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by Beth Stackpole, Contributing Editor   | Abstract: | Innovation has often been referred to as a haphazard process, but new thinking has brought rigor and accountability to the product development process. |
Medrad, Inc. has enjoyed a long history of firsts. Since 1964, when its physician founder created the first ultrasound injection system, Medrad has introduced a steady stream of successful medical imaging products, leading to consistent 15%-20% annual growth over the last decade. With its fundamental markets maturing, however, Medrad recently decided to take measures to cement its place as a leading provider of ancillary medical imaging products. Specifically, the medical device manufacturer wanted to ensure that its innovation success rate could hold up against global competition. "Innovation is a critical success factor in our industry -- I don't think you could find a single medical device manufacturer who hasn't had a continual stream of innovation," notes Don DeLauder, executive director of product innovation and advanced development for Medrad (Indianola, PA). [Click to continue] |