Innovation Lifecycle Management: Low-Risk Scenario Pilots

Risk management in the procurement of medical innovations is an important aspect of the overall lifecycle management at hospitals and health systems in order to overcome key barriers in the implementation of innovations. Risk management is associated with a cost and the whole exercise of risk management can cost a lot. Innovation officers take a responsibility for an additional cost for the benefit of procurement of innovations long-term. The risk of failure can be minimized by experimenting with low-risk scenario pilots so that the overall cost of risk management while experimenting with new innovations is minimized. The risks can be characterized based on the nature of origin (for example supplieRisk management in the procurement of medical innovations is an important aspect of the overall lifecycle management at hospitals and health systems in order to overcome key barriers in the implementation of innovations. Risk management is associated with a cost and the whole exercise of risk management can cost a lot. Innovation officers take a responsibility for an additional cost for the benefit of procurement of innovations long-term. The risk of failure can be minimized by experimenting with low-risk scenario pilots so that the overall cost of risk management while experimenting with new innovations is minimized. The risks can be characterized based on the nature of origin (for example suppliers, innovators), the likelihood of them occurring, and the potential consequences. Low-risk scenario pilots aim to manage the risk by sourcing innovations from most trusted sources and for situations that minimize the chances of risks and also result in minimum damage if at all the pilots fail.rs, innovators), the likelihood of them occurring, and the potential consequences. Low-risk scenario pilots aim to manage the risk by sourcing innovations from most trusted sources and for situations that minimize the chances of risks and also result in minimum damage if at all the pilots fail.