|By Business Wire||
|September 5, 2013 07:39 AM EDT||
Healthcare providers are under pressure to deliver improved medical outcomes while consuming fewer resources. Arthur D. Little’s (ADL) recent global Innovation Excellence study demonstrates that a high performance innovation system generates significant and quantifiable effects on profitability and accelerated time to market for new product development. In its latest viewpoint, ‘The Future of Medtech,’ ADL outlines the future of the medtech industry and its opportunities, as well as how to address future challenges through the implementation of a well-designed Innovation Management System.
The medtech industry is poised for slower growth and over past decades, several large players have implemented M&A campaigns to achieve growth targets. Healthcare providers and payers are being forced to become increasingly proficient buyers. Such developments will require a new mode of innovation to stimulate future growth.
ADL’s study has revealed the following innovation imperatives which are critical to address current and future industry challenges:
- Cost-efficient products tailored to local needs, with improved medical outcomes
- Complete solution offerings
- System integration & connectivity
- Efficient leverage of clinical data
- East of use and managing regulatory complexity
“Companies that holistically address innovation management activities in a sophisticated way, achieve tangible financial and competitive advantages,” says Nils Bohlin, Partner of ADL’s Healthcare Practice. “There is strong evidence that excellence in innovation based on our Innovation Excellence Model leads to higher innovation success.”
“The positive impact from a structured innovation approach is clear: there is not one company that actively pursues performance improvements in ADL’s Innovation Excellence Model that scores poorly in the Innovation Success Index,” states Anders Johansson, Partner of ADL’s TIM Practice.
For companies to move towards innovation excellence, ADL identifies three aspects:
- Executive commitment: place innovation excellence on the executive agenda as a tangible strategic focus
- Balance up- & downstream innovation: establish full cross-functional participation throughout the entire innovation system
- Match process guidance & creative culture: innovation requires venturing into the unknown. Rigid top-down processes and risk aversion may stifle creativity.
Applying the power of innovation will be imperative to becoming a winner in the future landscape of medtech. The race is on to claim the innovation leadership top spot!
The report can be downloaded at: www.adl.com/FutureMedtech