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Innovation in the Medical Device Sector: An Open Business Model Approach for High-Tech Small Firms

Biomedical Sciences Research Institute Computer Science Research Institute Environmental Sciences Research Institute Nanotechnology & Advanced Materials Research Institute

Davey, S, Brennan, M, Meenan, BJ and McAdam, R (2011) Innovation in the Medical Device Sector: An Open Business Model Approach for High-Tech Small Firms. Technology Analysis and Strategic Management Journal, 23 (8). pp. 807-824. [Journal article]

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DOI: 10.1080/09537325.2011.604152

Abstract

Innovation in the medical device industry is progressing rapidly with many technologiesheralded as major breakthroughs. The public are often well informed about these matters,which results in a patient pull for innovations that are years from market. HTSFs operatingin this environment face huge challenges in terms of realising the latent economic potentialfrom new innovations. Open innovation offers the prospect of lower costs for innovation, fastertimes to market, and the chance to share risks. By developing open business models medicaldevice companies can capture the multifaceted ideas of scientists, engineers, cliniciansand indeed patients; thus allowing beneficial technologies to reach the market more quicklyin a way that is evidence focused. This study uses a qualitative approach to investigate theexplicit and implicit business models within HTSFs in the health care sector and provides auseful contribution to understand the challenges and identify solutions in this multi-stakeholderenvironment.

Item Type:Journal article
Faculties and Schools:Faculty of Computing & Engineering
Ulster Business School
Faculty of Computing & Engineering > School of Engineering
Ulster Business School > Department of Management and Leadership
Ulster Business School > Department of Marketing, Entrepreneurship and Strategy
Research Institutes and Groups:Engineering Research Institute
Engineering Research Institute > Nanotechnology & Integrated BioEngineering Centre (NIBEC)
ID Code:21482
Deposited By:Dr Shirley Davey
Deposited On:19 Mar 2012 12:53
Last Modified:08 Oct 2012 11:48

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