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Reverse Innovation: The Less Popular Phenomenon That is Transforming the Healthcare Sector
An alternate form of innovation that’s saving the world.
Reverse innovation is the process where developed countries borrow innovations from relatively less developed countries. For e.g. in the healthcare industry, innovations from China, India, and Ghana could be borrowed and implemented in western multinational’s strategies.
For years, western companies have been practicing innovation in one traditional way: by creating products and services in developed markets and exporting them to developing countries after adding a few adaptations.
In the healthcare sector in developing countries, the fundamental problem with this approach is price and suitability.
Most healthcare systems and governments cannot afford high-end technology. Also, some of the medical technology does not fit the local conditions, such as
- The machinery could be too bulky to transport to rural areas
- May use substantial amounts of energy
- Require significant training and skilled staff to operate it
A potential solution is for western companies to develop healthcare products is through reverse innovation — creating, testing, and selling products and…
