Examining Business Strategies for Handling Uncertainty in the Biotechnology, Medical Device, and Healthcare Sectors

Abstract

Innovation plays a key role in the biotechnology, medical devices, and healthcare sectors, where businesses depend on R&D and the launch of new products. Research and development, for example, can be expensive, and bringing new products to market can be challenging. It is essential to have successful business models (BMs) that complement these types of innovative endeavors. This study explores the complexities of business managers in these innovative firms, highlighting the critical role that successful BMs play in managing uncertainty and promoting innovation. To compare models on factors like infrastructure, offering, customers, and finances, as well as to synthesize knowledge on BMs in innovative health-tech companies, this study carried out a systematic literature review. Open innovation, sustainable, dynamic, dual, spin-off, frugal, high-tech entrepreneurial content marketing, back-end, and product-service systems BMs are the nine main BMs identified from the review of 34 recent papers. According to the analysis, dynamicity, sustainability, and open innovation are fundamental models that can be used as a starting point when paired with other models. The study presents a customized Dynamic Sustainable Business Model (DSBM) for Health-Tech that combines sustainability and adaptability, giving businesses a framework for successfully utilizing emerging technologies. To help with risk management in health technology, a conceptual framework describing 28 categories of uncertainty factors in BMs was also created. The results provide vital information for businesses in the health-tech sector, helping them to manage innovation and value generation in a quickly changing environment.