Inflation is all over the news and at your kitchen table.. In case you cut all those economics classes, inflation happens when too much money chases too few goods. It’s happening now because of COVID variations in consumer demand, government stimulus, some fed actions and supply chain glitches. Who knew? The Goldilocks ecomomy describes when prices are not too high, but not too low. Instead, they are just right to stimulate the growth of the economy and the standard of living.
In the midst of all this, we have been seeing a simultaneous rise in sickcare innoflation i.e. too many overfunded startups and companies creating too few valuable products and services that don’t scale. What’s the answer?
- Rethink hospital based care innovation centers
- Create more scalerators and euthanators instead of accelerators
- Involve healthcare professionals with the appropriate knowledge, skills, abilities and competencies with an entrepreneurial mindset early in the startup and product development life cycle.
- Change the rules and regulations
- Build better ecosystems
- Change medical education and training
- Fix how we disseminate and implement sickcare solutions and make them equitably accessible.
- Close innovation silos
- Teach physician entrepreneurs how to play nice with others
- Change how we recruit, develop and promote sick care system of system leaders
Building back better will just get us to where we used to be. Instead, we need to create the future better to get us where we want to go. Not too much. Not too little. Just right.
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs