Clinical-Grade Wearable: An Innovation In Australian Medical Technologies And Pharmaceuticals Industry

Clinical-grade wearable and its features

Discuss about the Introduction to Entrepreneurship and Innovation for Australian Medical.

Innovation and entrepreneurship are two important part of the growth of the industry. Entrepreneurial innovation is considered as the process of innovating something new that enhance the quality of the products. The innovation in Australian Medical Technologies and Pharmaceuticals industry will be considered in this report. Medical, pharmaceutical and healthcare are talented sectors in Australia. Various technologies are being introduced in the market of medical technology in Australia that assists in providing effective care to the Australian people. Clinical-grade wearable is the new innovation in Australia Medical Technology Industry in 2016. The discussion will be made about various aspects about the Clinical-grade wearable in Australia. It includes the value proposition of this innovation and target market and competitors. Knowledge and capability development is vital for this innovation which will be described under this report. The business model canvas for the firm will be structured. New innovations in medical and pharmaceuticals industry are able to meet the latest trends and creating the future of Australian medical industry.

Clinical-grade wearable is the current innovation in Medical Technology and Pharmaceutical industry in Australia. It has been found that the wearable tech devices are accepted by people all over the world, and perhaps this would become apparent in the medical industry. It is the new innovation in Australia that is easy to wear due to its sophisticated sensors and advanced analytical (MedTech, 2017). Wearables are finding meaningful clinical applications such as there is a system Medtronic’s Seeq Mobile Cardiac Telemetry System which uses to monitor the heart rate of the patient and send constant real-time data directly to healthcare professionals. Immediate actions are taken by specialist who enhances a patient’s likelihood of survival (Australian Ethical Investment Ltd, 2018). Huawei Technology and Medtronic medical equipment company are two companies that provide this tool for those patients who need monitoring for the finding of non-lethal cardiac arrhythmias such as, but not limited to supraventricular tachycardias (Armstrong, 2017). The 4Ps of innovation is mentioned below:

The product of Clinical-grade wearable is attractive as it facilitates those people who have disease of heart and want to check their heart beats on regular basis. The feature of this product Wire-free, slim-profile sensor, 7.5 day sensor duration and no battery changes required (Medtronic, 2018).

The process of this innovation is easy where one can evaluate the heartbeats anywhere. The application is used to check the ECG status and heart beats which directly reach to specialist in case of emergency. The production level of this product can be increased by making changes in delivery process system to facilitate in delivery system and supply chain.

The 4Ps of innovation

The concept of position innovation is to re-position the perception of established product. This is used by medical industry of Australia to provide the facility to the patient. Marketing mix strategy can be used to make it more perfect in the medical and pharmaceutical industry (Anderson, 2013).

It involves the new aspect in the organization that helps to change the model of the organization regarding specific innovation. It would be new for the company if it provides the diet chart as per the disease of the patient. Innovation required the similar way from a changed viewpoint, this strategy will take company to further level.

This innovation was an incremental type of innovation because it assisted to improve the delivery of health care and medical services. The existing services and technology was being improved due to this innovation as it helps to provide the facility to monitors a patient’s heart rate. 

The value proposition of the organization refers the services which would add more value or better solve a problem than other similar offerings will. Value proposition is referred as the description of the experiences which target user experience over the purchase (Hassan, 2012).There are numerous components by which this innovation builds value to targeted population. These components can include the pricing of services, training of equipment and availability of specialist of heart at care centre. The value proposition of Clinical-grade wearable and competitive analysis of innovation is mentioned below with clear understanding.  

The market target for this innovation is the patients who have heart disease and unable to go hospital for regular check up but they want to be in observation of heart specialist. Moreover, it would be effective for them who live far from the hospitals and care centre. This innovation is effective because it helps to save money on care testing and travel expenses to reach hospitals. This target market is segmented by considering the needs and desires of the heart disease patients. Rural people, business professionals and old age people are included in the target market as they do not have time and unable to go due to distance and old age.

This innovation is effective due to its value proposition as it has been executed to develop quick results so that rapid action can be taken within time frame if it is required (Singh & Singh, 2009). It is important to execute with effective framework to increase the health results through Clinical-grade wearable. The heart specialists get huge value due to this innovation in which they are able to make clinical management decisions. Due to its valuable care and testing services, Clinical-grade wearable will be able to communicate its value to the targeted people. Various care centres can be established in different places to communicate its value to the patients.           

