We caught up with our Tech Partner innoloft and found out about their vision, perceived challenges, and hopes for the partnership with Health Proc Europe.
Position: Chief Strategy Officer
Organisation: innoloft GmbH
1. Who is behind innoloft and what is your vision?
Innoloft was founded by four passionate entrepreneurs with STEM backgrounds who ditched their careers in the scientific field to solve critical structural problems in B2B tech-ecosystems: Lack of market transparency, regional-limited networks, language barriers, and the dependency on luck to find the right business partner.
While working on joint research projects of the university and private companies, we identified that most early initiatives to develop solutions and make them market-ready fail, often with tragic consequences for the team and the technology. One fundamental reason is the intransparency, hindering the required partners from joining forces to let innovations come true. Innovation is always a team effort of society; no innovation was ever created without innovators, trade partners, investors, science, and early adopters. We want to nurture those innovations by providing ecosystem orchestrators the best digital tools and by simultaneously connecting the most innovative players across all tech industries. Becoming the leading decentralized B2B Tech Ecosystem, we want to increase the speed, with which new technologies are implemented in practice to make our world more intelligent, more efficient, more sustainable and tackle society’s greatest challenges.
2. Where do you see future opportunities/responsibilities for innovation-network based healthcare solutions?
The open innovation approach of this digital innovation network reveals previously unused synergies – even cross-sectoral ones. This trend can currently be observed even in the most conservative industries where previously unforeseen collaborations evolve to market-changing disruptive innovations. Applied to the healthcare sector this trend could open up completely new opportunities to improve the lives of both care providers and patients.
However, we also see it as the legislative authority’s duty to better contribute to this trend in the future and to pave the way for these new developments.
3. Which opportunities do you see for an innovation-network to reshape the medical procurement world?
There are several opportunities for impact through a digital innovation network. Reducing information asymmetry will increase market transparency for all market players involved, improving market conditions for the procurement side. Increased visibility to innovative technologies and products accelerates adoption and improves the diversity and quality of services for patients. A digital network approach also reduces the mentioned inefficiencies in the B2B nature of the procurement process, reducing costs on both the buyer and seller side for scouting and acquisition while also increasing equitability across the medical procurement ecosystem.
4. What are your current objectives?
As a relatively young company, we are currently engaged in the continuous improvement of our technology and, to a great extent, its implementation in other technology sectors and regions. During the Corona pandemic, we have experienced an intense mindset change and an increased pressure to digitalize. As previous analogue processes are increasingly exposed to their limitations, new digitally scalable options have become indispensable. This is where we currently see both the greatest opportunity for us to grow and the most significant added value for society.
5. From a procurement perspective: Who could benefit from your approach?
We are convinced that all those who will benefit most from our solution are those who are willing to embrace a new way of doing business. We are aware that the digital process will require organizations to relearn and ultimately adapt to the new process.
But there is much to gain: by digitizing the procurement process, we not only increase market transparency for the individual procurer but through our automated matchmaking, we can provide brand new solutions and innovations from previously unknown suppliers in new value chains. Thus, developing new strategic partnerships and freeing up resources by at least partly automating procurement processes.
6. Are you looking for any collaboration partner from the procurement scene?
We are generally open to speaking to anyone interested in joining forces to digitize the procurement process in other technology sectors as well. We see procurement as a fundamental and strategic pillar of the innovation cycle and therefore strive to accelerate the process through our platform solution.
7. We are excited to present innoloft as our Tech-Partner. What are you particularly looking forward to in our partnership?
We are very glad to become a part of the Health Proc Europe Community as a Technology Partner and are grateful for this important membership. We are dedicated to empower the procurement ecosystem and accelerate innovation by bringing a world-class platform technology to the community. Especially in these challenging times, we believe that the healthcare sector has to come together, partner, and innovate to bring new solutions to live together and become part of the growing innoloft network. We hope that our partnership with Health Proc Europe will become an essential milestone in the success story of both organizations, and we are looking forward to our joint future.