Clinical-Grade Wearable: Innovation and Entrepreneurship in Healthcare

This report provides an analysis of Clinical-Grade Wearable technology as an innovation within the Australian Medical Technologies and Pharmaceuticals industry. It highlights the importance of entrepreneurship and innovation for organizational growth, focusing on the value proposition of clinical-grade wearables, particularly for patients with heart disease needing regular monitoring. The report details the innovation's features, including wireless sensors and real-time data transmission to healthcare professionals. It also explores the target market, competitors, and strategies to enhance the value proposition, such as leveraging social media for promotion and offering affordable services. Recommendations for future innovations include augmented reality lenses for monitoring blood sugar levels. The report emphasizes the importance of knowledge exploitation, IT resource cooperation, and continuous training to sustain competitiveness. A business model canvas is proposed to illustrate the key components of the innovation's business strategy, with a focus on value capture through supply chain management and diverse revenue streams. The report concludes that clinical-grade wearables represent a significant advancement in healthcare, offering valuable care and testing services to targeted individuals.

Running head: Introduction to Entrepreneurship and Innovation 1
Introduction to Entrepreneurship and Innovation

Introduction to Entrepreneurship and Innovation 2
Executive summary
The combination of entrepreneurship and innovation is vital for the organization. The role of
entrepreneur is to generate new ideas and make some innovation to increase their business
operations. The value proposition has been described in this report by taking new innovation in
medical and pharmaceutical industry. It is found that clinical grade wearable is an effective
innovation that helps patient of heart disease to monitor their heart rates on regular basis. The
business model canvas is proposed for this innovation.

Introduction to Entrepreneurship and Innovation 3
Content
Executive summary.........................................................................................................................2
1.0 Introduction................................................................................................................................4
2.0 Findings and Analysis................................................................................................................4
2.1 Description of Innovation......................................................................................................4
2.2 Value Proposition...................................................................................................................6
2.2.1 Market Target..................................................................................................................6
2.2.2 Competitors.........................................................................................................................7
2.3 Proposal to Enhance Value Proposition....................................................................................8
2.4 Recommendations for Future Innovation..................................................................................8
2.5 Knowledge and Capability Development..................................................................................9
2.6 Business Model........................................................................................................................10
2.7 Value Capture..........................................................................................................................12
2.7.1 Supply...................................................................................................................................12
2.7.2 Revenue Streams..................................................................................................................13
3.0 Conclusion...............................................................................................................................13

Introduction to Entrepreneurship and Innovation 4
1.0 Introduction
Innovation and entrepreneurship are two important part of the growth of the industry.
Entrepreneurial innovation is considered as the process of innovating something new that
enhance the quality of the products. The innovation in Australian Medical Technologies and
Pharmaceuticals industry will be considered in this report. Medical, pharmaceutical and
healthcare are talented sectors in Australia. Various technologies are being introduced in the
market of medical technology in Australia that assists in providing effective care to the
Australian people. Clinical-grade wearable is the new innovation in Australia Medical
Technology Industry in 2016. The discussion will be made about various aspects about the
Clinical-grade wearable in Australia. It includes the value proposition of this innovation and
target market and competitors. Knowledge and capability development is vital for this innovation
which will be described under this report. The business model canvas for the firm will be
structured. New innovations in medical and pharmaceuticals industry are able to meet the latest
trends and creating the future of Australian medical industry.
2.0 Findings and Analysis
2.1 Description of Innovation
Clinical-grade wearable is the current innovation in Medical Technology and Pharmaceutical
industry in Australia. It has been found that the wearable tech devices are accepted by people all
over the world, and perhaps this would become apparent in the medical industry. It is the new
innovation in Australia that is easy to wear due to its sophisticated sensors and advanced
analytical (MedTech, 2017). Wearables are finding meaningful clinical applications such as there

Introduction to Entrepreneurship and Innovation 5
is a system Medtronic’s Seeq Mobile Cardiac Telemetry System which uses to monitor the heart
rate of the patient and send constant real-time data directly to healthcare professionals.
Immediate actions are taken by specialist who enhances a patient’s likelihood of survival
(Australian Ethical Investment Ltd, 2018). Huawei Technology and Medtronic medical
equipment company are two companies that provide this tool for those patients who need
monitoring for the finding of non-lethal cardiac arrhythmias such as, but not limited to
supraventricular tachycardias (Armstrong, 2017). The 4Ps of innovation is mentioned below:
Product
The product of Clinical-grade wearable is attractive as it facilitates those people who have
disease of heart and want to check their heart beats on regular basis. The feature of this product
Wire-free, slim-profile sensor, 7.5 day sensor duration and no battery changes required
(Medtronic, 2018).
Process
The process of this innovation is easy where one can evaluate the heartbeats anywhere. The
application is used to check the ECG status and heart beats which directly reach to specialist in
case of emergency. The production level of this product can be increased by making changes in
delivery process system to facilitate in delivery system and supply chain.
Position
The concept of position innovation is to re-position the perception of established product. This is
used by medical industry of Australia to provide the facility to the patient. Marketing mix

