Drivers of Innovation
Necessity may be the mother of invention, but it's not its only parent. There are numerous factors that have historically stimulated innovation in the pharmaceutical and medical product industries. However, the role and significance of some of these factors in continuing to drive future innovation in these industries is largely unknown or unclear. Some of the major factors that have historically acted as drivers of innovation in these industries include profit, societal need, and scientific discovery. The existence of various factors that drive innovation in pharmaceutical and medical industries is because of the fact that the development of a pharmaceutical or medical product is usually lengthy and expensive. As a result, it's associated with numerous complexities, high risks, and short window of return on investment.
The factor that will have the greatest influence on the development of medical products today is societal need. Generally, the development of pharmaceutical or medical products usually commences with identification and definition of medical needs before progressing into other stages like research, search for lead compounds, and optimization (Ng, 2015, p.17). Societal need will have the greatest influence on the creation of medical products because these products are usually developed to meet certain...
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