Innovation and Entrepreneurship in Healthcare Assignment
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Added on 2020-06-06
Innovation and Entrepreneurship in Healthcare Assignment
Added on 2020-06-06
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Innovation and Entrepreneurshipin Healthcare
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Evaluation of characteristics of Dr. Thom.............................................................................1TASK 2............................................................................................................................................3Evaluation of Entrepreneurship in relation to Dr. Thom........................................................3TASK 3............................................................................................................................................6Government initiatives encourage innovation in UK.............................................................6CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONInnovation is a process of introducing new products or finding alternate uses of existingones. It is one crucial factor which is driving force of an organisation. Innovation element inorganisation is vital if company wishes to survive in the market in a profitable manner. Whereas,entrepreneurs are the one who are responsible for bringing innovation to the market and achievefinancial gains from the same (Adams, 2015). This assignment focuses on Dr. Thom. It is amobile application designed to provide medical assistance to people. This application can beused for the purpose of consultation by people, supported by the London based doctors. Thisreport focuses on evaluation of characteristics and entrepreneurship related to this onlineplatform. Role of innovation in introducing the product to the market will be understood. Thevarious initiatives by government to support innovation and entrepreneurship will be analysed aswell. TASK 1Evaluation of characteristics of Dr. ThomInnovation can be defined as cage in the process and product which fulfils the needs ofprospects in a ideal manner. The realisation of idea at economical prices gives rise to innovationin an organisation. John Bessant and Joe Tidd developed 4P's of innovation. It is an analytical tool whichemphases on classification of the innovation (Tidd and Bessant, 2014). The four majorcategories:Product Innovation: Innovation in terms of product is creation of new product or findingalternate uses of existing ones. Process Innovation: Every product or service is an output of the process involved. Thechange in the way it is delivered to customer is called as process innovation. Positioning Innovation: Positioning is defined to positioning of products and services ata particular space in the mind of individual. Paradigm Innovation: this is another most crucial type of innovation in which the mentalmodels towards the product and services are changed. Dr Thom is an part of paradigm innovation as it has changed the perception to asubstantial level on the way people used to consult doctors. 1
Dr. Thom is a part of social innovation. It is an realisation of idea which help in fulfillingthe social needs of people in a cost effective and qualitative manner. It is an innovation formed tohelp people in living a better life through company's products and services. The products is to belaunched into the market in United Kingdom. This mobile application can be taken as 'Radical innovation'. It is going to disrupt theway in which people consult doctors in the target market. When launched, this activity will carrya significant impact on economic activities in the market. The reason of it being is disruptiveinnovation is because this idea is backed by the technological advancements in the country. The major characteristics of this social innovation are:1. Competitive Advantage: The advantage of this innovation is to be defined in context ofpeople. This is one of the first characteristics of innovation which focuses on ease orimprovements that it bring into the life of prospects (Franz and Howaldt, 2012). The majoradvantages of innovation to people are:Better serviceEnhanced interfaceReduction in effortsBetter resultsInnovation should invite one of the above mentioned features along so that prospectsshould incorporate into their lives. The differentiation of innovation is to be done to makepeople aware about its functionality and operations. Dr. Thom is a revolution in the domain of consultation to doctors or fulfilling the medicalneeds of people. The selection of ideas by healthcare care network depicts potential changes thatit can incorporate in the lives of people. It provides secure environment to consult without anyhesitation. The data security features are USP of this innovation. Compatibility: It is another vital characteristic of Innovation. It takes into account thesuitability or relationship of innovation with prospects. Innovation should suit the lifestyle ofpeople and they should be willing to adopt the change rapidly.Dr. Thom fulfils the compatibility needs of people as well. The application suppliesmedical assistance in an easy, affordable and qualitative manner. Complexity vs Simplicity: It focuses on the level of difficulty while switching toinnovation. The efforts put in learn and use innovation is to be defined which determines the2
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