Corporate Strategy in Biomedical Companies

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Corporate Strategies in Biomedical Companies

What are the strategies adopted in Biomedical Engineering regarding their business development and corporate strategies? This blog post discusses corporate strategy and business strategy in the field of biomedical engineering.

What Exactly Is Biomedical Engineering?

Biomedical engineering can be described as the application of engineering approaches and tools to perpetuate knowledge and solve problems in human and animal biology, medicine as well as health care.

Engineering Solutions for Better Health: Corporate Strategy of Biomedical Engineering Businesses

Biomedical engineering has significantly brought forward better health care and health related research over the latter half of the past century for both human as well as animal populations. So biomedical research is expected to have an even greater impact on the future.

Top notch health care is the bedrock of any healthy society.  Health stands at the center of a good quality of life and it drives social as well as economic development forward.

 Biomedical engineering extends significant differences in the day to day lives of several individuals, securing the safety of their food and water sources, improving their life’s quality.  This advances self-reliance; providing effective options for front-of-the-line health care professionals

Strategy 1: Tackling Major Pre-Existing Problems

  • This strategy targets those health problems that hold the highest burden on the quality of life, financial costs for recovery, mortality and morbidity.
  • Particularly cardiovascular diseases, cancer, fatal injuries, congenital musculoskeletal diseases as well as several neurological conditions.
  • Biomedical engineering research and advanced health technologies developed by many emerging biomedical companies work to improve the overall quality of life (including that of humans and animals all around the world)
  • Via their work, such biomedical companies also diversify the pre-existing knowledge based economies via technology transfer and novel start-ups which work in tandem in the bio-industry sector, leading to its expansion.

Strategy 2: Identifying Key Priority Research Themes

Some of the major areas of concern and their subsequent solutions developed by major biomedical corporations are:

  • To identify, invent and ultimately implement technologies which will keep people healthy in the long run and minimize complexities from diseases; while at the same time predicting illness and potential injury.
  • To develop and engineer even more accurate imaging and diagnostic techniques for the early detection of disease.
  • Provide novel biomarkers for the evaluation of new therapies, while enabling personalized treatments tailor-made according to an individual patient.
  • To develop top quality, durable treatments for fatal injuries and diseases, incorporating recent advances in stem cells, target specific drugs and novel treatment devices.
  • To develop and deliver research built from emerging strengths, utilizing engineering approaches and tools to streamline patient flow throughout the health care system.

Strategy 3: Delivering Improved Life Quality Via Novel Biomedical Engineering Solutions

  • Maintaining existing standards of health while identifying, diagnosing and subsequently treating disease/injury is a complicated challenge duly addressed by advances in biomedical engineering approaches and technologies.
  • With such advances, people suffering with complex medical conditions live longer, happier and enjoy an improved quality of life.
  • Moreover, operations management and industrial engineering approaches are wholly suited towards solving problems that arise from these complex relationships.
  • Biomedical engineering eases the congestion in the pipeline involving our health care system among patients, community groups, health professionals, government bodies, insurers and industry.

Strategy 4: Integrated Approaches For Prevention Of Fatal Injuries And Diseases By Supporting Healthy Aging

Independence for a better quality of life:

  • Engineering methodologies can increase our core understanding of human as well as animal health and diseases across the entirety of their lifespan.
  • Based on this new and improved understanding, advanced integrated biomedical engineering solutions and technologies can be created for assessing health issues and increased prevention promoting independent, self-reliant living.

Key Areas For This include:

  • Early detection and monitoring technologies for improving somatic and mental health.
  • Developing personalized Disease monitors, like biosensors for real-time, quick diagnostics,
  • Creating new instruments for point-of-care testing, and technologies for assessing organ or body function;
  • Processes for preventing risks linked with acute and chronic diseases, including technologies that
  • support healthy and safe aging
  • assist with body balance control to prevent a precarious standing posture as well as gait
  • assist with navigation, maneuvering and location-tracking, and enable mobility independence for aged patients
  • Identifying and predicting the role of multi-sourced inputs (like diet and physical activity level) under normal and changed conditions (exercising, extended bed-rest etc) in various demographic population sets. This might subject-certain devices to show information on activity levels so as to prevent chronic injuries based on oxygen consumption within the body, joint movement as well as muscle activation patterns
  • Developing an integrated (multi-system) mechanism of quality aging involving musculoskeletal, cardiovascular, respiratory and nervous systems. People with chronic conditions like asthma, diabetes, mental illness or obesity could be given devices that provide immediate feedback for real-time consultation. This helps in enabling physical activity modification depending on blood levels of crucial components (such as insulin and oxygen), heart rate, as well as surrounding factors (e.g. altitude, smog, temperature).

