BUSINESS WEST – CONNECTING BUSINESSES


Follow the drill for industry innovation


Celebrating the


best of healthcare On a cold winter’s night in February, members of the South West’s premier life sciences and healthcare business network came together to celebrate a year of excellence at the Medilink Awards 2017. Life sciences and healthcare are worth over


£9bn to South West economy and Medilink South West represents over 450 businesses in the region. Winners on the night included Kemdent, manufacturers of dental products and materials, who won the award for exporting achievements in 2016. Micrima, a University of Bristol-based spin out company, scooped the accolade for excellence in innovation for their application of radiowave radar technology to medical imaging. Pertinax Pharma fought out tough competition


to win the business start up award, with judges highly commending their solutions for protecting against antibacterial and antifungal infection The prize for best partnership with the NHS


I


ntroducing a new innovation into an industry can be hard, especially when it is disruptive. When that industry is naturally conservative and risk averse then this challenge becomes harder, especially if you are a new entrant. For example, the oil and gas industry has a


history of innovation, from its roots in onshore production from reservoirs just below the earth’s surface to the present day where operators are drilling in hundreds of metres of water depth in some of the world’s harshest environments. It is an industry that has some very interesting technology challenges, although many parallels can be drawn with other industries such as nuclear. Both are founded on innovation but operate in a highly regulated environment with significant technological, environmental and reputational risk factors. Therefore the introduction of innovations can be difficult. There are a number of key factors that influence this, including:


Complicated supply chains The majority of end users are very large companies with an extensive, and often complicated, supply chain. This results in it being difficult for SMEs to influence the final purchasing decisions as they need to convince the end user and the Tier 1 supplier (and possibly Tier 2 and 3). TIP: Understand the levers of power in your case and try to reach the decision makers with your innovation.


Organisational complexity It is further complicated by the complex nature of large organisations. Often large companies have departments focussed on internal R&D or those that work with external R&D providers. Whilst this can help, it can be difficult to gain access to someone who will champion your product, particularly when dealing with multi- nationals with complex organisational structures. TIP: Develop your value proposition to present a well thought-out business case (that demonstrates key technical advantages along with financial and risk considerations for customers and end users) to key players.


Target alignment There can be a disconnect between those whose targets are based upon the introduction of innovation and more operational staff who see innovation as unnecessary risk. This is an area where innovators may find it difficult to influence, particularly when they have to influence those who do not have innovation as part of their job description. TIP: The key here is to demonstrate you have planned for risk management, what your product key benefits are and understand the drivers for decision makers. This can help to reassure those decision makers who are averse to risk.


New market entrants For new market entrants who lack an industry pedigree there can often be the ‘not invented here’ barrier where those who have been in an industry for a number of years discount innovations from elsewhere. TIP: Networking is a great way to help you get to know your target market, as well as researching into support organisation that can help you to introduce your innovation to market. Finally, see if you can find someone within the industry to champion your product. This can give you credibility if someone is promoting from the inside.


Field trials There is also the much documented challenge of getting a field trial opportunity. The cost and risk implications of a field trial of a technology can be so high that companies are reluctant to consider it or the planning and instigation of such a trial takes far longer than an SME was considering. TIP: This challenge can be mitigated by a comprehensive programme of testing and qualification to de-risk a field trial.


Cost structure Whether a large or small company, cost structures often mean that it simply isn’t feasible to support the large number of new ideas that get presented. TIP: Innovators need to ensure that they fully understand the challenges that their potential customers have and clearly present how their new product will help overcome them.


went to Ultramed – a Cornwall company whose preoperative assessment platform is boosting hospital efficiency and helping to save lives. And last but by no means least Hydrate for Health received the outstanding achievement award for their innovative range of hydration products for patients with limited mobility. Before the awards, specialists from the life


science community, including Campden BRI, Device Scope and Designability, gave interactive workshops alongside Public Health England’s Nigel Silman. Dr Mike Sullivan, Innovate UK, gave a keynote address on the future of UK health and life sciences. Attendees were also treated to a typically


offbeat performance by GP, broadcaster and comedian Dr. Phil Hammond, whose unique brand of comedy had attendees in stitches. Commenting on the awards Professor Richard


Luxton, Chair of Medilink South West said: “This was the second annual South West Medilink Awards and each and every year it gets bigger and better. “For an industry so vital to the health and wellbeing of the South West economy this is particularly pleasing to see. I am proud to represent such an innovative and enterprising group of businesses and would like to wish all of the winners the very best of luck for the national Medilink awards held in April. “Finally, I’d like to thank our sponsors Hazlewoods, Moneycorp, Campden BRI, Withers & Rogers and UWE for their generous support.”


EEN Events


VR World Congress, 11 April, Bristol www.b2match.eu/vrwc2017


Bio-Sensing Technology Business Meetings, 10 May, Riva Del Garda, Italy www.b2match.eu/biosensing2017


European Maritime Day Matchmaking Event, 19 May, Poole


www.b2match.eu/emd2017


Tour D'Europe Stockholm, 31 May, Stockholm


www.b2match.eu/tour-d-europe- stockholm2017


MARCH/APRIL 2017 insight 19


inspire


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32