Medical Technology Innovation: Augmented Reality Lens Business Model

This report examines the innovation of an augmented reality lens within the medical technology and pharmaceutical industry. It begins with an introduction to innovation and entrepreneurship, highlighting the augmented eye lens as a specific example. The report provides findings and analysis, including a detailed description of the innovation, its value proposition, and the target market, which includes individuals with diabetes. It also explores the competitive landscape, proposing enhancements to the value proposition and offering recommendations for future innovation, such as smart gloves and socks for rehabilitation. The report further delves into knowledge and capability development, the business model, value capture, and revenue streams associated with this technology. The conclusion summarizes the key findings and implications of the augmented reality lens as a significant advancement in medical technology. The report emphasizes the potential of this technology to improve the quality of life for people with diabetes and other medical conditions.

Innovation in medical technology 1
Entrepreneurship and Innovation

Innovation in medical technology 2
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

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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.

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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

Innovation in medical technology 5
sensor are implanted between two layers of contact lens material and small pinhole which permit
fluid from the eye to reach at the point of glucose sensor. It takes some seconds to show the level
of diabetes in the body (Australian Ethical Investment Ltd, 2018). It is more innovative
technology in the medical industry that allows people to get rid of the method of pricking their
finger. The project of the augmented reality lens is handled by Verily Company as well.
Product
The product of augmented contacting lens is attractive as it provides the facility to those people
who face issue due to high diabetes. It allows them to measure the glucose in the body with the
help of two embedded things that is wireless chip and mini-sensor (ZeeNews, 2018).
Process
The process of an augmented contact lens is easy in which people can evaluate the blood sugar
of their body. It is connected with application. The technology has the prospect to lower the cost
of handing or managing the range of chronic disease and to motivate people to get involved in
managing the quality of health so that they can measure the level of diabetes.
Position
It is the process of re-positioning the perception of established product. It has been found that
insurance companies will involve in this product and provide the better solutions for those who
want to measure the glucose level of their bodies (Medical Futurist, 2018). In order to survive in
the competitive market, marketing mix strategy will be used to make the difference.
Paradigm

Innovation in medical technology 6
New aspects will be considered in this process, an organization is known for providing services
related to medical services to the customer. It would be new for company if it provides health
exercise classes. Inn ovation needs the same thing from a different perspective; this strategy will
take company to further level.
This innovation is attractive as it would support to number of patients who face the challenges
regarding measurement of the glucose level in the body. It would be helpful for them to check
the diabetes so that they can take possible precaution to prevent.
Value Proposition
The value proposition of the organization involves the entire services that are provided to meet
the daily needs and expectation of the customers. As per Hassan, (2012), value proposition in the
context of customers is a description of the experiences a target user will realize upon purchase.
There are various components which can be helpful to this innovation for creating the value to
targeted population. These elements comprised availability of the augmented contact lens,
pricing of services and acceptance of people towards this product. The value proposition of this
innovation and competitive analysis of innovation is defined below.
Target Market
The target market for this innovation can be the people who has high diabetic disease and who
do not have time to go in hospital for check up. Furthermore, it would be beneficial for them
whose residential place is too far from hospital. This innovation is effective for market segments
that desire to save money on the testing of diabetes and the expenses of travel to reach the
hospital. This target market is segmented by considering the needs and desires of the people.

Innovation in medical technology 7
There are various hospitals in Australia which is located too far where rural people are unable to
reach.
The value proposition of an augmented contact lens is efficient as it has been executed to
develop the quick response so that the possible treatment can be done leading to increased
economic and clinical results.th quality framework should be adopted by firm to amplify the
effective health results by this innovation (Deakins & Freel, 2009). This digital innovation in
medical industry has provided the value to physicians as well. Due to this approach, people can
make quick decision in term of high level of diabetes and can move to doctor for getting
prescription. The value of the product can be communicated to the targeted customers by
defining the advantageous point of this innovative technology (Gallagher, Ignatieva &
McCulloch, 2015).
Competitors
There are various organizations which has developed this kind of innovation in Australian
Medical Technology and Pharmaceutical industry. The smart lens is developed by researchers of
Ulsan National Institute of Science and Technology (UNIST), which feature is transparent
electronics that can evaluate glucose levels from tears in the eye (Molina, 2018). However, this
test has not applied on human which shows that an augmented contact lens is more effective. In
term of regular testing of diabetes, the cost of testing is major factor over its performance. Along
with that the major competitor of this testing is tradition way of testing which preferred by
number of people to know the level of diabetes in their bodies due to cost difference.
This innovation is not similar with other products’ direct or indirect competitors as it has
different technology in it. A wireless antenna is thinner in comparison of human hair which will

