The 12 Steps To Biomedical Innovation
We’ve all had great ideas. Whether the insight comes to you in the shower, while driving to work, or in a dream, a new concept or thought pops into your mind and begs for attention. Very few ideas, however, actually see the light of day. The difference between an idea and an invention and an innovation is what happens after you think of the new idea. An invention is an idea reduced to practice that may or may not have user defined value. Innovation is about inventing something new and useful that can create economic value in the marketplace. Ideas are commodities, but innovation is about finding and validating the business opportunity that both the leadership of the organization and its culture embrace and commit to, and which is connected to its business strategy. Implementing innovation is the demanding work that goes into conceptualizing an idea to take advantage of a market opportunity and executing a commercialization plan that gets results.
Today in our sick, siloed, sick care system of systems, whether it be drugs, devices, diagnostics, healthcare IT or alternative care models, successful innovation is about both predicting and observing patients’ wants and needs and satisfying them with new products and services.
Now, more than ever, industry and health care entities need physician entrepreneurs to help them innovate to stay competitive. Our post-capitalist economy is driving leaders to harvest current ideas and the intellectual capital of their knowledge workers. Success depends on using processes for creating and analyzing innovative ideas. Limited time and competition for resources requires prioritization.
Keep reading with a 7-day free trial
Subscribe to Arlen’s Substack to keep reading this post and get 7 days of free access to the full post archives.