Discussion
The report aims to talk about an innovation of effective medical device, which is capable of locating veins considering the difficult venous access (DVA) of the patients. Considering DVA as a serious ongoing medical issue, the report introduces the idea of developing vein viewer. The focus of inventors is to launch this device exploiting the medical needs of both the patients and the clinical workforce. It will be the answer of doctors and nurses suffering with such minor problems while executing greater medical operations. Patients will no longer experience the pain to be aware of their problem of DVA. According to the product specifications, a detail structure of new business model will be introduced following business model canvas, as well as the strategies will be framed keeping the market condition in mind (Dudin et al., 2015). Strategies should be feasible enough to bring success for this newly launched medical equipment for the welfare of both the patients and medical practitioners.
According to Chiao et al., (2013), the inspiration of inventing Vein Viewer Flex came from both the perspectives of patients and medical clinics. It has been observed previously that due to obesity or different other factors doctors and nurses are unable to locate veins in patients’ body, which is making the treatment process longer or even complicated (Vezzani et al., 2013). Although, DVA is not considered as a disease on record yet acknowledging the intensity of the problem, it has been decided to frame a product like this.
According to a patient’s perspective if they have the problem of DVA means, they should have the power of enduring several needle sticks during the entire procedure of gaining vascular access. In order to mitigate this unnecessary cause of painful experience, experts realise the need for inventing Vein Viewer Flex. It can be expected that in order to provide the patients with best clinical experience, to prevent the process from facing delay and to minimize the use of multiple syringes the invention will be helpful and mitigate the issue of failure related to gaining vascular access. As described in Szmuk et al., (2013), Attaining venous access is considered as a skill of medical professionals yet to provide advanced medical experience to the patients in the absence of skilled workforce in the hospitals, invention of electronic medical equipment are helpful while managing the flow of patients.
Vein viewer Flex will be the only existing vein illuminator in the market with HD imaging and extra ordinary digital full field technology. As mentioned before, this contemporary medical innovation will make entire vascular access procedure easy and less time consuming. It is a reflective, infrared technology, which emits harmless LED light from the device. It is absorbed by blood and reflected by the tissues around, which enables the medical professionals to locate the veins easily (Sun et al., 2013). Device also helps to understand patients’ pattern of blood up to 15mm deep whereas up to 10mm is enough for executing medical purposes. It protects the patients from receiving accidental puncture during several attempts of finding veins. It is going to project the image of patients’ vasculature even with the exact anatomical location. Therefore, the benefits not only allows patients and health workers to experience a safe procedure of vascular access, but also initiates better and advanced step towards the improvement of medical science.
New business model
Business model canvas has been decided to use as the tool for launching Vein Viewer Flex to the market. According to Boons and Lüdeke-Freund, (2013), this tool has the capability of managing multiple aspects regarding model development in a well-structured manner deciding the target market and assuming the percentage of sales. It summarizes creation of new products and its presentation, along with that whether it is capturing the value as per the market requirement or not (Achtenhagen, Melin & Naldi, 2013). Behind the innovation of this new medical equipment, ongoing issue of DVA among the patients was the main reason. As it is extremely new to the market, it is not dealing with competition yet in near future emergence of competitors will not surprise the inventor organisation. . However, the device is minimizing human involvement into the procedure.
At first, measuring the intensity of requirement is the initial thing to do. As the experiment is new and medical professionals have understood its wide utility, it can be stated the business has already been started on a high level. Although, the product has been developed thinking about the need of patients who have been suffering from DVA, it can be said that medical workers irrespective of experienced or novice will use this electronic device just to assure perfection for all the patients who come for treatment without sorting them on the basis of DAV issue (Vezzani et al., 2013). A product can be successful within the industry only if the consumer interest and product specification are interlinked.
There are several factors, which are needed to be determined before applying Business canvas model. The company needs to decide which organisation can support their production by being partners of selling and influencing the market. In this case, several hospitals, stores that sells medical equipment and medical representatives can promote the use of this device among the clinics and pathology laboratories.
Therefore, company responsibility will be to establish relationship with the partners. Besides, company needs to hire efficient employees to execute operational and promotional activities via advertisements on television and social media. Monitoring the revenues is another essential responsibility to carry out.
According to this model and as per the views of Boons and Lüdeke-Freund, (2013), value of the product following the market need is the ultimate USP of innovation. Patients suffering from DAV is the reason behind innovation; therefore, to perform the procedure of vascular access perfectly, medical workforce can use this device irrespective of patients’ perspective.
The central driver of sale needs to be the customer satisfaction and efficient marketing managers must manage this via social networks, feedbacks from the consumers and by providing undisturbed customers’ support during any time of the day. However, innovation needs adequate resource to take place (O’Cass & Sok, 2014).
As per the study of Im, Montoya and Workman, (2013), the idea itself announces the utility of efficient and skilled brains to generate such a smart idea applying the knowledge of physics and integrate it with the need of medical science. It will be sold in stores of medical equipment from where path labs, hospitals, both the government and private clinics can buy the newly invented device.