Innovation in medical technology 8
act as a controller to define the information to the wireless device. The collected information will
be sent to an external device. The contact lens analyzes the level of blood sugar every second and
convey the data to a linked app. Detailed readings can be seen at a tap on the user’s phone. In
case of high level of blood sugar in the body, the app will indicate to direct contact to the doctor.
Thus, there are various things that are different from the competitors’ product. It can be the
feature of threat of substitutions as people can appointment health care professionals for testing
and consultation.
Proposal to Enhance Value Proposition
Competition is one of the major threats for an augmented digital lens for diabetic check up as it
may influence the operations and the revenue generation in the industry of medical and
pharmaceutical. There are various approaches and facilities in available in Medical technologies
& pharmaceuticals industry for regular check up of diabetes at cheaper costs. This issue can raise
the concern for future in case of innovating new technology in order to provide the facility of
diabetes check up at lower rate to the patients of Australia. It has been found that there are
various people in Australia that are unaware about thee innovation of this new technology. It has
been analyzed that the historical pattern of check up is the huge substitute for an augmented
contact lenses.
It is essential for the organizations to prepare the services by evaluating the various facts and
provide the facility to contact with doctors instantly in case of high blood sugar. The focus of
organization should on the availability of the concern doctor if patient try to approach them in
case of high diabetes. The leverage to the value proposition can be provided by the organization
to amplify the competitive advantages (Leaner, Ahmetoglu, Akhtar & Chamorro-Premuzic,

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2014). It would be helpful to increase the value proposition through involve in efficient
promotion and advertising activities. The social media sites would be approachable strategy for
the organization to attain the targeted customers. The pricing strategy for this innovation should
be affordable by patients because it can help the innovation in attaining more competitive
advantage over its competitors.
Recommendations for Future Innovation
It is recommended that it is vital for the organization to consider the latest approach in
innovation in same industry in its next innovation. The world has changed rapidly due to
amendments in technology. It has been analyzed that the needs and demand of people are
amending with the latest technology. The desire of people is increased to get the comfort
facilities in medical treatment and diagnosis. There are various people who met with an accident
and got fractured in hand. The new smart glove can be introduced in further innovation which
should be high tech wearable device making hand rehabilitation which process should be very
simple. To guide the rehabilitation of the patient, the glove must use the various kinds of sensors
for common hand and wrist injuries. It should be connected with an application where patients
can play a different kind of games which should be customized with the needs of rehabilitation,
amplifying in complexity as they develop. The organization should develop different products
for different kind of fractures and injuries such as smart sock with high tech wearable device
which would be helpful for foot injury or fracture. It is integral for the organization to consider
the latest innovation of augmented eye contact lens because it its effective approach. Thus, the
involvement of this technology innovation should not be existed from the operation. The new
product is not incremental innovation based on the current product. The role of both innovations

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is different in medical and pharmaceutical industry. The organization does not need to create
something radical or move away from an augment lens completely.
Knowledge and Capability Development
Knowledge exploitation is vital process for executing any kind of innovation and making it up to
this factor. The amplified requirement for a new technology of augmented eye contact lens and
utilization of various kinds of technologies defines that the role of external knowledge has
involved to the innovativeness of this new invention. It is required for the organization to
increase the capability to make innovation in an efficient manner (Nguyen, Yu, Melewar &
Chen, 2015). The involvement has been done of both of internal and external sources of
knowledge in this innovation. The IT resources can be helpful to increase the capability which
will help in transfer of knowledge and co-operation. The updated technology resources are being
used by organization to develop the external knowledge and information to get effective
consequences of this innovation. The effective communication process has developed among all
the employees and top management level (Tseng & Lee, 2014). Furthermore, to analyze the
progress of competitors in context of innovation, the organization has conducted the market
research. Training and development program has huge importance in the organization as it
facilitates to learn new things that are why the organization has conducted the training and
development program. It would enable the employee to work progressively without making
mistake in the process.
Moreover, the knowledge management system should be developed by the company to develop
the external and internal knowledge for future innovation. The new ideas and new medical
services can be encouraged by implementing the networking process in the system which will be

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helpful to enable the communication system and knowledge communities. This would encourage
the organization to amplify the effectiveness of an augmented eye contact lens. It will help the
organization in executing incremental innovation in the Medical technologies and
Pharmaceutical. It is the incremental innovation that refers the up gradation in the diagnosis of
diabetes.
Business Model
Business Model Canvas is created by the firm at the time of new innovation as it helped the
organization to generate the revenues and profits from its innovating activities (Dijkman,
Sprenkels, Peeters & Janssen, 2015). The below table will be defined the business model of an
augmented eye contact lens by including various kinds of blocks.
Key Partners
 Types of
collaboration
 Government
 Suppliers
 Innovation
Partners
 Pharmaceutical
development
companies
 Lab
Key Activities
 Motivating people
to use the
augmented contact
lens for diabetes
check up.
 Setting up the point
of care settings in
various area of
Australia.
 Developing the
instant result of
Value
Proposition
 Utilization of
latest
technology
 Instant
outcomes of
diagnosis
 Consider the
patient
satisfaction
 Quick
Customer
Relationships
 Use of latest
technology
in the
machines for
testing
 Provide
instant
resolution to
the
customers in
Customer
Segments
 People who
want instant
results of
blood sugar.
 Business
professionals
 Rural people
in Australia
 Older age
people

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microbiology check up or
diagnosis.
 Focus on reducing
the unnecessary
money spending on
travel (Burns,
2016).
decisions of
management
their query
(Bertels,
Koen, &
Elsum,
2015).
 Time and
money
saving
services
 Provide
training to
the customer
how to
operate lens
 Hospitals
and clinics to
get the
details about
patients
Key Resources
 Trained staff to
provide the
guidance how to
use the eye contact
lens
 Machines
 Other technologies
 Advertisement on
latest technology
of organization.
 Promotional
Campaigns
 Advertisement in
hospitals and
clinics