The goal of the Marketplace Program is to develop an accessible digital health market, which motivates firms to scale up in Massachusetts, and assists local customers in acquiring access to digital health innovations.
Massachusetts has a robust startup ecosystem of early-stage and growing digital health firms with an extensive customer base. Unfortunately, the market for digital health innovations can be difficult to navigate and poses accessibility challenges. The access gap affects both customers and sellers:
- For Early-Stage Digital Health Firms access to customers represents one of their biggest market entry barriers. Consensus from startup entrepreneurs is that it can be very challenging to initiate a pilot, clinical validation or demonstration, or to establish the first customer relationship.
- Customers, such as healthcare provider organizations, payers, and life sciences firms, may be interested in procuring innovations, or partnering with digital health firms. However, they aren't always able to effectively pursue strategic partnerships with early-stage digital health companies. Customers may lack the capacity to process, evaluate and select from a large number of innovations. Vice versa, startups that approach prospective customers may not yet be ready to enter into business agreements with larger organizations.
If Massachusetts can address this challenge and organize into a more transparent and accessible marketplace, we can help our Mass Digital Health ecosystem participants with accelerating the pace of innovation.