Collaborative Ecosystems: The Key to Technological Innovation in Latin American Health Care

Collaboration, coordination of efforts, and strategies for transforming academic knowledge into technologies applicable to the healthcare market are fundamental issues for innovation in this sector to better face the challenges and increase the quality of life of people in Latin America.

Recently, four experts from the region's healthcare ecosystem discussed these and other topics on how to advance in this field and the barriers that must be overcome.

On the importance of collaboration in innovation ecosystems, Juana Ramirez, a prominent leader in collaborative innovation, considers that "Collaborative innovation ecosystems are indispensable. Alone, we do not reach the speed that the problems require." In this regard, a report by the World Health Organization (WHO) highlights that countries that promote public-private collaboration implement health technologies 30% more effectively than those that do so in isolation.

He exemplifies what happened with the development and distribution of vaccines against COVID-19: international collaboration allowed the creation of vaccines in record time, demonstrating the capacity of science and technology to face complex global challenges. Therefore, he says, "We must not be islands. Joining efforts is key to building solid entrepreneurship ecosystems."

On transforming knowledge into applicable innovation, Dorn Carranza, Chief Innovation Officer of the U.S. Food and Drug Administration (FDA), an expert in transforming academic knowledge into practical technologies, highlights the need for mechanisms to facilitate the transition from the laboratory to the market, which is vital in Latin America where research and development (R&D) spending is only 0.67% of GDP, compared to 2.2% in the U.S., according to UNESCO data.

The challenge, he says, is to "translate health innovation into products that are implemented and marketed." This requires developing innovative technologies and ensuring that they are accessible and usable in daily clinical practice, which involves coordination between academia, government, and industry.  He believes that "A good flexible business model is the differential to transform science into something marketable." A report by the Inter-American Development Bank (IDB) highlights that Latin American countries with effective intersectoral articulation policies achieve 20% more patents in biotechnology and health than those without.

Another factor to consider is access to global capital and talent. Chilean Luis Stein, a 35-year High-Tech entrepreneur, has an optimistic view since the pandemic was like a catalyst for change in investor behavior. "The pandemic showed that we can work offshore, opening doors for global investment," he says. Today, startups in the region are accessing international funds more efficiently, as investors are more willing to consider opportunities outside their traditional regions.

Luis stresses that "Miami is becoming the capital of Latin American entrepreneurship," due to its growing role as an innovation hub. According to the Latin American Venture Capital Association (LAVCA), in 2023, investments in healthcare startups in Miami reached $500 million, representing a 40% increase over the previous year.

Argentine Mariana Berenstein, with more than 25 years of experience in Biotechnology, innovation, and company structuring (Company Builder), believes that scientists should focus on research and business experts should be in charge of commercializing and scaling the technology. "A Company Builder model is more effective than turning scientists into entrepreneurs," he says. A Stanford University study shows that startups developed under the Company Builder model are 25% more likely to succeed than those founded by scientists without business management experience.

Considering that in Latin America, health needs may vary from one region to another and that supporting projects with global scalability may attract more investment and generate a more significant impact, Mariana points out: "We must distinguish between local solutions and projects with global potential." According to the Global Health Investment Landscape 2023, projects with a global focus attract 60% of venture capital in healthcare, while local projects receive only 40%. He also points out the importance of interdisciplinary teams: "An interdisciplinary team is essential to cover all critical areas in healthcare startups."

In Latin America, the need for uniform regulatory frameworks and frequent changes in government policies hinder innovation. A World Bank study reveals that countries with consistent and predictable regulatory policies attract 45% more investment in healthcare R&D than those with unstable regulatory frameworks.  Nevertheless, Latin America has the potential to be a leader in health innovation if the areas outlined above are addressed in a strategic and coordinated manner.

The key is to foster collaboration and articulation to achieve solutions that are not only technologically advanced but also accessible and globally applicable.

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