Finally, while discussing the financial involvement it has been realised that development and production of medical equipment generally involves huge cost structure and additional promotional and employee maintenance charges. Therefore, before inventing any medical equipment for commercial purpose detail research is necessary. Revenue will be generated by not only selling the device but also there will be additional charges on installation and servicing. Therefore, following the business model building blocks as follows can be recognised.
- Key partner
- Key activities
- Value recognition
- Customer segmentation
- Relationship with the customers
- Cost structure
- Revenue
- Channels of product delivery
Business model canvas mainly deals with these factors and interrelated relationship among these variables.
This sector of given report will discuss about critical strategies which should be applied in order to make the business model work according to the prior planning (Ceschin, 2013).
- This innovation is obviously has been planned to mitigate a long term medical issue yet it should be remembered that it is a matter of human efficiency. Hence, if the patient is not having any problem it should be done without taking any help of this device (Joyce & Paquin, 2016). That is where the sale of this device in an extensive level is questionable. However, this device can solve the lack of efficient workforce issue within the medical profession, which can bring success in commercial level.
- As far as opportunity is concerned it has been well recognised and innovation is apt and going to be widely acceptable.
- Product and promotional strategies have been designed keeping customers’ interest in mind ((Boso, Cadogan & Story, 2013).
- However, it should be kept in mind while identifying success factors that, channels and strategies should be less complicated as the product has a social interest to deliver, complicated operational and promotional structure can make it replaceable with the traditional process of vascular access, as it is a matter of medical efficiency of the workforce.
- Cost structure should be revised more than twice in a year as it involves huge capital with additional maintenance and promotional charges in order to make the business process sustainable.
Its capability of solving the ongoing medical issue, potential acceptability and considering its critical success factors, it can be said that business canvas model is suitable and feasible enough to be launched with commercial interest.
Conclusion
The initial interest of generating this report was to present a business model of an innovative, portable, vascular access-imaging device called Vein Viewer Flex, which helps to locate veins of patients suffering with DAV. However, in case of some patients vein is not visible for obesity or old age at the time of performing medical operations or tests. It has been understood that this innovation is going to serve the medical field widely, therefore business opportunity is immense. Considering that fact, business canvas model has been introduced where the interrelated relationship of several building blocks have shaped the understanding of business operation regarding the product in future. It can be concluded that, this report can be a guideline to those products and services, developed for customers’ interest, which are seeking their opportunity to enter into the market applying business canvas model./
References
Achtenhagen, L., Melin, L., & Naldi, L. (2013). Dynamics of business models–strategizing, critical capabilities and activities for sustained value creation. Long range planning, 46(6), 427-442.
Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner production, 45, 9-19.
Boso, N., Cadogan, J. W., & Story, V. M. (2013). Entrepreneurial orientation and market orientation as drivers of product innovation success: A study of exporters from a developing economy. International Small Business Journal, 31(1), 57-81.
Ceschin, F. (2013). Critical factors for implementing and diffusing sustainable product-Service systems: insights from innovation studies and companies’ experiences. Journal of Cleaner Production, 45, 74-88.
Chiao, F. B., Resta-Flarer, F., Lesser, J., Ng, J., Ganz, A., Pino-Luey, D., … & Witek, B. (2013). Vein visualization: patient characteristic factors and efficacy of a new infrared vein finder technology. British journal of anaesthesia, 110(6), 966-971.
Dudin, M., Kucuri, G., Fedorova, I., Dzusova, S., & Namitulina, A. (2015). The innovative business model canvas in the system of effective budgeting.
Im, S., Montoya, M. M., & Workman Jr, J. P. (2013). Antecedents and consequences of creativity in product innovation teams. Journal of Product Innovation Management, 30(1), 170-185.
Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.
O’Cass, A., & Sok, P. (2014). The role of intellectual resources, product innovation capability, reputational resources and marketing capability combinations in firm growth. International Small Business Journal, 32(8), 996-1018.
Sun, C. Y., Lee, K. C., Lin, I. H., Wu, C. L., Huang, H. P., Lin, Y. Y., … & Yu, H. R. (2013). Near-infrared light device can improve intravenous cannulation in critically ill children. Pediatrics & Neonatology, 54(3), 194-197.
Szmuk, P., Steiner, J., Pop, R. B., Farrow-Gillespie, A., Mascha, E. J., & Sessler, D. I. (2013). The VeinViewer vascular imaging system worsens first-attempt cannulation rate for experienced nurses in infants and children with anticipated difficult intravenous access. Anesthesia & Analgesia, 116(5), 1087-1092.
Vezzani, A., Manca, T., Vercelli, A., Braghieri, A., & Magnacavallo, A. (2013). Ultrasonography as a guide during vascular access procedures and in the diagnosis of complications. Journal of ultrasound, 16(4), 161-170.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
