Open Innovation to Transform Healthcare

Transforming Healthcare

Open Innovation represents an alternative to traditional models of innovation. It is a novel framework in which problems are solved via external input rather than relying solely on internal knowledge. Interested to learn how Open Innovation can help solve problems in Healthcare? Read on and download the full Whitepaper below.

What Is Open Innovation?

Open Innovation (OI) is a business management model in which collaboration from outside an organization is encouraged. It assumes that firms will use external ideas as well as internal ones. It also suggests using both internal and external paths to market. This allows firms to innovate and gain new ideas.

Open Innovation can take many forms, from structured alliances between organizations and strategic co-ventures to Crowdsourcing. In the wake of COVID-19, adopting OI has become more important than ever. The pandemic introduced a host of new uncertainties and complexities for businesses. Thus, it is essential to formalize new ways of innovating more widely and effectively.

How Can Healthcare Benefit from Open Innovation?

The healthcare sector is one area which can benefit from OI. Healthcare makes up about 12.8% of the global economy, and has one of the biggest human information systems to support its problem solving.

Applied to healthcare, OI can help enrich the quality and quantity of ideas. It can solve problems faster, save costs, reduce risk, keep employees engaged, help organizations “think outside of the box”, and even improve brand image.

One area in healthcare that can benefit from OI is the provision of virtual and in-person healthcare services. In the COVID-19 pandemic, telehealth use has skyrocketed, with 90% of healthcare executives either developing or implementing a telehealth program within their organization. Yet, as we begin to move past the COVID-19 pandemic, telehealth visits may evolve to a hybrid in-person/remote model. 

What executives fail to realize in coming up with solutions to this problem is that external stakeholders can help crowdsource the best ideas. Patients themselves and other stakeholders can be a great source of ideas, for example, using an OI model.

Using Open Innovation to Improve Both In-Person and Virtual Healthcare Models

OI can help improve healthcare services, both in-person and virtual, by crowdsourcing ideas from important stakeholders such as patients and healthcare providers.

Gain our insights on the utility of Open Innovation in improving the healthcare sector by downloading our full Whitepaper below.