TITLE:
Exponential Technologies + Reverse Innovation = Solution for Future Healthcare Issues? What Does It Mean for University Education and Entrepreneurial Opportunities?
AUTHORS:
Michael Friebe
KEYWORDS:
Exponential Technologies, Reverse Innovation, Healthcare, Entrepreneurship, Healthcare Demographics, Prevention
JOURNAL NAME:
Open Journal of Business and Management,
Vol.5 No.3,
July
10,
2017
ABSTRACT: Exponential technologies are generally described as something that will—in a given time period—double data generation/evaluation and/or half the associated cost with it. The terminology is actually only proven for the Information and communication technology (ICT) segment at the moment, where according to Moore’s law the complexity of processors and the cost per transistor follow that path for many decades now. An example from Medical technology is the cost of genome sequencing that has dropped from millions to thousands and now to under USD 100 within a little more than a decade. In many other areas there are potential and hope that certain technologies (see Figure 1) could lead to significant clinical knowledge gains and procedure improvements combined with cost reductions. But is this just a hype or something that in combination with other emerging technologies could really provide solutions for the problems that we will face in present and future healthcare delivery? Specifically the increasing life expectancy and the ageing societies in combination with less and less available healthcare staff, ever increasing cost associated with healthcare delivery/products and services, or the inequalities between rural and urban areas particularly in developing nations that need to be addressed urgently. This paper will present the potential impact of some exponential technologies—in selected areas—on the future challenges of healthcare delivery with a particular focus on reverse innovation, where new technologies and delivery approaches will be first implemented in developing nations before being accepted and adopted by the developed world. It will also point out some changes that need to be implemented by universities for the education of future medical technology developers and the effect that could have on entrepreneurial opportunities.