The dynamics of the medical device innovation ecosystem, which has long been US focused, are shifting to create a more global environment. Here, PricewaterhouseCoopers introduces its Medical Technology Innovation Scorecard - to be unveiled later this fall - that evaluates the innovative capacity and capabilities of nine countries, all current or emerging leaders in medical technology, in order to track global shifts in device innovation.
The Changing Face of Medical Technology Innovation
Article preview from In-Vivo - September, 2010
The dynamics of the medical device innovation ecosystem, which has long been US focused, are shifting to create a more global environment. Here, PricewaterhouseCoopers introduces its Medical Technology Innovation Scorecard – to be unveiled later this fall - that evaluates the innovative capacity and capabilities of nine countries, all current or emerging leaders in medical technology, in order to track global shifts in device innovation.
Medical device technology in the US has long benefited from an "innovation ecosystem" that has supported R&D; and the commercialization of technology breakthroughs.
The dynamics of the innovation ecosystem are changing, driven by health reform, uncertain levels of future R&D; funding, a slower and more risk-averse regulatory process and constrained venture capital funding, and are being supplemented by new factors that are driving the globalization of innovation.
PricewaterhouseCoopers is developing a Medical Technology Innovation Scorecard to understand how technology innovation is changing and which nations have the strongest capacity for innovation.
For generations, innovation, defined as novelty that creates value, has been personified by the iconic lone genius in a laboratory – think of Thomas Edison in his workshop at Menlo Park or Steve Jobs in his Los Altos garage. Yet the reality is that progress in technology usually results less from individual genius and more from collective effort and social, political and economic forces that come together to create an ecosystem which fosters innovation.
The medical technology field in the US has long profited from the confluence of such forces. Advances as diverse as prosthetic hips and knees, coronary stents, implantable hearing aids, imaging technologies and less-invasive cardiovascular procedures have reduced recovery times, generated improved outcomes and added years to people's lives. They also have richly rewarded their inventors and manufacturers.
However, the delicate balance of these forces is beginning to change, driven by global macroeconomic dynamics, governmental policies and the decisions of thousands of individual companies and entrepreneurs. As the innovation ecosystem evolves, it creates challenges for those countries and companies that have ridden this wave – and offers opportunities to those, in the US and around the world, who find themselves well-positioned to adapt to new modes of innovation. PricewaterhouseCoopers is developing a Medical Technology Innovation Scorecard that will be unveiled later this fall to understand how technology innovation is changing and which nations have the strongest capacity and capability for innovation.
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