Health Innovation ActorsThe health innovation actors play a vital role in the proper and successful execution of an innovative initiative.
This is largely dependent on the seasoned expertise and experience of these top 3 players.Top 3 Players Vital to get “Skilled Up” with Innovation Competencies and Mindsets I believe the highest ranking 3 are the regulatory bodies, private insurers and research institutes.Regulatory bodies have always been known for their competence and strict adherence to due process. The major challenge they face is providing easy and fast access to evaluation without bending rules while maintaining high ethical standards, giving all parties involved a prompt resolution. The main mindset of research institutes is to learn new things, understand how it functions and also provide adequate solutions to the problems that may surface by creating a perfect model.
The private insurers, a unique part of the financial industry, can make all these happen by collaborating with these institutes and laboratory. As the majority of health issues are never expected, the best approach to tackling them is proper preparation such as medical insurance. The private insurers can protect the consumers from the financial implications attached to the acquisition of the innovations being worked on by the research institutes.
While making the traditional move of investing these premiums to generate more money which can, in turn, be used to finance future innovative ideas of the laboratories and institutes.The Likely Impact of InnovationThe major impact of a new innovation is the public reception of the price tags and efficiency. When these corporations turn out their wonderful and stellate interventions to the society, after going through rigorous trials and processes to ensure its viability, the immense pressure to recover investments made by their sponsors, dictates the cost it will be sold.Majority of the world’s population are the middle-class folks who have other priorities to attend to, even when they consider these innovations as important. To make them part with their money, a shock absorber in the form of the insurance schemes is necessary. Enjoying that level of support from these financial institutions will encourage consumers and enable the research facilities set up proper management teams to ensure maximization of the available market.
Also, the products and/or services will also have to stand a test of time in terms of coping with a large scale demands while still maintaining the level of quality that got it approved by the regulatory bodies, which will be closely monitoring its progress for efficiency.What Might Happen If They Remain Laggards in Innovation?When the regulatory bodies do not respond efficiently to the overwhelming requests and demands of the research institutes, it may result in the institutes making efforts to bypass the due and ethical processes, leading to malpractices and corruption. Therefore, regulatory organizations need to also evaluate themselves periodically and constantly search for ways to improve rapidly.If research bodies become lazy and unproductive, the system will suffer, the nation will have to make additional financial expenses to catch up with their counterparts, which is very detrimental to development.Although, the main purpose of establishing insurance companies is to make profits. If they can’t find ways of providing support to the medical institutions, by liaising with other players in the financial industry, giving those institutions a better opportunity at being successful, their relevance will be lost and their organization will suffer greatly.
They are meant to be experts at mobilizing different financial instruments and schemes to yield enormous profits. Occasionally, they do this without prioritizing the needs of their clients intentionally, from the outset. So, if they can’t utilize reasonable gimmicks to work in the favor of everyone, they risk losing the trust placed in them gradually which will cost them gravely.One Inspiring Example of Each of My Chosen Top 3 Players Who Have Embraced Innovation SuccessfullyGoogle is at the forefront of innovative discoveries with the introduction of Google Glass, which is a unique innovation developed for medical use in both surgical and nonsurgical aspects of healthcare. (Dougherty, Bryn, and Sherif M Badawy)Telemedicine is a field of medicine that deals with attending to the needs of patients through information technology away from the confines of the clinic. As telemedicine is still at a young phase in Abu Dhabi, minimum standards have been set for the innovation to thrive and find its feet in the Emirate of Abu Dhabi, by the regulatory body of Abu Dhabi, Health Authority – Abu Dhabi (HAAD).
(Paulo, Marília Silva et al.).TD Insurance is a subsidiary of Toronto Dominium Bank financial group, who has recently bought the artificial intelligence startup company called Layer 6 as part of their innovation plans giving their clients a much-improved experience. Mr Bharat Masrani, Group President and CEO, TD Bank Group said “Anticipating and meeting customer needs are at the heart of our promise, and we are excited to further accelerate our innovation agenda to deliver well into the future” (Masrani, p. 44).
I will love to end with a quote from Steve Jobs, “Innovation distinguishes between a leader and a follower”(RAUP, MATTHEW). If these three institutions can lead by example, every other player in the innovation model will cooperate.