Introduction to Entrepreneurship and Innovation 6
strategy can be used to make it more perfect in the medical and pharmaceutical industry
(Anderson, 2013).
Paradigm
It involves the new aspect in the organization that helps to change the model of the organization
regarding specific innovation. It would be new for the company if it provides the diet chart as per
the disease of the patient. Innovation required the similar way from a changed viewpoint, this
strategy will take company to further level.
This innovation was an incremental type of innovation because it assisted to improve the
delivery of health care and medical services. The existing services and technology was being
improved due to this innovation as it helps to provide the facility to monitors a patient’s heart
rate.
2.2 Value Proposition
The value proposition of the organization refers the services which would add more value or
better solve a problem than other similar offerings will. Value proposition is referred as the
description of the experiences which target user experience over the purchase (Hassan,
2012).There are numerous components by which this innovation builds value to targeted
population. These components can include the pricing of services, training of equipment and
availability of specialist of heart at care centre. The value proposition of Clinical-grade wearable
and competitive analysis of innovation is mentioned below with clear understanding.

Introduction to Entrepreneurship and Innovation 7
2.2.1 Market Target
The market target for this innovation is the patients who have heart disease and unable to go
hospital for regular check up but they want to be in observation of heart specialist. Moreover, it
would be effective for them who live far from the hospitals and care centre. This innovation is
effective because it helps to save money on care testing and travel expenses to reach hospitals.
This target market is segmented by considering the needs and desires of the heart disease
patients. Rural people, business professionals and old age people are included in the target
market as they do not have time and unable to go due to distance and old age.
This innovation is effective due to its value proposition as it has been executed to develop quick
results so that rapid action can be taken within time frame if it is required (Singh & Singh, 2009).
It is important to execute with effective framework to increase the health results through
Clinical-grade wearable. The heart specialists get huge value due to this innovation in which they
are able to make clinical management decisions. Due to its valuable care and testing services,
Clinical-grade wearable will be able to communicate its value to the targeted people. Various
care centres can be established in different places to communicate its value to the patients.
2.2.2 Competitors
There are umber of organizations in Australia that provides the similar services to the patient in
Australian Medical Technology and Pharmaceutical industry. kardia brand for apple watch and
traditional machines are competitors of this innovation that provide the same services to the
patient at lower rate. However, the comparison of these innovation describe that Clinical-grade
wearable is different from innovative watch and traditional method of checking heart beats.
Indirect competitor of clinical grade setting is the traditional care, in which people prefer to visit
hospital and consult with the doctors about their disease.

Introduction to Entrepreneurship and Innovation 8
This innovation is entirely different from its direct or indirect competitors (Carayannis, Sindakis
& Walter, 2015). It is a wireless device which is connected with application. The heart rate of
patient is directly analyzed by the monitoring centre where online reporting with clinic
dashboard is available. They are able to monitor the adverse impact of medications as well. Thus,
there are various things which make difference this innovation over competitors. The threat of
substitutions of this innovation can be people who can visit hospitals for testing and consultation.
2.3 Proposal to Enhance Value Proposition
Competition is the major threat for this new innovation as it might influence the revenue
generations and operations of this setting the industry of medical technology. It has been
analyzed that there are various facilities of this check up are available in medical industry at
lower rate which may attract number of customers towards it (Osterwalder, Pigneur, Bernarda &
Smith, 2014). It can become the serious threat in future, if new innovations at lower rate will be
entering in the medical and pharmaceutical industry to assist Australian patients. There are
various historical patterns available for testing which is the substitute of Clinical-grade wearable.
Various Australian people are unaware about this innovation. Therefore, they prefer hospital for
check up of their heart rate and ECG and hav to wait for long time to get report.
It is necessary for the organization to take quick action in case of severe issue regarding patient’s
heart rate or ECG report because this system is connected with application which control by
online team of this organization. The focus of organization should be on the availability of the
heart specialist in case of high heart rate. The leverage to the value proposition can be provided
by the organization to amplify the competitive advantages (Lager, 2010). The use of various
advertising activities and promotion can amplify the value proposition. Social media sites will be

