The Intersection of Product Management & Healthcare

When we think of healthcare, we think of hospitals, nurses, tedious forms to fill - generally things we can see & interact with. What we don’t see behind the screens, is the score of software products needed to run this healthcare machinery smoothly. Everything from booking appointments, writing medical notes and sending a prescription, to billing, filing insurance claims and even creating a fitness tracker - everything regardless of it’s scale & scope is a product with a production schedule, strategy, technical team and in most cases, a product manager.

Product Managers in healthcare are uniquely positioned to bridge the gap between technology, business, and patient needs, ensuring that products not only meet market demands but in some cases, also improve clinical outcomes. However, Product Management in healthcare differs significantly from other industries due to the complexity of the ecosystem. Let’s take a quick look at the differences -

Navigating Regulations

According to this article by a Senior Fellow at Hoover Institution health care is universally among the most regulated sectors. Privacy & ethics are central to any healthcare product & PMs in healthcare need to be well aware of regulations at the local, state & federal levels. For example HIPAA with regards to patient privacy in US and Health Canada’s Digital Health Review Division for solutions in digital health. Compliance is non-negotiable, and failure to adhere to these regulations can lead to severe consequences, including legal penalties and loss of trust.

Who is the customer?

The customer for healthcare products is not always the patient themselves; and a lot of times the user and the payer for the product may be different. For example, hospitals may pay for products that help streamline documentation for their physicians, or corporations may pay for pharmacy subscription services for their employees. Understanding who is paying for the product v/s who is the end user will help guide your strategy, use case scenarios, MVPs and even the pricing of your products.

Balancing Innovation with Practicality

You may have identified a solution in a niche area that seems obvious but are finding it hard to gain traction. In healthcare, you quickly learn that "move fast and break things" may not always be possible. Gaining trust for newer solutions, especially AI-related ones, is key in this ecosystem. Also, learn how to leverage data to make informed decisions, discover market opportunities & validate hypotheses.

Finding Product Market Fit

Startup coach and investor Marc Andreessen describes this as when an entrepreneur identifies a need in the market and builds a solution that customers want to buy. However, building what users ask for may not always be the best way to find this fit. Especially in healthcare, PMs will need to zoom out see the overall structure of the problem, probably look at other industries to see existing solutions & technology available, to create a unique solution for the problem. This idea is echoed by Dr. Nigam Shah, Professor of Medicine at Stanford University and inaugural Chief Data Scientist for Stanford Health Care, in this podcast (Translational AI in Medicine: Unlocking AI’s Potential in Health Care). Although he is talking specifically regarding AI in Medicine, he advocates for a balanced approach that considers both technological capabilities and the systemic considerations while trying to find the product market fit.

The intersection of Product Management and healthcare is becoming increasingly important as the industry embraces digital transformation. The rise of telemedicine, wearable devices, and AI-powered diagnostics are just a few examples of how technology is reshaping healthcare delivery. Product Managers will play a critical role in guiding these innovations from concept to reality, ensuring that they meet the needs of all stakeholders while improving patient care. For those looking to make a meaningful impact, there’s never been a more exciting time to be in this space!