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Product Portfolio Management

When It Comes to Innovation Maturity, Where Do Medical Devices Firms Rank?

Published By Linda Roach
When It Comes to Innovation Maturity, Where Do Medical Devices Firms Rank?

The findings from the Fourth Product Portfolio Management Benchmark Study and the Innovation Management Maturity Model™ have spawned some important dialog around innovation maturity for medical devices firms and across multiple industries.

In a recent article published Dec 3 on Medical Design Online, Jim Pomager poses the question, “Does the medical devices industry have an innovation problem?” The answer is similar to many of the survey respondents across multiple industries. Here’s a direct quote from the article, “…if you asked medtech product development folks to evaluate their companies’ current innovation management programs, most would tell you there’s a lot of room for improvement.” From my years of experience in the medical devices industry, and working closely with product development, there is always room to improve the innovation strategy.

I invite you to read the full article, Sustainable Innovation: A Roadmap For Medical Device Manufacturers. Below is an excerpt:

“Does the medical device industry have an innovation problem? To the uninitiated, the notion probably seems ludicrous — after all, we’re talking about a sector designing astonishing technologies like bionic eyes, artificial pancreases, Tricorder-inspired diagnostic tools, and mind-controlled prosthetics. However, as anyone involved in product development knows, there’s a significant difference between invention and innovation. It’s one thing to devise a device that the world has never seen, and it’s another to persistently improve upon an existing design (yours or a competitor’s) until it’s tailor-fit to meet a real market need. And while both elements are critically important to the success of a technology, invention without innovation falls short of its potential — from both utilitarian and economic perspectives”.

Managing Your Product Portfolio

I encourage you to download the research and explore the tools for helpful recommendations for advancing your innovation strategy in 2014.

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Linda Roach Written by Linda Roach Director, Solutions Marketing

Linda Roach champions solutions marketing at Planview, partnering with customers to articulate their business challenges and to quantify the value of implementing change. Linda leads Planview's agile go-to-market team for portfolio and resource management. During her tenure, Linda has helped drive Planview's market advancement and significant growth through marketing leadership roles. Previously, Linda held positions at Pervasive Software, VTEL, and Kodak where she led go-to-market initiatives for new products and product line expansion. Linda holds a BS degree in Chemical Engineering from SUNY Buffalo.