Business model innovation in healthcare: A theoretical review of entrepreneurial strategies in the medical sector
Fuqua School of Business, Duke University, USA.
Review
International Journal of Biological and Pharmaceutical Sciences Archive, 2024, 07(01), 148–157.
Article DOI: 10.53771/ijbpsa.2024.7.1.0032
Publication history:
Received on 10 February 2024; revised on 18 March 2024; accepted on 20 March 2024
Abstract:
This theoretical review explores the critical role of business model innovation in the healthcare industry, focusing on entrepreneurial strategies within the medical sector. With the constant evolution of healthcare needs, technologies, and regulations, traditional models are becoming increasingly insufficient to meet the demands of patients, providers, and other stakeholders. Business model innovation offers a pathway for organizations to adapt, thrive, and deliver value in this dynamic landscape. Drawing upon existing literature and case studies, this paper examines the fundamental concepts of business model innovation and its application within healthcare. It explores various entrepreneurial strategies, including opportunity identification, collaboration, technology integration, and patient-centered approaches, highlighting their impact on reshaping the healthcare ecosystem. Furthermore, the theoretical framework delineates key components of successful business model innovation, such as value proposition design, revenue model development, infrastructure optimization, and customer segmentation. Through analysis of real-world examples and challenges, this review elucidates the opportunities and barriers associated with business model innovation in healthcare. It underscores the importance of fostering a culture of innovation, promoting interdisciplinary collaboration, and addressing regulatory complexities to drive sustainable change. Additionally, it outlines future directions for research, implications for healthcare practitioners and policymakers, and the imperative for continuous adaptation and improvement. Ultimately, this review contributes to a deeper understanding of how entrepreneurial strategies can catalyze business model innovation in healthcare, paving the way for enhanced quality, accessibility, and affordability of healthcare services in the digital age.
Keywords:
Business Model; Innovation; Healthcare; Theoretical; Entrepreneurial Strategies; Medical Sector.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0