Focus on Open Innovation in Medical Device Industry

With economic pressures and the demand to deliver new products to the marketplace, more companies in the $350B medical device industry are shifting their new product development processes to open innovation models that allow them to engage outside innovators from across the globe to increase the flow of ideas and boost their new product pipelines.

The market for Innovation Management Software (IMS) is rapidly expanding as medical device companies understand the many benefits provided by a formal open innovation business process. In the Gartner report, Hype Cycle for Life Sciences, 2011(1), over the next two years, at least 50% of life science companies with innovation strategies will be utilizing an Innovation Management System as part of product development initiatives.

e-Zassi is addressing this need with the first Open Innovation software platform specifically designed to meet the requirements of the complex medical device industry. Delivered as a SaaS product, the e-Zassi InnoVision(TM) platform enables a standardized approach to the submission, capture, decision support and sharing of new ideas. The software utilizes a secure non-confidential assessment format, minimizing intellectual property legal risks and offering protection for both innovator and receiver. The e-Zassi technology platform can also integrate with existing downstream and synergistic workflow systems such as document management, CRM and product life-cycle management software to provide a fully integrated end-to-end solution in what is now a very manually intensive business process.

Today leading medical device companies and healthcare organizations are deploying the e-Zassi InnoVision(TM) solution and are recognizing the benefits that it brings to the new product development and innovation management process.

About e-Zassi.com
e-Zassi.com, a provider of web-based software solutions that have been developed to enhance business development and technology transfer of medical devices. It is simple to use, more cost effective than traditional methods and protects all parties from confidentiality risks delivering immediate competitive advantages. For additional information call 866.874.6328 or visit www.e-zassi.com.