Innovation Challenges and Opportunities in Biopharma, MedTech, Digital Medicine, and Their Emerging Convergence: User & Patient Centric Applications in the “Pharma 3.0 Business Model Paradigm”

Abstract

In the first section of this monograph, titled “Bridging Theory and Practice for Commercialization and Innovation – a market-centered perspective for cross-industry applications”, we outlined a number of overlapping theories or models dealing with innovation. Theories, when well stated and proven, are basically statements of causality. Scientists and technologists use them all the time to predict physical or chemical phenomenon for example. However, whether or not we explicitly recognize them as such, theories also exist in the business world and can be useful as guides to behavior and decision making. These models serve as lenses through which “the world” is viewed and that enable predictions, or forecasts to be made. However, they may also act as “blinders”, limiting our ability to see that which may not fit into our existing models. As the famous statistician, George Box said in an often-repeated quote, “essentially, all models (theories) are wrong, but some are useful.”