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Research Outline

Prepared for Farid M. | Delivered November 30, 2019

10 Types of Innovation

Goals

To identify at least one pharmaceutical or health company that has adopted one of the ten types of innovation described in the slides along with information detailing what the companies do, their locations (origins), what their innovations were, what problems they solved with it, and some interesting background facts about them.

Early Findings

  • The Ten Types of Innovation, also regarded as a framework for innovation, is a guide to identifying other possible areas of innovation asides from developing new products. The Ten Types of Innovation framework provides a way to identify new opportunities beyond products and develop viable innovations.

  • The areas of innovation presented include (1) identifying new ways of making money or converting a firm’s offerings and other sources of value into cash, (2) how to harness the capabilities and assets of others in developing new offers and ventures, (3) how to innovate by reorganizing talents and assets to create value, (4) innovation in the aspect of process re-engineering, (5) innovating in the aspect of product performance with the view of improving the features, performance, and quality of a company's offering, (6) creating complementary products and services and bundling such offers together, (7) service innovation by improving the utility, performance, and apparent value of an offering, (8) innovations in how business offerings are delivered to consumers (customer service delivery), (9) innovating in the area of product recognition and branding, (10) innovation in the aspect of customer engagement and connection.

  •  PillPack is a startup that has innovated in the area of consumer service delivery. The service was founded in 2013, and the web-based service that aims to eliminate the challenge patients with chronic illnesses have with sorting and taking their pills regularly.