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Innovation possibilities in med-tech industry applying design thinking innovation model


Company description

Radiometer is a leading provider of technologically advanced acute care solutions that simplify and automate all phases of acute care testing.

With more than 3,400 employees worldwide and direct representation in 32 countries, we help healthcare professionals get fast and accurate information on the most critical parameters in acute care testing, including oxygen, lactate and troponin.

This is the foundation for making immediate and well-informed decisions on the treatment of critically ill patients in clinical settings such as emergency care, intensive care, anesthesiology, cardiac surgery, neonatal care and wound care.

Radiometer develops, manufactures and markets solutions for blood sampling, blood gas analysis, transcutaneous monitoring, immunoassay testing and the related IT management systems.

Project description

One of our main customers are hospitals. We are interested in knowing what opportunities lies for new AI and Big Data (AI/BD) based product development in intensive care settings. Unlike traditional market research that looks at the current market needs based on current products/technology, we want you to make forward looking technology market research.

Radiometer would like you to make and overview innovation possibilities in med-tech industry applying design thinking innovation model:
Viability (business side):
(e.g. prepare an overview of current business models of med tech companies whose core product is based on big data or AI; How long-term growth could be achieved in the emergence of new technological implementations? Research questions might be answered by SWOT, PESTEL or Cost-Benefit methods). Analysis should result in estimations how future business model might impact Radiometer growth and P&L statement.

Feasibility (technology):
(e.g. observe emerging AI/BD based technologies in med-tech industry and asses their capabilities in 5-10 years period; Analyse which problems in intensive care could be solved using AI/BD technologies (consider data availability); Investigate how med-tech companies should prepare for technological changes within their internal structures? Evaluate technological applicability by risk assessment or Porters 5 forces analysis and consider how changes might be managed internally (change management). Analysis should assess current technological applications before determining future-looking improvements.

Desirability (user side):
(e.g. investigate mission critical functions doctors cannot do at the moment; Where are the costly failures in intensive care that AI could prevent? Questions might be answered using qualitative study methods). The starting point of an analysis is an observation of current usage, challenges and opportunities.

The market study should be targeted for intensive care settings instead of looking to hospitals.

After the market study from three different angles, the most feasible, viable and desirable technologies should be suggested to the Radiometer based on data gathered during a research.

Project should take outside in approach - meaning, Radiometer current position and capabilities should not be a starting point of the project. On the contrary, only at the last step of the research students should analyse and recommend where the best opportunities lie for us.

Student description

For this project we are searching for a group of three students with diverse backgrounds or previous experiences in business development, market analysis, technological application in health care industry and product development. Candidates should have strong analytical skills and capable to communicate a conducted analysis. To ensure diversity we are looking for students from cross university programs e.g. CBS/KU Business administration and innovation in health care program with focus on healthcare data.

Innovation possibilities in med-tech industry applying design thinking innovation model | Match My Thesis
Jan 25, 2019


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