Abstract:
The 5P Value-Based Healthcare Framework (5PHF) is a market orientation tool that assists academics develop a commercial perspective and examine the commercial viability of the early-stage innovations by investigating the value provided to the 5Ps: Patients, Providers, Procurement, Payors and Policymakers. To address the lack of literature of this relatively nascent framework, this study explored whether the 5PHF helped academics develop entrepreneurial competencies and further examined if this development influenced investor’s decisions. A significant portion of literature explores entrepreneurial competencies that can be developed in inexperienced academics through the Technology Transfer Office’s (TTO) commercialisation process and how this development enhances attractiveness to investors. TTOs are equipped with a commercialisation team who coach academics to address the gap between academia and industry to aid the procurement of commercial funding. Funding for early-stage innovations is critical to refine commercial viability and competitive advantage in the market. An interpretivism lens was adopted to address this research, with a case study interviewing four participants. Each participant had an early-stage research project related to medical technology, had been coached by the same TTO officer from UniServices, and had presented to Return on Science investment committee (RoS) for commercial funding. For comparative measures, two had implemented 5PHF during the coaching process whilst the other two had not. The investment committee’s recommendation papers were analysed to examine whether the framework had developed the opportunity refinement competency in participants. The analysis of the case study found that the 5PHF does help develop the opportunity refinement competency. Although all four participants did receive funding from the RoS, the recommendations and advice from the committee members verified that the investors indirectly noticed the absence of the 5PHF which influenced the perception of the commercial viability of the early-stage innovation. These findings indicate that the 5PHF helps develop the opportunity refinement competency by acting as an early market orientation tool. This study contributes to the understanding of the potential that early intervention of the 5PHF can help attract investors early in the commercial development phase.
