A Conceptual Framework for Supporting High-Value Innovation in the Large Medical Technology Industry

This paper proposes a conceptual framework that identifies internal and external elements that support high-value innovation in the large medical technology industry in North America, Europe, and Asia. While there are several types of innovations, including open, closed, incremental, sustaining, radical, and disruptive, this study focuses on high-value innovation. High-value innovation involves the pursuit of differentiation, cost, quality, and scalability, all at the same time. The traditional approach to market differentiation is to pick between the contrast of higher-value and lower-cost, but when low-cost, high-value, high-quality, and scalability are effectively integrated, this is regarded a movement toward attaining high-value innovation. So far, there is lack of literature on the factors that drive high-value innovation in large medical technology enterprises. There are very few studies on how new insights might be leveraged to develop effective responses to the internal and external environmental factors of innovation so as to inform the top management of the large medical technology industry. As such, this study aims to provide new insights into successful responses to internal and external environmental factors of high-value innovation to the top management of such firms. This model is based on a systematic literature review of most relevant ABDC journal publications and unstructured interviews with management and professionals in the large medical technology industry. Future research on confirming this conceptual framework as well as discovering the most and least influential factors of high-value innovation will involve the formal collection and analyses of empirical data.