Innovation in Healthcare Industry Assignment Sample

Innovation in Healthcare Industry Assignment

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Introduction - Innovation in Healthcare Industry

Innovation management is generally considered as the procedure related to managing the innovation process of the organization, from the ideation’s initial stage to the final stage of successful execution. The decisions, practices along with the activities are encompassed by it regarding implementation of the innovation strategy. Among all the major industries, the Healthcare Industry has a major impact on the people’s daily life. There are various essential innovations in the healthcare industry that develop the industry in a positive way. The major goals of Healthcare innovation is to develop and improve the health systems, policies, technologies along with products and also deliver various methods for improving the health of the people. 

Major Innovations

The current trends that are followed by the healthcare industry for the betterment of the people’s daily life are new technologies along with solutions by which the requirements regarding treatment, disease management as well as clinical diagnosis are addressed (Kimble and Massoud, 2017). An upsurge inside the technologies has been led due to the global pandemic of covid-19 for limiting the transmission, disinfecting, detecting the spread of the disease and also for the patient management, treatment along with immunization. The innovations regarding the healthcare industry can be parted into two portions. One is successful innovation and another is unsuccessful innovation.

• Successful

The innovations that majorly affect the healthcare industry in a positive way are known as successful innovations. Some main successful innovations in healthcare industry are mentioned below:

1. Artificial Intelligence
2. Internet of medical things
3. Telemedicine
4. Mobile health technology
5. Blockchain and cloud computing
6. 3D printing

• Unsuccessful

There are some innovations, that basically failed to majorly affect the healthcare industry such as,

1. Original managed care
2. Isolated wellness programs
3. Pay-per-use clinics

Nature of the Innovations

The nature of the innovations can be defined as the ideas and concepts to make the innovations successful in a positive way. The nature of the innovations for the healthcare industry is discussed below:

Conventional time consuming as well as labor intensive processes are replaced by AI in the healthcare industry with remotely accessible, rapid along with real time solutions for treatment, disease prevention and also diagnosis.

1. IoMT is considered instrumental for product development which requires less interaction of humans for providing the healthcare service (Jansen et al. 2020). A current development “Cognitive IoMT (CIoMT)”, by which automatic processing, sensory information can be integrated for monitoring, tracking, diagnosis along with disease control.
2. The adoption of telemedicine is accelerated due to the pandemic of Covid-19 for decongesting the facilities of healthcare.
3. By the technology of mobile health access to the personalized information can be provided with the use of digital solutions. Visualization regarding the health issues can be enabled by mobile devices by which patient commitment can be prevented.
4. Blockchain technology helps to implement various applications ssin the healthcare industry including remote patient monitoring, electronic medical records as well as health insurance claims.

Transformative Innovation

Transformative Innovation is generally considered as a core concept to construct business models which are competitive, long lasting and also profitable. The entire system is shifted by the changes known as transformational innovation into a current framework, which is designed for the future (Abdelghani et al. 2017). From the above list of all major innovations in the healthcare industry, Artificial Intelligence is a major example of transformational innovation.

AI is nearly doing everything that can be done by humans and also more quickly, efficiently and at low cost. The potential for artificial intelligence in the healthcare industry is vast. AI and robotics has some major ways by which the transformation is underway presently.

Figure 1: ways of transformation of AI and Robotics

(Source: Shaheen, 2021)

The main potential advantage of AI is to make people stay healthy, so a doctor is not required for them. Also the utilization of AI and IoMT in the health applications already helps the people positively.

AI can be used for the early detection of diseases like cancer more properly in the early stages (Jansen et al. 2020). 

Watson for health of the IBM is helping the organizations of healthcare to apply cognitive technology for power diagnosis and unlocking health data. 

Robots along with various surgical robots have been utilized in the surgery and for executing operations successfully. Also they have been used in the labs and hospitals for various tasks like rehabilitation, physical therapy etc.

For the above mentioned reasons AI is considered as the major transformational innovation as it is transforming the healthcare industry in a positive way and changing people's lives. 

Successful Innovation in Healthcare Industry

3D painting is considered as a major innovation in the Healthcare industry. Traction is gained by this technology for various applications like printing bionics, casts and also lightweight prosthetics for repairing the fracture. The utilization of lightweight, inexpensive biomaterials and also smart materials gains the improvement and development in the care delivery and also the production time while reduction of the costs (Kimble and Massoud, 2017). The technologies of 3D painting are enhancing the development related to the patient specific models of surgical tools and organs, utilizing medical imaging of the patient. Another application of this technology consists of surgical instruments by which dexterity of the surgeon is increased and also outcomes related to better surgery can be supported while facilitating less along with faster traumatic processes.

“Exiom” which is a US-based startup, develops various support devices that are reusable. It generally utilizes the technology of 3D printing as well as scanning for producing solutions that are customized to heal sprains along with fractures. A hygienic, breathable, easy removable, waterproof, reusable support device is developed by this startup by which immobilization can be adapted to the condition of each patient. The major advantage of this startup’s solution consists of elimination of time, recasting cost with the traditional materials and printing inside the clinical setting.

Overview

In current times, technology has a major role in various sectors throughout the world. Innovation in the healthcare industry is mainly dependent on various technologies that increases the development of this industry and also changes people’s lives. In this report the major innovations inside the healthcare industry have been discussed. The advantages and applications are also illustrated in this study.

Referencess

Journals

Kimble, L. and Massoud, M.R., 2017. What do we mean by Innovation in Healthcare. European Medical Journal, 1, pp.89-91.

Shaheen, M.Y., 2021. AI in Healthcare: medical and socio-economic benefits and challenges. ScienceOpen Preprints.

Cohen, D., Furstenthal, L. and Jansen, L., 2020. Healthcare innovation: Building on gains made through the crisis. Pharmaceuticals & Medical Products Practice (McKinsey & Company Article), pp.1-7.

Daniel, J., Sargolzaei, A., Abdelghani, M., Sargolzaei, S. and Amaba, B., 2017. Blockchain technology, cognitive computing, and healthcare innovations. J. Adv. Inf. Technol, 8(3).

Chawla, M.N., 2020. AI, IoT and wearable technology for smart healthcare–A review. Int J Green Energy, 7(1), pp.9-13.

Shaheen, M.Y., 2021. Applications of Artificial Intelligence (AI) in healthcare: A review. ScienceOpen Preprints.