What's the difference between an improvement and an innovation
1395_ 6/15/13 - Arlen Meyers, MD, MBA, a professor at the CU School of Medicine, Department of Otolaryngology and he is President/CEO of the Society of Physician Entrepreneurs.
Part 3 of 4... We're talking about innovation and Arlen says... "So, the issue is what is innovation? If you ask 100 people, you're going to get 100 different answers. So, here is Arlen's two cents..."First of all there is a difference between an idea, an invention and innovation. An idea is something that pops in your mind - that's the end of it. An invention is an idea reduced to practice. You make a sketch, you build a prototype - you actually start conceptualizing how this thing is going to look/taste/feel, it's reduced to practice. It could be a process or service, it doesn't necessarily have to be a product or goods. But innovation is a step further. Innovation is about creating value and value that someone is willing to pay you for, or exchange something of value which is usually money. So an invention doesn't do you any good unless someone is willing to give you money to use it or buy it. That's what innovation is. Now it's usually something new. An argument is what's the difference between an improvement and an innovation? And does that make a difference? Probably not, but an improvement is you take an old way of doing something and you improve it verses an innovation where you take a new way to try to make things better. Arlen said, "In my view the U.S. healthcare system has not been terribly innovative. In fact most of the biomedical industrial complex has not been terribly innovative." He went on to say if you look at the amount of money that goes into the top research and development funnel through NIH... Last year the FDA approved 39 new drugs - total. And that was the highest number in 50 years. So what we get out of the bottom for what we put in the top, are 39 new drugs. And, if you look at what are those drugs, a lot of them are ...listen for more...
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LISTEN TO: Arlen Meyers, MD, MBA, President/CEO, SoPE
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