center.” (23:20 – 23:48) – Sean
- “The more consumers are actually engaged in health care, the more they demand the solutions because they’re not really demanding them yet; this is not what demand looks like—but, the more that they can’t function without access to their data and the right information, the more power we give them, the easier interoperability is going to be. The systems are going to follow the people, and maybe the people have to affect the government and laws first. But it’s going to start with the people because then too many entities are fine with the way things are now.” (26:57 – 27:31) – Nicole
- “I think it’s hard to argue with someone who’s focused on a customer and is really keeping the problem that the customer has front and center.” (33:35 – 33: 33:44) – Sean
Social Media Clips (Time Stamps)
- The Improv of Innovation: Saying ‘Yes, And…’ to Tech Breakthroughs (2:11 – 4:50)
- The Myth of Overnight Success Versus the Realities of Entrepreneurship (5:17 – 8:30)
- Confidence vs. Challenges: The Entrepreneur’s Reality Check in Healthcare (8:32 – 10:50)
- Balancing Act: Personal and Pragmatic Considerations in Going All-In (11:16 – 14:13
- Innovation Mindset: Turning Obstacles into Opportunities in Tech (14:14 – 16:53)
- From Regret to Growth: Evolution of Nicole’s and Sean’s Entrepreneurial Experience (18:48 – 20:46)
- From Impersonal to Impactful: Scaling Clinician Influence with Personalized Care (21:33 – 23:48)
- Empowering Health: AI’s Role in Transforming Consumer Engagement (24:00 – 27:31)
- Beyond Boundaries: Personalization in Healthcare for Every ‘Body’ (28:35 – 31:49)
- Sean and Nicole’s Advice for Entrepreneurs (33:55 – 34:31)