| The Business of Innovation |
Originally Published MX January/February 2005
BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT
By integrating system theory into their products, medtech companies can create a defensible portfolio of innovative medical devices.
Gail D. Baura
Innovation to address clinical needs is at the heart of medical device breakthroughs. When Wilson Greatbatch serendipitously discovered an electronic circuit that pulsed in a manner similar to a heartbeat, he recognized that circuit as the potential foundation of what would become the world's first implantable pacemaker. When Paul Lauterbur, corecipient of the 2003 Nobel Prize for Medicine, adjusted the intensity of the magnetic field during a course of imaging studies, he discovered the capabilities of the two-dimensional imaging technique later named magnetic resonance imaging. By simplifying complex problems, innovation breakthroughs lead to competitive advantages, new markets, and higher market share for medtech companies.