Strategy 5: Shifting Paradigms Within the Healthcare Industry

For several individuals — healthy, sick, or injured —accurate diagnosis and early intervention could minimize their need for expensive and invasive treatment while simultaneously supporting self reliance, essential to a better quality of life.

Maintaining health and preventing diseases for already healthy people and delivering real-time diagnoses, quick monitoring and effective treatments for those people who are severely injured or who have chronic diseases.

This strategy recognizes key priority research themes that capitalize on a company’s strengths in biomedical engineering:

  • Interdisciplinary approaches towards enabling the prevention of fatal injury and disease, while promoting healthy aging
  • Advanced technologies for better diagnostics
  • Developing novel therapeutics:  Emerging research themes have also been identified, in which several companies hold great potential and expertise. 
  • Optimized and improved health care performance.

The Biomedical Engineering Economy:

Biomedical engineering is an ever-expanding sector dealing with global health innovation and healthcare product development.

As of 2013, Forbes placed biomedical engineering at the top of their list of “most valuable majors’ university programs. Medical technologies and devices are a US $140-180 billion per year industry which continues to grow at an annual rate of 10 per cent.

Internationally, the biomedical devices market is priced at US $327.7 billion. The United States ranks first globally with a share of more than a third of the entire market.

Only very recently, the U.S. government signed a $354 million four-year contract with a pharmaceutical company called Phlow Corp. to maximize American production of medications which might help treat Covid-19 and plug probable supply chain shortages. The contract could have an extension for the next 10 years to $812 million, according to a report by the New York Times.

“There are not a lot of people wanting to bring back generic medicine manufacturing to the United States that has been lost to India and China over decades,” Edwards-CEO and cofounder of Phlow Corp.- told the Times, “You need someone like the federal government saying this is too important for us not to focus on.”

The Overall Financial Impact of the Biomedical Engineering Industry:

Although biomedical engineering solutions and technologies help maintain and improve life quality for people of all age groups, but it most prominently benefits senior people (aged 65+) —perhaps the most rapidly-growing age group in the whole world.

Considering the most recent data figures released by the Bureau of Labor Statistics in U.S.A, private-sector jobs in the biomedical industry in U.S.A as of 2009 stood at 1,219,200. Compartmentalizing this overarching statistic into its major components, it was deduced that:

  • 283,700 people were employed in the biopharmaceutical industry.
  • 409,200 jobs existed in the field of medical devices (including diagnostics).
  • 526,300 people worked in fields related to R&D, labs and testing.
  • Output and wages stemmed directly from the biomedical sector and comprised of nearly $96billion out of the total $213.2 billion.
  • In the U.S. the average job paid $78,600 in the biomedical industry, which was 70% greater than the national average.
  • If the trickle-down effects of the biomedical industry are also taken into consideration, the biomedical industry is responsible for about 5.3 million jobs, or 4% of non-agricultural jobs in the U.S.
  • One job in the biomedical industry supplied for 3.3 jobs in other sectors.
  • The medical equipments and supplies manufacturing sector gave jobs to nearly 20% of all biomedical employees.
  • Other 20% biomedical engineers worked in scientific research and the development services.
  • Biomedical engineering graduates are readily employed in the healthcare industry, research facilities of pharmaceutical, medical and educational institutions, for teaching, as well as in government regulatory agencies.

Biomedical Engineering Innovative Projects

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Biomedical Engineering Projects nowadays range in various products. All of them are innovative projects. Digital tattoos, mind-reading exoskeletons, RFID implants for recreational activities, 3D printed drugs: new and amazing innovations are developing in healthcare and medicine almost every day, all thanks to Biomedical Engineering!

We shortlisted some of the most interesting ideas and technology developments that hold the potential for opening doors into a breath-taking future.

Here is a comprehensively curated list of some spectacular biomedical innovations, including augmented reality, tissue engineering and artificial intelligence:

  1. Multi-faceted reality generates new methods for medical education

Virtual, augmented, as well as mixed realities are technologies that are presenting new experiences for human senses. While the difference among these technologies may seem negligible initially, their use and application in healthcare is extremely different.

