Innovative businesses are looking for new ideas to reduce costs, increase revenue or grow market share. While many companies look to their own industry for expertise, others will look to leading edge markets and apply those ideas to develop creative solutions for their own market.
The Harvard Business Review wrote in a 2014 article, “Sometimes the Best Ideas Come from Outside Your Industry“, that, “Bringing in ideas from analogous fields turns out to be a potential source of radical innovation. When you’re working on a problem and you pool insights from analogous areas, you’re likely to get significantly greater novelty in the proposed solutions, for two reasons: People versed in analogous fields can draw on different pools of knowledge, and they’re not mentally constrained by existing, “known” solutions to the problem in the target field. The greater the distance between the problem and the analogous field, the greater the novelty of the solutions.”
An article published last year by the Global Innovation Management Institute (GIM) ranked the 10 Most Innovative industries. Their ranking was based on several criteria, including number of patents, “volume, success, globalization and influence.” While the list was in no specific order, the ranking included industries such as Information Technology, Telecommunications, Pharmaceutical, Medical Devices, Biotechnology and others.
For medical devices, the article noted that, “Innovation in the medical device industry plays a significant role in the quality of healthcare as well as in any country’s economy. Medical devices are required for prevention, diagnosis, treatment and rehabilitation of diseases. Medical devices range from simple to sophisticated and there are more than 10 000 types of medical devices available making selection appropriate to the needs of the population, the available infrastructure and complicated clinical procedures.”
Working often in a highly regulated, and innovative industry like Medical Devices, we at Resolution have been able to take that expertise and apply it to other markets.
Visitors to our work page will see a variety of projects, many of which are medical devices. Being able to successfully develop a medical device and navigate the deep level of oversight to ensure the product is safe and effective requires a deep understanding of the compliance requirements of IEC 60601, IEC 62304, ISO 13485 and the know-how to ensure those products will pass emission and various agency testing for UL and CE marking.
Our ability to leverage our experience in program management, inputs, design outputs, verification, clinical trials and validation and apply it to other industries give us a unique ability to deliver solutions of a high quality to other markets where the regulatory requirements may be less stringent, but the need for an innovative, functional solution is a must.
Resolution has a breadth of experience across the Medical Device, Life Sciences and Consumer Markets. We provide outsourced development services that take the best from innovative industries to create high-quality products. We are often asked by perspective partners for our relevant expertise in their industry. While it is important to have an understanding of any unique challenges to an industry, our years working in the highly regulated medical device space has prepared us for just about anything and created the opportunity for us to apply innovations to other markets.
To learn more about our experience, contact us.