Innovation fuels success

Businesses that don’t innovate risk stagnation, or worse.  History is filled with examples of companies that fell behind or perished due to lack of agility in business strategy.  While healthcare and life sciences companies are under immense pressure to innovate, yet high costs, regulatory complexity, and the need for specialized expertise often slows the process.

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From crisis to breakthrough
From crisis to breakthrough
  • The COVID-19 vaccine shattered innovation barriers, delivering a life-saving solution in under a year—compared to the usual 10–15 years.
  • mRNA technology, AI-driven research, and global collaboration made this possible, opening doors for breakthroughs in cancer, HIV, and precision medicine.
  • The lesson? Adapting, experimenting, and scaling new technologies drive success—whether you’re a startup, a mid-sized company, or an industry leader.
Cost of not innovating
Cost of not innovating
  • Pfizer’s Exubera, the first inhalable insulin, failed despite its breakthrough concept. Its bulky design, high cost, and complex usage made it impractical, proving that innovation must align with market needs. The result? Poor adoption forced Pfizer to pull Exubera off the market within a year.
  • The setback not only cost financially but also delayed advancements in inhalable insulin for years. Innovation isn’t just about new ideas—it’s about executing them with the right market fit.

What stops companies from innovating?

There are multiple challenges that healthcare organizations struggle with when it comes to building in-house innovation capabilities.  According to Gartner 89% of board directors have digitalization measures in their growth strategy, but only 35% have achieved it! 

Among several others, the primary reasons include:

  • Limited technical expertise:  Many organizations lack specialized skills in new-age technologies such as AI, IOT, blockchain, and data analytics to name a few.  This leads them to rely on technology providers.
  • High infrastructure costs:  Building and maintaining secure IT infrastructure is prohibitively expensive.
  • Workforce shortages: Over 65% of US hospitals cannot operate at full capacity due to staffing shortages, and the global healthcare workforce shortfall is projected to reach 10 million by 2023.
  • Regulatory complexities:  Compliance with stringent regulations such as HIPAA and GDPR adds significant operational burdens, making in-house innovation more challenging.

Given the above challenges innovation takes the back seat for most businesses.  However, organizations should remember that there are costs for not innovating.  Read the white paper to understand these red flags.

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Innovation as a Service to the rescue

Innovation as a Service offers a solution by providing access to cutting-edge technologies and services without companies having to invest heavily in infrastructure or expertise.  This model allows healthcare and life sciences companies to access specialized tools and capabilities on demand, enabling faster, more effective innovation.

 

According to our healthcare expert Sandeep, this model can effectively support a wide range of activities, including:

  • Drug discovery and clinical trials
  • Personalized medicine
  • Predictive analytics for patient care
  • Healthcare IOT and wearable devices
  • Remote patient monitoring and telemedicine solutions
  • Data management and interoperability

By leveraging Innovation as a Service, healthcare organizations can quickly deploy the latest technologies without the complexity and cost of managing them in-house, thus accelerating time-to-market for new products and services.

Innovation as a Service to the rescue

Breaking barriers to healthcare innovation

This whitepaper offers a detailed exploration of:

  • The significance of innovation as the key driver to success.
  • A quick glance at what are the barriers to innovation.
  • The reasons that stop companies from in-house innovation.
  • Exploration of the true costs of not innovating.
  • A deep dive into the mutual benefits of adopting the Innovation as a Service model.
  • Real-world examples and applications of Innovation as a Service

 

InfoVision can help your business with the transformation

Contact us today to schedule a consultation and discover how InfoVision can help your business transform.  Download the white paper to make an informed beginning.

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