AR allows users to witness the actual world via digital information being projected onto the environment nearby. On the other hand, VR shuts away everything else entirely and brings about a different simulation to the user, while mixed reality involves an interaction with the nearby world while simultaneously projecting information into it. 

A case in point: Microsoft HoloLens offers radical educational novelty for medical students by projecting the entire full-size anatomy of the human body through the device. Students are able to view all the organs, bones or veins in complete clarity in 3D format.

With constant technological improvements underway, future medical professionals will have better access to the human anatomical representation in all its vividness for surgical analysis or educational purposes.

Mixed reality education is already deemed better than textbook education by almost all of its patrons. Some universities already plan to incorporate it in their revised curriculum. In 2019, Case Western opened its health education campus in association with the Cleveland Clinic, where human anatomy was taught via virtual reality instead of cadavers.

  • Brain-computer interfaces as remedial technology to help the paralyzed

Recent research has lent immense support to the area of brain-computer interfaces (BCI). Dr. Christof Koch of the Allen Institute for Brain Science and Dr. Gary Marcus of New York University and revealed to The Medical Futurist about novel brain implants are the equivalent of yesteryears’ laser eye surgery.

Although the field still requires significant advancement in the coming years, the possibilities are limitless! Consider a retinal chip lending perfect eyesight-even in the dark! From cochlear implants correcting deafness to memory chips bestowing the memory power of a computer, biomedical innovations bring sci-fi to life.

  • Neuro-prosthetics In Use:

Although light-years away in terms of mass-commercialization,  neuro-prosthetics have already been introduced into the market. You can now search and purchase retinal as well as cochlear implants– the former was already approved by the FDA way back in 2013. There are also implants for Parkinson’s patients which send electrical pulses into the brain, to revive damaged neural pathways affecting motor control. Expensive and rare brain implants exist as therapeutic remedies for people paralyzed with neural damage after an accident/physical shock. A chip inserted at an appropriate spot inside the brain reads and translates electrical signals to regenerate motility and communication. A middle-aged paralyzed man, Thibault, made headlines for being able to move all his limbs with the aid of a ‘mind-reading’ exoskeleton. We hope for more such stories to emerge in the near future.

  • Recreational Cyborgs

Numerous famous examples of cyborgs already exist, now it’s only a matter of time to see such marvelous beings walk free not only within sci-fi movies, but all around us. The ‘cyborg-fascination’ will soon start a new contingent of enthusiasts who will be willing to implant devices within their bodies to attain novel experiences.

Advances in biomedical engineering will not merely repair and restore bodily defects like impaired hearing or eyesight but will also generate superhuman abilities. In the coming years, you can get ready for artificial intelligence enabled hearing aids, earbuds that help you become multilingual, or RFID chips which already solve your linguistic hurdles.

While a patient using pacemakers or implanted defibrillators can already be categorized as a cyborg, coming years will witness increased cases for implantation requests of certain devices even from those devoid of any medical conditions.

  • Dinosaur shaped 3D printed drugs for Kids

While the idea might seem absurd at the outset, consider the fact that 3D printing in itself was an unimaginable concept some time back. Yet, biomedical engineering advances have made it possible to 3D print chocolates, guns, even houses! It’s only the next logical step in the natural progression of things biomedical engineering makes possible.

The FDA approved a drug called “Spritam” (manufactured using 3D printers) in August, 2015. The powdered drug is printed layer by layer which helps it to dissolve faster than regular pills. If reports from the Daily Mail are to be believed, then scientists are already planning to lend 3D printed drugs some odd shapes; such as those of octopuses or dinosaurs, so as to make them more appealing for children. Professor Simon Gaisford and Professor Abdul Basit, saw immense potential in 3D printing in the pharmaceutical industry; which is what encouraged them to come up with FabRx in 2014. They predicted that they shall be able to commercialize 3D printed drugs for kids in the next 5-10 years. 

  • Gamification in health insurance: a real game changer

As of November 2017,  United Healthcare and Qualcomm announced that they would incorporate Garmin and Samsung wear-ables as a part of their national wellness program. It allows eligible participants to earn more than $1,000 every year by walking up to a certain limit. This is a beneficial association among wearable manufacturers, health insurance companies, and the principle of gamification. Gamification means using fun incentives, which could slightly nudge or encourage people towards adopting a certain behavior – such as a healthy lifestyle as far as health insurance companies are concerned.

