A framework for corporate innovation management and managerial innovation in medical devices industry

Abstract

This thesis explores on developing framework for implementing strategic corporate innovation management and managerial innovation within the Finnish medical devices industry. Identifying the key factors that affect effective innovation management and the barriers preventing its implementation inside an organization. An in-depth analysis of corporate innovation management, managerial innovation and innovation in the medical industry focussing on Finnish market has been carried out through the literature review, theoretical framework and empirical analysis. To do so, semi structured interviews with three managers from a medical devices firm and also a survey has been conducted with the employees for which we got 32 responses giving us enough sample to work on formulating a framework.

The framework aims to foster an innovation culture, empower innovation leaders, implement innovation processes and tools, promote external collaboration, track progress using key performance indicators (KPIs), and protect intellectual property. It also addresses challenges and opportunities unique to the industry. Additionally, it emphasizes how managers are accountable for fostering a supportive atmosphere, offering a clear strategic direction and vision, allocating resources, encouraging cross-functional collaboration, and supporting risk-taking and learning. The results add to our understanding of innovation management in the Finnish medical device industry and offer useful information for future research projects, legislators, and practitioners. Additionally, this research lays a strong platform for future studies that will look deeper into particular facets of innovation management, like the long-term effects of the suggested framework, industry comparisons, and the incorporation of cutting-edge technology.