One of the cornerstones of healthcare is the continuous dedication to developing new and innovative solutions to current issues affecting the field. Because of this, companies constantly jockey for position to secure or retain competitive market advantages over others. A recent market entry I would like to discuss is 3D printed medications from Aprecia Pharmaceuticals, whose epilepsy drug Spritam served as the Food and Drug Administration’s (FDA) first approval for this method (Hogg, 2019). Moving into this territory allowed Aprecia Pharmaceuticals to capture a significant first-mover advantage that has the potential to break into the market previously held by traditional medication manufacturers. Innovation can come in a variety of forms and may be accomplished rapidly in succession or over a long period with few changes. This does play a part in how successful a company can be based on the two factors of technologic advancement and the pace of market growth. While there are many barriers to innovation such as research or funding, one generally accepted belief is that, “developing a culture of respect, valuing and investing in individuals and allowing time and space for interaction help facilitate successful innovation and collaboration” (Day-Duro, Lubitsh & Smith, 2020, p. 469). This helped posture Aprecia Pharmaceuticals to capitalize on the concept of 3D printed drugs. “In anticipation of long-run competitive advantages, pharmaceutical companies often try to enter new markets earlier than their competitors” (Porath, 2018, p. 50). In doing so, it becomes easier to acquire consumer loyalty through brand recognition, stand at the technologic forefront and enjoy a relatively unobstructed field of competitors (Porath, 2018). Aprecia identified the need for high-dose medications that could be ingested easily, thereby circumventing the issue patients have with difficulty swallowing. This formed the basis of their product and has been proven to support their claims of such. Healthcare innovation is unique in that it allows for substantial financial profit while simultaneously providing increased benefits and convenience for patients. “With the fluctuations in the global economic climate over the past few years, the need for entrepreneurship in health informatics has become essential as it will lead to improved healthcare efficiencies” (Househ, Alshammari, Almutairi, Jamal & Alshoaib, 2015, p. 238). Typically, healthcare organizations center around patient betterment and as such are more likely to invest in clinical staff, equipment and pharmaceutical drugs, again aligning perfectly with Aprecia’s goals and offered services (Househ et al., 2018). These are just a few reasons Aprecia was able to acquire an advantageous market position via their innovation. It is this which allowed their refined product to be met with swift approval from the FDA, another factor in being able to arrive quickly at the competitive vantage point they hold. This model should serve as an inspiration for companies looking to invest time, effort and money into pursuing an edge based on innovative products and services. Reference: Day-Duro, E., Lubitsh, G., & Smith, G. (2020). Understanding and investing in healthcare innovation and collaboration. Journal of Health Organization and Management, 34(4), 469–487. Understanding and investing in healthcare innovation and collaboration | Emerald Insight Hogg, P. (2019). Proclinical. Top 5 emerging innovations in pharma | Proclinical blogs Househ, M., Alshammari, R., Almutairi, M., Jamal, A., & Alshoaib, S. (2015). Building a Culture of Health Informatics Innovation and Entrepreneurship: A New Frontier. Studies in Health Technology and Informatics, 213, 237–240. Porath, D. (2018). Size and dynamics of order-of-entry effects in pharmaceutical markets. International Journal of Market Research, 60(1), 50–66. https://doi.org/10.1177/1470785317744 669
