Med-Tech Innovation New product introduction
Bringing Innovative Technologies
consumers will be required to handle this technology in order to function and control their lives. But which comes first: the innovative technology driven by scientific breakthrough, or the market-led demand for ever better products? In reality, bringing a new product to market requires a combination of invention – the breakthrough – and innovation – the ability to fit the product to what the market needs and then sustain the business in the long term. The UK med-tech sector will only thrive on innovation, not by producing more of the same.
30 ¦ September/October 2014
TO MARKET I
n the future, all companies will be technology companies – or so said Silicon Valley start-up investor Marc Andreesen at a recent Lean Startup Conference. It may therefore follow that all
David Browning of MediCity, and Andy Inchley and Phil Johnson of Boots UK discuss one route to successful new product introduction in the health, beauty and wellness sector.
So what should we be doing to stay ahead and succeed? It is becoming clear that the drivers behind innovation in health, beauty and wellness technology are primarily a need for governments to reduce the cost of healthcare, and consumer desire for more personalised products and services. In this digital age when gamification of information and virtual interaction increasingly fulfils our needs, it is essential that innovations provide solutions that are meaningful to the end user. Add to this an ageing population with increasing numbers aged over 65 suffering chronic conditions, we see the opportunity to combine innovative technologies that champion everyone’s right to feel good. So how do we work towards bringing to market products that ultimately allow
www.med-techinnovation.com
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