The Health of Innovation: Why Open Business Models can benefit the Healthcare Sector

Innovation is central to the healthcare industry; future developments in nano-, bio- andinformation technology have the potential to dramatically change the accepted clinicalpatient care pathways. The public are often well informed about these matters, whichresults in a patient pull for innovations that are years from market. Companies operatingin this environment today face huge challenges in terms of realising the latent economicpotential from new innovations. By developing open business models, healthcare companiescan manage the multifaceted ideas of scientists, engineers, clinicians and indeedpatients at an earlier stage, allowing the good and necessary technologies to reach thehealth service more promptly. This study uses a qualitative approach to research theexplicit and implicit business models within healthcare technology companies of a rangeof sizes and organisational structures and provides a useful contribution to understandingthe management of innovation in the healthcare environment.