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 case study below.
What Is Open Innovation?
Open innovation is a business management model in which collaboration from outside an organisation is encouraged. It assumes that firms can, and should, use external ideas as well as internal ideas, and internal and external paths to market, as firms look to innovate and gain new ideas.
Open innovation can take many forms, from structured alliances between organisations and strategic co-ventures to crowdsourcing. In the wake of COVID-19, the importance of adopting open innovation has become more important than ever. The pandemic introduced a host of new uncertainties and complexities for businesses, making it essential to formalise 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 open innovation. 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, open innovation can help enrich the quality and quantity of ideas; solve problems faster; save costs; reduce risk; keep employees engaged; help organisations “think outside of the box”; and even improve brand image.
One area in healthcare that can benefit from open innovation 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 organisation. 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 realise 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 open innovation model.
Using Open Innovation to Improve Both In-Person and Virtual Healthcare Models
Idea Drop is a company developing powerful software to manage ideas and support open innovation. Idea Drop’s software helps “discover, evaluate, refine, and execute the most impactful ideas from everyone, everywhere.”
Open innovation 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 case study below.