A new mantra for health innovation: Fail fast, frequently, and frugally

Faster, cheaper, better. The key to healthcare innovation in 2014 is a tolerance for failure. Companies should view failure as a means to an end to achieve high-impact innovations in less time and at lower cost.

Explore HRI’s innovation scorecard to see how Medtech companies prepare for an innovation makeover.

What are the implications?

Few companies manage innovation for maximum efficiency and breakthrough results
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Implications of the new innovation model:

  • Time and money constraints will force experimentation and failure, and will drive innovation.
  • Customers, partners and competitors can provide insight and foster innovation.
  • New entrants such as telecom and retail companies will provide new partnership opportunities, as well as new fronts for competition.