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GE Healthcare Innovation

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by

Tarun Saxena

on 9 January 2015

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Transcript of GE Healthcare Innovation

Innovation
9 Critical factors for success
Compelling case
inspiring,
shared vision
fully aligned,
strategic
innovation agenda
Visible
senior management
involvement
Decision-making
model that
fosters
teamwork
Open-minded
exploration
creatively resourced,
multifunctional
dedicated team
Willingness
to take
risk
well-defined,
yet flexible
execution
process
- R&D funding is about 6-7% of the sale
- nearly $6-7 billion of total spending on R&D
- Ex. from India centre of GE Healthcare:
Ultra low-cost ECG machine
Initial funding of $500,000
Time frame of 18 months
Resource availability and allocation
competitors are challenging their medical products with low cost alternatives
competition from Siemens and Philips and small players like Samsung, Mindray, L&T, BPL, etc
Understanding Competitors’ Innovative Strategies and Industry Evolution
India unit has very good access to latest technologies
strong collaboration and cross-pollination of ideas between Healthcare unit in India and GRC
Cost advantage
Ex. incorporation of latest innovation in visualization algorithms from GRC
Understanding the
Business Unit’s Technological Environment
focus on bottom-of-the-pyramid solutions
Healthymagination process to collect, collate and assess ideas
crowdsourcing Ideas from anywhere - Sales to Eng. to Mktg.
Round the year collection
Assessed on cost, quality and accessibility
Formal exchange of information accross businesses
There is room for failure
Business Unit Structural and Cultural Context
ICFC (In Country For Country) teams
GE Healthcare in India has encouraged and mentored product teams
led to creation of ECG, CT, Ultrasound, MR, digital X-Ray, surgical table and baby warmer
It recognizes that ideas are sometimes contributed by mavericks
Strategic Management Capacity to Deal with Entrepreneurial Behavior
a contest for new product ideas

Criteria

ability to reduce cost

ability to maintain or enhance quality

ability of the product to reach its target customers
Healthymagination Challenge
setting strategic imperatives
Growth Playbook
Criteria
Annual Strategic review
- building on local capabilities and resources within India

- developing innovative medical solutions that accelerate medical reform and improve health conditions in both urban and rural India

- cross functional teams

- work on new product idea conceived and included in the annual growth playbook
In Country For Country teams
- Focuses on growth opportunities in emerging markets

- Separate kitty of funds for new product research and development

- No presence in India, however, GE Healthcare India can pitch in for funds
Global Growth Organization (GGO)
- Strong presence in India , co-located with GE Healthcare India
- Strong alliances are being built with GRC in India to leverage scientific know-how in new product development
Global Research Center (GRC)
Process of Innovation
Full transcript