Innovation is critical to long-term success, but it can take many forms depending on a company's culture, stakeholders, and customer-buying behaviors. The innovation process is fundamentally different from most other business activities and requires a different logic, infrastructure, and style of management. Following are three ways medtech companies can create an innovation engine that will help them manage truly game-changing innovation and find new sources of revenue.
By creating an innovation operating model that separates breakthrough and radical innovation from the incremental innovation necessary to support the core business.
By integrating into the broader patient experience, the larger health ecosystem, and new payment models.
By using forward-looking metrics and connecting the dots for shareholders, who need help understanding the changing role and nature of innovation.