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

Research output: Contribution to journalArticle

21 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)807-824
JournalTechnology Analysis and Strategic Management Journal
Volume23
Issue number8
DOIs
Publication statusPublished - 1 Dec 2011

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