The impacts of implementing an innovative proposal
Innovation in the medical sector has gone an extra mile in ensuring that citizens have adequate access to quality health care. As it is the majority of medical innovations are presumed to be driven and motivated by entrepreneurship and science and that they are a thing for small companies and businesses. The medical technology sector has undeniably been criticized for its record of business failures reducing the size of investment in the field. This has seen even brilliant ideas fail to see the light of day due to the cost factor (Coray 2010, pp 2-10).
Clearly, there is a great distinction between the inventive and innovative arguments. A good innovation thrives to increase efficiency, profitability and market share. Innovation, therefore, is the second stage of invention. A good innovation, therefore, is one that survives the cyclic and spiral nature of the market to emerge as an efficient and cost-effective alternative. More often than not most innovations fail on the cost aspect.
The secret behind the success of innovation, therefore, lies in a strong and viable business plan. A business plan serves as an analytical report of the various marketplace factors. It strikes a compromise between the demand and supply as well as overhead costs to provide a roadmap for the innovation. It is therefore important to analyze the company in its self-followed by the building and industry analysis in as far as the unique consumer wants and a final risk assessment analysis of the marketing operations and financial environment.
It is also important to incorporate a risk management strategy for innovation in the business plan. This, therefore, leaves enough leverage on which to rely in case of failure. It offers insurance to the innovation and ensures that it maintains a margin of safety.
External spread of the project, how to reduce pressure ulcers
The effects of pressure ulcers are far-reaching and are not a local or internal affair. In fact, the average cost of treatment of pressure ulcers falls between $500 and $40,000 and yet the problem can be easily prevented and or managed (Agency for Healthcare Research and Quality 2010, pp. 2). In effect, it is in the best interests that success in innovating in pressure ulcers be implemented and distributed across the estate and beyond the internal confines of the organization. As such, the researchers could initiate advertisement strategies through which the stakeholders involved in healthcare as well as the entire public could be informed of the innovation (Christensen 2002, p. 33). This could begin by selling the idea to the investors and key players in the public health sector including the state who in turn will be responsible for disseminating the information further to the general public. This will not only create awareness of the program but also upgrade the status of the healthcare sector.
At the local level, the information will be disseminated through local health care committees that will then reach out to the various hospitals and health care centers. The innovation could also be integrated into the learning curriculum to ensure that professionals are educated on the advantage of the innovation. This will act to inspire the learners to take interest in innovation and also increase the spread of the knowledge. The state is the greatest stakeholder in the healthcare sector and could also take a step further to integrate the innovation into the basic health policy to ensure that it receives the necessary legal empowerment to transform the healthcare sector. This will also go further in alleviating the trouble caused by pressure ulcers.
Agency for Healthcare Research and Quality. (2010). What’s New? Web.
Christensen, C. (2002). The Rules of Innovation. Technology Review 105 (5): 32–38.
Coray, J. (2010). Medical Device Innovation: Avoiding Failure by Managing Risk. The Hartford’s Technology & Life Science Practice and the Marine Practice. Web.