Healthcare Innovations:An Incentive to Manage an Inevitable Change in Healthcare Industry

The Healthcare Sector is under tremendous pressure due to rising costs and patient expectations in the wake of increasing complexity of medical ecosystem. The mounting pressure itself makes innovation more complicated than ever before. To break the complexity and move forward, the entire ecosystem must overcome the barriers that hinder the prospect of innovations. "Business has only two functions- Marketing and Innovation" as Milan kundera says. Innovation contemplates translating an idea into goods or services that creates value for customers. In healthcare, "innovation" could be of new drugs, therapies, or medical devices. Healthcare innovation means how we can improve patients' experiences; reduce costs, delivering value by translating research into best possible therapies and make healthcare accessible to more number of patients. Most of the compelling innovations come out from emerging markets; the reasons could be necessity is the mother of invention. In the absence of adequate facilities, healthcare providers must improvise and innovate. Besides, weaknesses in the infrastructure and scarce resources breed disruptive Innovations. The Purpose of this paper is to study the challenges and opportunities in current trends of Healthcare Industry, to study innovative strategies and do such strategies drive higher consumer (patient) satisfaction, to analyze the future possible trends in healthcare landscape making shift towards enhanced patient engagement. This paper utilizes the secondary data available from web based authentic sources to evaluate and analyze the different parameters under study.