However, the question is whether there must be a limit to such gamification processes. Will patients’ private data be at risk? Will mass surveillance become the new norm? How will the relationship between employees, employers and health insurance companies be affected? As an increasing number of corporations provide health insurance packages equipped with gamified tracking options to their employees, such ethical questions will have to be answered.

  • Biomedically engineered food to plug food shortages

Will you be ever open towards a cup of synthetic tea? How about a bite of some lab-grown meat? Can you down a glass of artificial milk? Will vitamins and nutrients substitute a meal in a protein-shake?

Sci-fi movies like Star Trek, the Matrix, or The Hitchhiker’s Guide to the Galaxy gave us a glimpse of life with artificial food. However, the possibility of eating synthetic food might’ve already arrived, ensuring a constant supply of nutritious food for millions of humans who might otherwise go hungry due to famine and general food shortage.

Researchers at the Cultured Beef Project extract muscle cells from a cow’s shoulder, grow them into a culture on a nutrient mix, and regenerate muscle tissue from layers of that culture. Thus, one gets whole meat from just a few cells!

In another example, the Netherlands-based company, Mosa Meat in 2013, introduced their first synthetic meat hamburger in London. They ensure to make artificial beef commercialized within the next 3-4 years.

Another company based in San Francisco, called “JUST Inc.”, (known better as the controversial food enterprise: “Hampton Creek“), is developing synthetic chorizo, cultured foie gras, and artificial nugget. Its researchers are simultaneously developing cultured meat, and they expect to introduce it soon.

Thus, as Biomedical Engineering expands with leaps and bounds, we can expect more exciting innovations in the field in times to come.

This article is a follow up of the previous Biomedical Engineering Fun Facts article.


Chatbots innovative business solutions

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Has this ever happened to you that when you’ve called the customer services, you get a chatbot and you just feel like demanding an agent or representative because you wanted to speak to a human?

Humans interact with chatbots all the time and they are made to believe that chatbots provide the best solutions but in reality, chatbots are only adequate for simple questions.

Companies are working on the latest business innovation strategy where chatbots actually understood what you were asking instead of directly answering the saved input. Different companies have different business models but almost all established ones have too big of an audience that they have to implement chatbots for customer support. This new technology for chatbots will prove to be an excellent business strategy and innovation as it will lead to better and more precise results.

If your chatbots understand what is being asked, they will be able to anticipate obstacles similar to how customer service agents do after a lot of interactions. So how can companies enable the chatbot systems to have such conversations? Merely adding more pairs of question-answer to the system will never help you accomplish that. Instead, you will need to implement an innovation strategic framework which enables the system to reach about the domain constraints and tasks involved.

If you want to successfully apply this strategic innovation management and want it to be successful, you will have to know the task at hand and the constraints involved. You should anticipate all the possible scenarios and problem that might arise. The challenging part would be to represent this kind of task-related knowledge with enough relevant information and granularity to anticipate the obstacles and remedies without actually overdoing it.

Capturing fine distinctions which involve the minute details can lead the system astray as it wouldn’t be able to take any actions on those. You should want to provide support just enough inference such that it can go past the stilted limitations of the scripted bots that are usually used these days. It will help the clients have conversations with the system and get an actual answer to problems instead of simply get answers to FAQs. This is how the companies will scale beyond the incremental and unmaintainable current approach. This is the groundwork being laid with the advanced AI research at labs to find the pathway which leads to interactions which are truly smart.


Having fun with Innovation Management

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Innovation Management can be regarded as all of those exercises that give the correct conditions for development of innovation while repeatedly being able to convey an incentive for clients, upper hand and development for the business, advantages for the employees and every other stakeholder associated with the organization.

