Impact Of Innovation On The Healthcare Industry Essay

Impact Of Innovation On The Healthcare Industry Essay

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According to Steven (2010), ideas are a connection of networks. These networks are created in the most unconventional places such as coffee shops and conference rooms. Most good ideas happen when people congregate together and share their interests, their mistakes. A lot of important ideas take time to come to fruition. This is because resources may be limited, not enough interest is generated. This paper is discuss the different sources of innovation, the trends and forecasts that can affect the healthcare industry and the role that disruptive innovation plays in the healthcare industry.

Sources of Innovation
There is a perception that innovation occurs in the brain of one individual. The idea then matures into a concept that is profitable to the company as well as consumers. However, that perception is not the case. Innovation sources are many; it is in the best interest of the company to recognize these sources and capitalize on them when necessary. Below are three sources of innovation that companies should be aware of:
Employees. Employees are companies’ wealth of ideas when it comes to innovation. Several companies have recognized the importance of including innovation within their business model. In fact Google allows employees to spend about 20% of their time to create, design and innovate. Hoarty, Gurram & Laurence, E. (2013) recognize that employees play an integral role in innovation. This is because innovation goes beyond new product or service creation; it is the ‘generation, acceptance and implementation of new ideas, processes, products or services Hoarty, Gurram & Laurence, E. (2013).’ Therefore, companies must strive to introduce innovation as part of their culture.
Competitors. Davilla & Shelton (2...

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...ever, these innovations are improved so much that it replace former technologies. An example of this disruptive innovation in the healthcare industry is Google Glass (wearable technology), which allows doctors to interact with their patients in a more effective way. Doctors are able to pull up patients’ charts in a more efficient way while communicating with them. As Google Glass continues to gain momentum, the use of paper charts will diminish.

Innovation is a continuous challenge for many companies today. However defining a clear strategy; understanding the different sources of innovation which are: employees, resellers, the industry, consultants, will facilitate innovation. Also companies must analyze the trends that may possibly affect innovation within your industry. These trends may not necessarily be negative if companies are able to adapt to them.

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