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For decades, human organs, some of the most fragile cargo imaginable, have been transported on ice. Not because it was the best method, but because thats how it had always been done. A process with life-or-death consequences remained unchanged simply out of habit. I didnt fully grasp the flaws in this system until I experienced it firsthand. I saw the gaps in coordination, the last-minute scrambles, and the life-altering consequences of relying on outdated methods. But identifying a problem isnt the same as knowing how to fix it. Innovation happens when leaders refuse to accept the way its always been done. It happens when they show up, ask questions, and stay immersed in their industry long enough to see the gaps that others overlook. Research proves this: Founders with at least 3 years of industry experience are nearly twice as likely to succeed as those without it. What numbers dont show Before developing Paragonixs organ preservation technology, I spent years traveling with transplant teams, standing in operating rooms, and observing every step of the process. I experienced how outdated transport methods created uncertainty, how communication breakdowns led to preventable delays, and how every inefficiency had real consequences for patients. Numbers tell part of the story, but experience fills in the gaps. More than 103,000 people in the U.S. are waiting for an organ transplant, and every 8 minutes, another person is added to the list. A spreadsheet can track transplant success rates, but it wont capture a patients anxiety as they wait, unsure if a life-saving organ will arrive in time. Data can show transit times, but it wont reflect the pressure on a transplant team racing against the clock, knowing that every lost minute could mean losing a life. Many well-intentioned ideas fall apart because of this gap between analysis and reality. Harvard Business School professor Tom Eisenmann calls this pattern a false start when founders launch solutions before fully understanding the problems theyre trying to solve. His research shows that many entrepreneurs, eager to launch, skip the critical step of customer discovery and assume theyll figure out the details as they go. Turn immersion into innovation The most effective solutions come from understanding the problem in practiceseeing it, feeling it, and engaging with the people who experience it every day. That doesnt stop once a company is built. I travel with our sales reps, visit transplant centers, and speak directly with the people using our technology because thats the only way to understand whats working and whats not. Staying embedded in an industry provides the knowledge to innovate, but making a real impact requires persistence. Here are three things Ive learned: Expect resistance and keep going Even with overwhelming evidence, people still doubt new ideas. Research shows that controlled organ preservation improves outcomes, yet resistance remains. Some pushback strengthens a solution, but not all criticism is useful. The closer you are to the problem, the easier it is to separate valid concerns from reluctance to adapt. Staying in the field provides the conviction to push forward when others hesitate and the clarity to know what feedback is worth acting on. Listen for whats not being said People dont always voice their biggest frustrations. A transplant team might say a process works, but watching them tells a different story. For decades, organs packed in ice could only travel so far before becoming unusable, which forced teams to work within tight geographic boundaries. These limitations were simply accepted as part of the job. Real insights come from noticing inefficiencies and workarounds that shouldnt exist. Leaders who look beyond whats being said are the ones who recognize opportunities for real innovation. Identify patterns, not just problems Not every problem needs fixing, but when the same inefficiencies surface again and again, theyre worth a closer look. For years, transplant teams worked around unpredictable organ arrival times. They developed contingency plans, adjusted schedules at the last minute, and braced for delays. Real-time tracking wasnt the result of a single brainstorming sessionit came from recognizing a repeated problem. The best insights start with paying attention to the patterns others ignore. You cant spot a breakthrough from behind a desk. No matter the industry, meaningful innovation starts with questioning what others accept, seeing the problem firsthand, and refusing to look away. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
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E-Commerce
Despite ongoing efforts to address increased costs, out-of-pocket spending on healthcare continues to rise. Higher insurance copays and deductibles, increased medication costs, and rising inflation rates are just a few of the factors contributing to this trend. As a result, millions of Americans find themselves racking up medical debt, deferring critical medical treatment, or neglecting chronic health conditions. But the cost burden isnt equal by gender. Many people have heard of the pink tax, the pattern of womens goods and servicesfrom razors to dry cleaningcosting more than the mens equivalent. But few realize how far this extends beyond store shelves. Across the healthcare spectrum, women are spending significantly more out of pocket on prescriptions and medical treatments. Recently, I had the opportunity to moderate a panel at SXSW discussing the healthcare pink tax, sharing some new research from GoodRx on the disparities, and learning what actions healthcare leaders are taking to address this. This conversation was eye-opening for our attendees, and served as a reminder that we still have a long way to go in fixing this problem. Doing so wont just help women, but will also relieve pressure on our healthcare system and support a healthier U.S. population. The current state of womens healthcare costs Each year, women spend billions more than men on out-of-pocket healthcare costs. This latest GoodRx research found that in 2024, women spent nearly 30% more out of pocket on prescriptions than men, totaling over $8.5 billion in additional spending. And the discrepancy is even more pronounced among women aged 18-44, partly due to expenses specific to women, such as those associated with reproductive health. But women-specific healthcare needs like fertility and birth control arent the only drivers of inequitable out-of-pocket costs. Women are also spending more on all-gender conditions. One example is mental health, where women spend 113% more than men on depression medications and 103% more on anxiety treatments. Once women reach menopause, the economic burden spikes again. AARP found that women spend over $13 billion annually on treating their menopause symptoms, and research from Elektra Health found that those whove been diagnosed as menopausal spend 45% more on healthcare costs to treat their symptoms each year than those who are not menopausal. As Americans age, these gaps begin to close. GoodRx revealed that out-of-pocket healthcare spending among older men and women is more comparable, with women aged 45-64 paying over 35% more in 2024, and women over 65 outspending men by 16.5%. This is likely due to Medicare coverage, similar chronic disease burdens, and reduced reproductive health costs. How healthcare leaders must take action As healthcare leaders, the onus is on us to implement solutions that make it easier for women to access healthcare savings and reduce their out-of-pocket spending. Much of the inequity comes from long-standing, outdated