However, the question ‘how to have fun with innovationmanagement’ is something that daunts many individuals and needs to be answered in order to create a creative workplace environment. It is not easy to keep on innovating on a continuous basis, and after a while, you would start noticing diminishing results. However, if you learn to have fun with innovation management and create an environment where it is easy to innovate continuously, while taking care to not employ the same tactics to avoid diminishing results, you can actually look forward to a creative and innovative business getting created right in front of your eyes. https://blogexperts.net brings forth to you some brilliant ideas that will allow you to have fun with innovation management. These include:

  • Take the idea of someone else and apply it in your business- One of the easiest ways to innovate is to probably take the idea of another business that has proven to create success and apply the same in your own business so as to generate profits. An example of the same would be the story of Henry Ford, who noticed the use of production line working in meat packing plants and implemented the same idea in his automobile business, thereby reducing costs and assembly times in a drastic manner.
  • Refer with your customers- Incremental innovations are achieved through asking for feedback and areas of improvement from the customers. Simply asking your customer how they think you would be able to improve your product or service will provide you with numerous avenues that would prove to be advantageous for you. These may include addition of new features, change in color, style or user-friendly aspects and cheaper products being made. It is not compulsory to take into account every request made by your customers, but you should listen to all, and only choose the ones that would prove to be most beneficial.
  • Combine and eliminate- It is important to both combine and eliminate from your products from time to time. You should always think creatively about what new things you could combine with your existing products or services to make them better than they already are. For example, mobile phones that use cameras, suitcases that have wheels, are all results of intelligent combinations. Similarly, you also need to know when to eliminate and what to eliminate from your existing products or services in order to make them better. Some examples would include Dell, who eliminated computer stores, Sony Walkman, who eliminated record and speaker functions and Amazon, who eliminated the importance enjoyed by bookstores.

Outsourcing innovation management to small business, an actual smart idea:

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At first glance, outsourcing innovation management to a small business might seem risky but there are many advantages to external innovation management. By outsourcing corporate tasks like IT or accounting, the companies will be able to concentrate more on their USP and be able to act more effectively. However, a lot of the decision-makers cannot imagine having others perform core tasks for them like innovating and managing. In this article, you will get to know how outsourcing of innovation management will boost your business.• Creates the basis for sound decision making

Outsourcing innovation management doesn’t necessarily mean giving up on innovation. Instead, the decisions as to which innovations are supposed to be released in the market should lie in the hands of an external party. Otherwise, it can be difficult to internally convince with the innovation as the company will hardly support such projects.• The love for your own idea can harm the company

If the business has decision-makers with a high level of expertise, they will logically be involved with research and development while formulating their own ideas. This can put them in a tricky position as they will want to prefer their own ideas over others. It would become impossible to treat that idea objectively and evaluate it.• Ensure the USP continues to generate profits in the future

Outsourcing innovation management will ensure that your company maintains its unique selling proposition while creating relevant benefits for new customers thus generating better sales in the future. It is understandable that management would like control and full power of disposal over this area but it would be better if it could be outsourced to innovation management as they are bound to get better results.

The latest wave of businessmen never hesitates in taking tips on the internet and reading blogs to improve their day-to-day working. One of the best blogs that you can read and implement to improve your business and marketing is blogexperts.net. The blog would be an excellent motivation for those who like to innovate and come up with new ideas. They have an excellent string of informative articles that will surely help you understand and adapt to the current market.


Strategic Innovations Type

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Welcome back to my blog, for today argument i return on the topic of innovation.

As many of you are now aware, Innovation is a huge subject, and does not have for the moment any specific metric on how to measure technology development.

But, in my studies, i came across on certain definitions that help in defining innovations, and these are the category explained also in method.org about innovation types, http://method.org/note/incremental-vs-modular-vs-architectural-vs-radical-innovation.html

extracted from an HBR Article from 1990 from Henderson and Kim, found at http://www.jstor.org/discover/10.2307/2393549?uid=3739448&uid=2&uid=3737720&uid=4&sid=21102575016673

On one hand there are defined incremental innovations such as incremental innovations which is the upgrade of existing products or services and there are radical innovations which is the total development of new products and services.

On the other hand there are the architectural innovation which are the reconfigurations of the systems of component that constitute the product but the core remain the equal and there are modular innovations which is the reconfiguration of the links between the core processes and the componenst without reconfiguring the architecture.

All this is related to the role of creativity in innovation, more precisely on the types of innovative products is possible to have in innovation management.

Is almost impossible to come up with brand new ideas nowadays, in an instant but there are tricks which are taught on how to be innovative, and this blog post help in analyse the type of innovations available on the market.

To provide an example of the innovations: modular innovation is the creation of a new prototype for example the application of new standards in technology in new innovative products. incremental innovation is more related to upgrades, architectural innovations are more internal revolutions and radical innovations are existing component in new technologies.