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Innovation and entrepreneurship- assignment

   

Added on  2021-04-21

16 Pages4167 Words22 Views
Running Head: INNOVATION AND ENTREPRENEURSHIP 1Introduction to Innovation andEntrepreneurship: Point-of-Care Testing

INNOVATION AND ENTREPRENEURSHIP2Executive Summary In an organization, it is very important to establish the combination of innovation andentrepreneurship. First, entrepreneurs generate new and unique ideas and then make someinnovations to enhance their business operations. The major objective of this report is to analyzethe innovation in Australian Medical Technologies and Pharmaceutical Industry. The reportincludes the business model for this innovation that includes various components required forcapturing value among people. The qualitative method of research is used to collect the data togenerate findings of research. The data is collected from the Australian websites. It is found thatPoint-of-Care is a profitable innovation in this industry. This is affecting the lives of people inAustralia. The patients in Australia feel more comfortable to go for testing at Point-of-Caretesting center. It reduces their travelling time to hospital and saves their money. For theorganization, it is recommended that it should focus on developing next innovation, i.e. virtualreality medical services.

INNOVATION AND ENTREPRENEURSHIP3Table of Contents1.0Introduction................................................................................................................................42.0 Findings and Analysis................................................................................................................52.1 Description of Innovation......................................................................................................52.2 Value Proposition...................................................................................................................62.2.1 Target Market..................................................................................................................62.2.2 Competitors.....................................................................................................................72.3 Proposal to Enhance Value Proposition.................................................................................72.4 Recommendations for Future Innovation..............................................................................82.5 Knowledge and Capability Development..............................................................................82.6 Business Model......................................................................................................................92.7 Value Capture......................................................................................................................112.7.1 Supply............................................................................................................................112.7.2 Revenue Streams...........................................................................................................133.0 Conclusion...............................................................................................................................134.0 Reference List..........................................................................................................................14

INNOVATION AND ENTREPRENEURSHIP41.0Introduction In today’s competitive business environment, innovation and entrepreneurship are two essentialcomponents for the success and growth of an industry. Entrepreneurial innovation is the processof introducing something new or enhancing the quality of existing products (Crumpton, 2012).For this report, the innovation in Australian Medical Technologies and Pharmaceuticals industryis taken into consideration. Health care, Medical and Pharmaceutical are emerging sectors inAustralia. There are various technology innovations, which are assisting in delivering effectivecare to the Australian people. In the 2016, the Medical Technology industry has been facilitatedwith the introduction of Point-of-Care Testing (PoCT) technology.This report includes the discussion about various aspects about this innovation in Australia. Itcomprises of the value proposition of this innovation in the country. There is the discussionabout its target market and competitors. Moreover, it includes knowledge and capabilitydevelopment and business model canvas for the firm that has been implemented this innovationin the country. These technologies in medical and pharmaceuticals industry are meeting thecurrent trends and building the future of Australian medical industry. 2.0 Findings and Analysis 2.1 Description of InnovationFor this report, the Point-of-Care Testing is considered as a recent innovation in MedicalTechnology and Pharmaceutical industry in Australia. Point-of-Care Testing is a testing that isperformed at the time of consultation which enables the results to be utilized to make quick andinformed decisions about the health and patient care. The year 2016 has been called as the yearof Point-of-Care testing with two organizations such as Alere and Roche Diagnostics. By the endof the year 2016, the Australian patients are able to visit their health professionals, get tested andleave after ten minutes taking their test results (Australian Ethical Investment Ltd., 2018). Thisinnovation is used to offer convenient, immediate and easy to use diagnostic testing to the peoplein Australia. PoCT is diagnostic testing, which is executed at the site of patient care. This testingis performed outside the labs. Some of 4Ps for this innovation is stated below; Product:

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