A Framework for the Pursuit of InnovationOctober 15, 2019
Driving innovation in healthcare is a challenging endeavor. It is a market full of dynamic customers, a variety of players, and, over it all, tight regulation. But I’m sure no one would disagree that the benefits of innovation in healthcare more than outweigh these challenges. New drugs and devices advance our ability to treat diseases, and today’s healthcare burdens become tomorrow’s distant history. The development of penicillin generated the field antibiotics, and undiscovered innovations have the power to positively impact currently untreatable diseases.
But what are the key components of a successful innovation project? Given the costs and potential of great innovation and inventions in healthcare, innovators must take care to cautiously validate their ideas before pursuing them. I recently spoke with Erik Lium, PhD and Executive Vice President of Mount Sinai Innovation Partners to gather his thoughts on this topic. Based on that conversation, we have laid out a basic framework for ensuring that an innovation will likely be worth the time and effort to pursue.