Med Tech Business Best Practices

Heed the results of a Fall 2004 study by the Boston Consulting Group on what helps medical technology companies innovate best. All these life science and biotech centers around the world trying to promote innovation and commercialization of innovations should read this one.

In a recent benchmarking study of 31 divisions representing 19 medical device, diagnostic, and equipment companies in the United States, Europe, and Japan, the Boston Consulting Group uncovered the best practices for managing research and development (R&D) that are shared by the top medical technology firms.

The companies that performed best across various benchmarking categories, the study found, were those that implemented clear R&D governance, processes, and principles; monitored the right metrics to measure the performance and behaviors that matter; and deployed incentives that truly reward and motivate inventors. These firms all managed their R&D portfolios with experimentation, refinement, precise measurements and controls, and careful decision making based on outcomes—processes that mirror those in the lab. Thus, BCG characterizes these core processes and behaviors as a High Science approach to R&D management.

More here.