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Original Article

Innovation—the risks, costs and rewards

Pages 228-232 | Published online: 09 Jul 2009
 

Abstract

According to the Oxford Dictionary innovation can mean bringing in novelties or making changes. I do not intend to discuss novelties or changes in existing products. In my view an innovative product is one which significantly alters, for the better, the way in which a diagnostic or therapeutic procedure is carried out, or allows an entirely new procedure to be performed. Generally speaking, improvements in existing products involve little risk, minimal cost and marginal rewards, tending to preserve the status quo of the supplying company.

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