As originally published by Harvard Business Review Analytic Services
Rabin Martin is proud to sponsor a Harvard Business Review Analytic Services white paper: “Meeting the Moment: New Business Paradigms for Delivering Health Care in Low-and-Middle-Income Countries.”
Given the sheer size and economic growth in low- and middle-income countries—including a rapidly expanding middle class—health care companies have a vast financial and health opportunity to bring lifesaving medicines, vaccines, and diagnostics to more of the world’s population.
However, becoming a truly global company—not solely focused on high-income countries or wealthy people in emerging markets—requires a major shift in mindset. It means rethinking multi-national companies’ traditional business models and leadership approach.
This white paper highlights insights from leaders in the health care industry who have direct experience in retooling their organizations to meet the moment in expanding access to innovative medicines and diagnostics in regions of the world that – too often – have been neglected as unprofitable and too challenging.
Successful leaders in under-tapped markets are those who understand the complexities of places where big pharma hasn’t operated before and are willing to invest in the teams and organizational changes required to see results in new markets. On-the-ground experience in the culture and relationships with key stakeholders, an understanding of health-seeking behaviors, and knowledge of government processes are critical—as are personal attributes such as tenacity, resourcefulness, enthusiasm, and agility. These are the new bases of competitive advantage in global health care.
We encourage the reader to recognize the value the health care industry can deliver in low- and middle-income countries and to pursue greater experimentation to help people obtain the health care they need in a sustainable way. Companies that are willing to bring their ethos of innovation in R&D and adapt it to innovation in discovering sustainable strategies for reaching more people are most likely to succeed in the long term.