cultural understanding and social stigmas around womens health. Addressing this urgent crisis requires collaboration and systemic changes across the healthcare system, with policymakers, insurers, pharmaceutical manufacturers, healthcare professionals, and many others playing an important role. Health insurers and employers must take proactive steps to analyze and update benefit design for their members, creating a more equal playing field and reducing the financial burden for women. The government can implement policy reforms, acknowledging the gaps and mandating that healthcare companies look towards more inclusive practices. Researchers should address the data and clinical trial gaps that regularly exclude women in an effort to improve product innovation and outcomes for females. And, collectively, we can all raise awareness and advocate for equality in healthcare. At GoodRx, we are working on the medication piece of the cost puzzle, helping women at all stages of life access lower prices on essential medications. This includes up to savings on fertility treatments, based on the best available GoodRx price, for both brand-name and generic medications used in every phase of the IVF process. We also introduced our e-commerce platform in October with Opill, enabling GoodRx users to purchase the first over-the-counter birth control pill online. And, just last year, we launched affordability programs for Pfizers menopause hormone therapies. Though much more needs to be done, these initiatives are critical in chipping away at the larger cost disparity and access issues. Lower healthcare costs create healthier communities Addressing the pink tax in healthcare is our moral and economic imperative. Affordable healthcare doesnt just support better health and quality of life for women, but has a positive ripple effect on our families, communities, and healthcare system. As with most healthcare reform, real change requires collaboration from all stakeholders in the healthcare system. As a woman and the mom of a daughter, Im hopeful that we can close this widening gap and improve healthcare access for all women. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
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E-Commerce
In an unpredictable labor market, where job gains in January fell below expectations and the future remains uncertain, one thing is clear: Employers cant afford to rest on their laurels. While the economy has remained relatively strong, shifts in the job market have been historically inevitable, and companies must constantly evaluate their operations to ensure theyre attracting and retaining the best talent. One area that employers should pay close attention to: employee benefits. Surprisingly, small businessesoften perceived as lacking the resources to offer substantial perksare quietly leading the charge in providing the kinds of benefits that employees value most. Small businesses are stepping up to meet workers needs, and its not just about flashy perks like wellness programs or flexible work arrangements. Traditional benefits, particularly retirement plans like 401(k)s, have emerged as crucial factors in attracting top talent and securing long-term employee satisfaction, according to Guideline research. While its easy to focus on the more visible, short-term perks that have become synonymous with modern work culture, many employees are prioritizing long-term financial stability over immediate rewards. As workers grow older, their anxiety about financial security in retirement naturally may only increase. This economic uncertainty has become a driving factor in employee decision making. Our Guideline research shows that a stunning 93% of employees say that retirement benefits, such as a 401(k), influence their decision to join a company. More tellingly, half of employees surveyed said they would turn down a job offer from a company that did not offer a retirement benefit. For businesses, this shift in worker priorities presents a clear opportunityand a possible call to action. Small businesses are going the extra mile Small businesses, often without the same resources as larger companies, have begun to recognize the growing importance of retirement benefits. In fact, the same research revealed that 70% of employers feel offering employees retirement benefits helped them with recruiting and hiring talent. And theyre not just offering 401(k) plans, but making them as impactful as possible. For example, nearly 80% of businesses that offer a 401(k) plan through Guideline provide employer matching. Our research shows that these contributions can increase employee participation in 401(k) plans by 9%, further cementing their value as part of an overall benefits strategy. No matter the size of your business, it may not be enough to just offer the basics when it comes to employee benefits. Employers can help employees bridge the retirement savings gap. After all, the lack of access to retirement plans or the absence of a company match may disproportionately affect those who need help saving the mostespecially in a climate where wages have stagnated for many workers. Providing access to a 401(k) plan and offering employer matching are key ways businesses can fulfill their role in helping employees plan for a comfortable retirement. Small businesses are spurring the 401(k) boom The numbers speak for themselves: over 15,000 businesses signed up for a Guideline 401(k) plan just last year. Of these new signed plans, 92% of them were customers who previously hadnt offered a retirement saving option. This surge in interest signals a clear shift in mindseta recognition that long-term financial security is just as important, if not more so, than the short-term perks that have become trendy. Small businesses are recognizing the changing needs of workers and stepping up to meet this demand. As more businesses recognize the impact of robust retirement benefits, its clear that this trend is more than just a passing phaseits a fundamental shift in how employers view their responsibilities to employees. Workers today are no longer looking for a job that simply offers them a paycheck and a handful of perks. Theyre looking for long-term stability and the opportunity to build a secure future for themselves and their families. To put this into perspective, last year, nearly 85% of employees who received access to retirement savings through Guideline participated in their plans, and on average, contributed close to 7% of their paycheck. Small businesses, by offering meaningful benefits like 401(k) plans with employer contributions, are not just meeting these demandstheyre helping to shape the future of employee benefits. While large employers may have the resources to provide a broad array of perks, its the small businesses that are truly leading the charge in addressing the real concerns that employees have about their futures. This shift toward offering substantial retirement benefits isnt just good for employeesit can be good for businesses as well. By helping to ensure their workers can retire with dignity and financial security, small businesses are investing in their most valuable asset: their people. In todays labor market, the companies that prioritize long-term stability and employee well-being can undoubtedly stand out. The time is now for businesses, large and small, to rethink how they approach employee benefits. Its no longer enough to offer just the basics. Employees are looking for more, and small businesses are proving they have what it takes to deliver. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
Category:
E-Commerce
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