How To Walk the Innovation Walk (Not Just Talk the Talk)

In an industry led by the likes of Medtronic, Boston Scientific,  Abbott, and Edwards Lifesciences,  there's a popular notion that innovation doesn't happen at large public companies, it happens at small startups that large companies try to buy in an effort to grow inorganically. That's not necessarily true.  As many industry thought leaders have explored, big medtech companies can still innovate at a startup pace. But an expert who spoke at the Design of Medical Devices Conference in Minneapolis last week says these companies have to learn to approach innovation differently in order to be successful. "Innovation is not a 'thing'. I know that seems really obvious, but I assure you that at a large company that makes a lot of 'things' that is not always obvious," said Cristin Moran, the vice president of Growth Science who, up until just a few weeks ago, led front-end innovation at 3M Healthcare. "It is in fact really hard to imagine innovation not being a 'thing'." St. Paul, MN-based 3M ranks as the 16th largest company in the medical device and diagnostics industry. Growth Science is a company that partners with a select few large companies using data science and predictive analytics to help innovators risk manage new product launches, acquisitions, strategic growth initiatives, and venture capital. "Here's the deal. You have a portfolio of projects that are moving through the pipeline. That portfolio of projects has all sorts of different drivers and all sorts of differe...
Source: MDDI - Category: Medical Devices Authors: Tags: Business Source Type: news