Innovation in medical technology

Innovation in medical technology
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Entrepreneurship and Innovation

Innovation in medical technology
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Contents
Introduction......................................................................................................................................3
Findings and Analysis......................................................................................................................3
Description of Innovation............................................................................................................3
Value Proposition.........................................................................................................................5
Target Market...........................................................................................................................5
Competitors..............................................................................................................................6
Proposal to Enhance Value Proposition..........................................................................................7
Recommendations for Future Innovation........................................................................................8
Knowledge and Capability Development........................................................................................8
Business Model................................................................................................................................9
Value Capture................................................................................................................................12
Supply........................................................................................................................................12
Revenue Streams........................................................................................................................13
Conclusion.....................................................................................................................................13

Innovation in medical technology
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Executive summary
Innovation can be referred as the new ideas and new concept that bring huge changes in the
organization. A one specific innovation in Medical Technology and Pharmaceutical industry has
been introduced in the assignment. An augmented eye lens is chosen for showing the innovation
in the Medical technologies & pharmaceuticals industry. There are various organizations which
has developed this kind of innovation in Australian Medical Technology and Pharmaceutical
industry. The value proposition reading this innovation has been described. Business model
canvas helps to define the quality of the products or services that is why the business model
canvas of this particular in ovation has been mentioned.

Innovation in medical technology
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Introduction
Innovation is integral aspect for develop the economic growth of the country. There are major
two components for growth of the particular industry such as innovation and entrepreneur.
Entrepreneur innovation is considered as the part of innovation which is not being introduced
before in the particular industry and the aim of this kind of innovation are to improve the quality
of services and product of the same industry (Shalley, Hitt & Zhou, 2015). Medical technologies
& pharmaceuticals are being opted to define the innovation in this industry. There are various
innovation has been done in recent years to provide the better facilities to the people of Australia.
In 2016, various technologies emerged which encourage medical field to grow. An augmented
eye lens is chosen for showing the innovation in the Medical technologies & pharmaceuticals
industry. The various aspects regarding innovation will be mentioned in this report. The target
markets and competitors of this innovation will be elaborated which will be helpful to understand
the competitor area of this specific product (Han & Lee, 2008). Furthermore, the business model
canvas will be defined for implementing this product to the firm for enhancing the technology in
Australia.
Findings and Analysis
Description of Innovation
An augmented real lens is considered as the latest innovation in the Medical Technology and
Pharmaceutical industry in Australia. It is the digital contact lens which is patented by Google
has partnered with Novartis which is pharmaceutical company. It is an innovative product that
facilitates patients to monitor blood sugar that has disease of diabetes. In this lenses chip and