Value proposition and competitive analysis

There are umber of organizations in Australia that provides the similar services to the patient in Australian Medical Technology and Pharmaceutical industry. kardia brand for apple watch and traditional machines are competitors of this innovation that provide the same services to the patient at lower rate. However, the comparison of these innovation describe that Clinical-grade wearable is different from innovative watch and traditional method of checking heart beats. Indirect competitor of clinical grade setting is the traditional care, in which people prefer to visit hospital and consult with the doctors about their disease.

This innovation is entirely different from its direct or indirect competitors (Carayannis, Sindakis & Walter, 2015). It is a wireless device which is connected with application. The heart rate of patient is directly analyzed by the monitoring centre where online reporting with clinic dashboard is available. They are able to monitor the adverse impact of medications as well. Thus, there are various things which make difference this innovation over competitors. The threat of substitutions of this innovation can be people who can visit hospitals for testing and consultation.

Competition is the major threat for this new innovation as it might influence the revenue generations and operations of this setting the industry of medical technology. It has been analyzed that there are various facilities of this check up are available in medical industry at lower rate which may attract number of customers towards it (Osterwalder, Pigneur, Bernarda & Smith, 2014). It can become the serious threat in future, if new innovations at lower rate will be entering in the medical and pharmaceutical industry to assist Australian patients.    There are various historical patterns available for testing which is the substitute of Clinical-grade wearable. Various Australian people are unaware about this innovation. Therefore, they prefer hospital for check up of their heart rate and ECG and hav to wait for long time to get report.

It is necessary for the organization to take quick action in case of severe issue regarding patient’s heart rate or ECG report because this system is connected with application which control by online team of this organization. The focus of organization should be on the availability of the heart specialist in case of high heart rate. The leverage to the value proposition can be provided by the organization to amplify the competitive advantages (Lager, 2010). The use of various advertising activities and promotion can amplify the value proposition. Social media sites will be helpful to approach the market target. The competitive advantage can be increased in term of providing affordable services of this new innovation (Cusack, Pan, Hook, Vincent, Kaelber, & Middleton, 2008).

Market target and competitors

It is recommended to the organization to consider latest change in the technology in its next innovation in similar industry. Technology in every field has changes rapidly and people will be seeking more comfort treatment and diagnosis (Lober, 2015). There are various people who have diabetic issues and for check up they have to go hospital or prick finger for check-up. An augmented real lens will be more innovative technology to diagnosis blood sugar in the body. The contact lens can monitor the level of blood sugar every second and convey data to the application which is linked with it. Detailed readings can be seen at a tap on the user’s phone. In case of emergency, there should be indicator in the app which should be shown on the application with near doctor’s place or hospital (Molina, 2018). The organization should develop the different product for different kind of disease such as blood pressure, infection evaluation machine. It is necessary for the organization to consider the Clinical-grade wearable due to its effectual approach. No, augmented real lens is not incremental innovation as it is new for the industry to monitor the blood sugar of the body. It is not required to the organization to do something new or creative that moves away it from current innovation. Both innovations are different role in medical technology and pharmaceutical industry. it is not required to abolish clinical grade wearable from the operation of the company. 

The use of Knowledge exploitation is essential practice for executing any kind of innovation and creating up to this point. The requirement of usage of Clinical-grade wearable system and use of various technologies defines the importance of external knowledge has involved to the innovativeness of this new invention. It is vital for the organization to sustain its competitiveness which requires amplifying the capability to make innovation efficiently (Porter, 2008). Both internal and external knowledge has utilized in this innovation. The cooperation of IT resources will be helpful in the transfer and cooperation of knowledge and information. The role of updated technology has huge in the organization as it has utilized to develop the external knowledge and information in order to take effective results of this innovation (Ramlogan & Consoli, 2008). The communication process has encouraged among employees and top level management. The organization has conducted the training and development program to exploit the internal knowledge.

Moreover, the company should consider the knowledge management system to exploit the information regarding external and internal knowledge. Firm can encourage new ideas and new medical services to execute the networking process in the system. It would be assisted to enable the communication system and knowledge communities. By doing this, organization will be able to increase the effectiveness of Clinical-grade wearable connected applications. This practice enables organization to implement incremental innovation in Medical technologies and Pharmaceutical industry. The practices and techniques should be used by organization in providing the medical services and information in effective manner to the patient. It would be helpful for the organization to attain the competitive advantages in the medical industry of Australia.

Threat of substitutions and leverage to value proposition

Business model canvas is facilitated to generate more revenues and advantages from its innovative activities as it is made at the time of new innovations. The below table will be categorized into number of blacks to show the business model of clinical grade wearables.

The role of value capture is important to retain the value and create the positive image of innovation among targeted population.