Introduction to Entrepreneurship and Innovation 9
helpful to approach the market target. The competitive advantage can be increased in term of
providing affordable services of this new innovation (Cusack, Pan, Hook, Vincent, Kaelber, &
Middleton, 2008).
2.4 Recommendations for Future Innovation
It is recommended to the organization to consider latest change in the technology in its next
innovation in similar industry. Technology in every field has changes rapidly and people will be
seeking more comfort treatment and diagnosis (Lober, 2015). There are various people who have
diabetic issues and for check up they have to go hospital or prick finger for check-up. An
augmented real lens will be more innovative technology to diagnosis blood sugar in the body.
The contact lens can monitor the level of blood sugar every second and convey data to the
application which is linked with it. Detailed readings can be seen at a tap on the user’s phone. In
case of emergency, there should be indicator in the app which should be shown on the
application with near doctor’s place or hospital (Molina, 2018). The organization should develop
the different product for different kind of disease such as blood pressure, infection evaluation
machine. It is necessary for the organization to consider the Clinical-grade wearable due to its
effectual approach. No, augmented real lens is not incremental innovation as it is new for the
industry to monitor the blood sugar of the body. It is not required to the organization to do
something new or creative that moves away it from current innovation. Both innovations are
different role in medical technology and pharmaceutical industry. it is not required to abolish
clinical grade wearable from the operation of the company.

Introduction to Entrepreneurship and Innovation 10
2.5 Knowledge and Capability Development
The use of Knowledge exploitation is essential practice for executing any kind of innovation and
creating up to this point. The requirement of usage of Clinical-grade wearable system and use of
various technologies defines the importance of external knowledge has involved to the
innovativeness of this new invention. It is vital for the organization to sustain its competitiveness
which requires amplifying the capability to make innovation efficiently (Porter, 2008). Both
internal and external knowledge has utilized in this innovation. The cooperation of IT resources
will be helpful in the transfer and cooperation of knowledge and information. The role of
updated technology has huge in the organization as it has utilized to develop the external
knowledge and information in order to take effective results of this innovation (Ramlogan &
Consoli, 2008). The communication process has encouraged among employees and top level
management. The organization has conducted the training and development program to exploit
the internal knowledge.
Moreover, the company should consider the knowledge management system to exploit the
information regarding external and internal knowledge. Firm can encourage new ideas and new
medical services to execute the networking process in the system. It would be assisted to enable
the communication system and knowledge communities. By doing this, organization will be able
to increase the effectiveness of Clinical-grade wearable connected applications. This practice
enables organization to implement incremental innovation in Medical technologies and
Pharmaceutical industry. The practices and techniques should be used by organization in
providing the medical services and information in effective manner to the patient. It would be
helpful for the organization to attain the competitive advantages in the medical industry of
Australia.

Introduction to Entrepreneurship and Innovation 11
2.6 Business Model
Business model canvas is facilitated to generate more revenues and advantages from its
innovative activities as it is made at the time of new innovations. The below table will be
categorized into number of blacks to show the business model of clinical grade wearables.
Key Partners
 Government
 Suppliers
 Hospitals
 Pharmaceutical
development
companies
 Clinical research
organization
Key Activities
 Develop medical
application
 Setting up the
clinical grade
wearable care
centre in various
area of Australia.
 Develop medical
devices
 Focus on sinking
the unneeded
money spending on
travel
Value
Proposition
 Utilization of
latest
technology
 Application to
share and
record data of
heart rates of
the patients
 Instant
outcomes of
diagnosis
 Satisfaction
of the patients
 Effective
guidance to
operate the
tool
Customer
Relationships
 High sales of
pharmacy
 Lower
medical
expenses
 Provide
instant
resolution to
the
customers in
their query
 Extra
revenues for
mobile
network
operations
(Osterwalder
Customer
Segments
 People who
want instant
results of
heart rate
and ECG.
 Clinical
research
organization
 Business
professionals
 Rural people
in Australia
 Older age
people

Introduction to Entrepreneurship and Innovation 12
& Pigneur,
2010)
Key Resources
 Investment or start
up capital
 Trained staff to for
guiding how to
operate the system
for getting quick
result
 Machines
 Other technologies
Distribution channel
 Health insurance
providers
 Promotional
Campaigns
 Advertisement in
hospitals and
clinics
Cost Structure
 Marketing and promotional costs
 Application update costs
 Administration and IT infrastructure
 Cost of equipment and required resources
 Technology installation costs (Muhtaroglu,
Demir, Obali & Girgin, 2013).
Revenue Streams
 Sales of medical equipments
 Co-branding with companies of pharmaceutical
 Public and government funds
 Hospitals and clinics
 Profits and revenues from targeted market customers