A Straightforward Guide on How to Partner with the Right Companies in Health Tech with Ameya Phadke

August 12, 2020Ameya PhadkeTelehealthHealthTechDigitalhealth

Ameya Phadke leads Technology and Digital Partnerships at Chiesi Group. He’s in charge of the company’s overall activities involving partnerships with other corporations on digital health developments and technology, fulfilling business needs and growth.

In this episode, Ameya shares all the insider tips and tricks he has on his sleeve to teach Healthtech CEOs in making conclusive decisions before they venture and collaborate with other potential Healthtech companies as partners.

“Does this company deserve you as a vendor? It’s not just about you selling to them, they should be selling to you.”- Ameya Phadke [06:25]

What is your background? [00:40]

Ameya started out on his career as a scientist and eventually transitioned to a more commercialized space involving strategies and worked with large and small companies in the Medtech and Pharma departments. He primarily focused on the potential of these large and small companies in terms of utilizing the innovations that are rampant in the digital industry. His current role as a Partnership Lead enables him the outlet to collaborate with different companies and explore possibilities of business expansion through collaboration.

His day to day activities revolve around analyzing the current condition of Healthtech companies, going into the details of their profiles and understanding their strengths and needs to figure out who to best partner with in order to accomplish the goal of building larger and stronger companies and eventually address more customer concerns and serve even better.

He has shared a few insights and key considerations that company CEOs can utilize as a guide when they’re contemplating on looking for a partner company and how this will be beneficial to them in as much as they can be beneficial to the companies they’re partnering with.

He also talked about authenticity and trust, the key qualities that companies should possess before they even consider reaching out and offering deals and collaboration invites to other Healthtech companies and why these qualities matter more than anything else.

How did he identify the problem in partnering with healthtech companies and the first steps he took to offer solutions? [03:37]

He shared a hypothetical story about a large and promising company offering a partnership deal and in the end, decided to get cold feet and chicken out. The problem, he said, is not on the lack of intent to partner but in the realization that the technology of the potential partner company is not that promising. He offered tips on the steps that can be done to pursue the deal until the end. It’s to make sure the expectations of the partnering company are aligned with the incentives and to take a deeper look on one’s intentions, to have internalizations and understand the reason and motivation behind wanting to get a partner and what purpose it is serving.

What are the top considerations CEOs should have on their list before they go out and partner? [07:20]

He advises to make sure you have sufficient budget to fund the partnership and the proposed projects you will be working on together. Also, to identify whose budget is being used and who are the stakeholders involved. To understand how deep is the problem that you and the partnering company will be facing, who has the solution and how will the solution be reinforced.

What are some of the challenges these Healthtech CEOs are facing? [13:35]

The top two considerations and challenges a CEO needs to deal with are identifying the best company to partner with and the process of actually setting one’s foot outside and launch forward. The core of the problem lies in prospecting, in scouting the right people and identifying what problems to be solved and which companies with the right framework and who have the solution to these problems.

What advice would he give to those who are waiting to get offered a partnership or wanting to offer partnership with other companies? [21:04]

If there’s anything that always comes out, it’s authenticity. You may have the best offer, the best proposal and the best technology but if you present it in such a way that it doesn’t speak about your company's vision and the authenticity is lost, the deal is also lost. Trust is really important. You can gain trust just by being true to what your company really stands for.

Ameya Phadke answers the rapid-fire round of questions. [24:47]

Relevant Links

LinkedIn: https://www.linkedin.com/in/amphadke

Email: ameya.m.phadke@gmail.com