The organization will partner with various institutions and agencies to execute this innovation. The major partners for clinical grade wearable are Suppliers, Hospitals, Pharmaceutical development companies and Clinical research organization. 

There are various key activities of this innovation which is done for the execution of value proposition. These key activities are setting up the clinical grade wearable care centre in various area of Australia, Develop medical devices and focus on sinking the unneeded money spending on travel.

The key resources for this innovation will be trained staff and support team that provide right guidance and help patient at the time of requirements.

Entire monitoring concerns are including in this block such as Software and website developers for clinical grade wearable, marketing and promotional costs, application update costs and administration and IT infrastructure.

Revenue streams refer the techniques and way to generate the more revenues and income.  Initially, company has utilized the advertising and marketing strategies which assisted in building value among agencies and funders. The market segments are considered wide for this innovation which will be helpful to generate more revenues. Value capture should be focused by organization on prior basis otherwise it would become the barrier to develop the funds from the government (Rask, 2014).

Conclusion

It can be concluded that clinical grade wearable is significant innovation in Australian Medical and Pharmaceutical industry. This innovation brought changes in this industry as people are getting quick result of their heart rates and ECG. The application of this innovation is fast forwarded which help to provide quick guidance in case of high heart rate and issue in ECG because it is directly connected with specialist in heart. The organization should implement innovation in similar industry by considering the current trends and latest technology to gain the competitive advantages. 

Reference List

Anderson, T. D. (2013). The 4Ps of Innovation Culture: Conceptions of Creatively Engaging with Information. Information Research: An International Electronic Journal, 18(3), n3.

Armstrong, R. (2017). Australia to use wearables to monitor chronic conditions. Retrieved from: https://digitalhealthage.com/australia-use-wearables-monitor-chronic-conditions/.

Australian Ethical Investment Ltd. (2018).  10 Ground-Breaking Medical Technologies Emerging in 2016. Retrieved from https://www.australianethical.com.au/news/10-ground-breaking-medical-technologies-emerging-2016/

Carayannis, E. G., Sindakis, S., & Walter, C. (2015). Business model innovation as lever of organizational sustainability. The Journal of Technology Transfer, 40(1).

Cusack, C. M., Pan, E., Hook, J. M., Vincent, A., Kaelber, D. C., & Middleton, B. (2008). The value proposition in the widespread use of telehealth. Journal of Telemedicine and Telecare, 14(4), 167-168.

Hassan, A. (2012). The Value Proposition Concept in Marketing: How Customers Perceive the Value Delivered by Firms – A Study of Customer Perspectives on Supermarkets in Southampton in the United Kingdom. International Journal of Marketing Studies Vol. 4, No. 3; June 2012.

Lager, T. (2010). Managing Process Innovation: From Idea Generation to Implementation, World Scientific.

Lober, H. (2015). Different Phases of the Innovation Process: An Overview of Challenges and Customer Integration. Anchor Academic Publishing. 

MedTech, (2017). Sensors developed to gather health data for wearable. Retrieved from: https://www.med-technews.com/news/only-worn-once/.

Medtronic, (2018). Overview. Retrieved From: https://www.medtronic.com/us-en/healthcare-professionals/products/cardiac-rhythm/cardiac-monitors/seeq-mct.html/.

Molina, B. (2018). These smart contact lenses could monitor your blood sugar. Retrieved from:https://www.usatoday.com/story/news/nation-now/2018/01/25/these-smart-contact-lenses-could-monitor-your-blood-sugar/1064754001/.

Muhtaroglu, F. C. P., Demir, S., Obali, M., & Girgin, C. (2013). Business model canvas perspective on big data applications. In Big Data, 2013 IEEE International Conference on (pp. 32-37). IEEE.

Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers, and challengers. John Wiley & Sons.

Osterwalder, A., Pigneur, Y., Bernarda, G., & Smith, A. (2014). Value proposition design: How to create products and services customers want. John Wiley & Sons.

Porter, M. E. (2008). Competitive strategy: Techniques for analyzing industries and competitors. Simon and Schuster.

Ramlogan, R. & Consoli, D. (2008). Knowledge, understanding and the dynamics of medical innovation. Retrieved from https://mpra.ub.uni-muenchen.de/9112/1/MPRA_paper_9112.pdf on 25 March 2018.

Rask, M. (2014). Internationalization through business model innovation: In search of relevant design dimensions and elements. Journal of International Entrepreneurship, 12(2), 146-161.

Singh, A., & Singh, V. (2009). Innovation in services: Design and management. African Journal of Business Management, 3(12), 871.

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