Within the medical field there are plenty of studies and or researches done worldwide to discover new cures, find alternative ways to keep people alive, and at each moment doctors find themselves with new challenges with each new findings or what they think to be a breakthrough. However, I find the largest innovative idea that had spawned in the last several years and has continually grown was creating a mechanical heart. The Texas Heart Institution had been testing this idea upon cows before they had tested it on an actual human. This report will discuss key findings, and how an industry within this sector is revolutionary and affects everyone.
Quality of Industry Review and Research
The industry I have chosen is the medical field, specifically bio-medical engineering and there a several key issues and challenges it faces daily because of how complex the human body is and how quickly technology is advancing. With rapid advancement of technology it enables these doctors to provide the best quality of services to their patients or potential patients. An example of this was back in 2011 when a man named Craig Lewis had suffered from a rare heart condition causing his heart to fail. Dr. Cohn and Dr. Frazier had an already developed an idea where they can replace the heart with two turbines. They had tested it upon animals and those animals were fully functioning after removing their hearts and replacing it with the turbines. The challenge this faces is that what we as humans use the heartbeat to gauge whether someone is alive or not but with this replacement there is no heartbeat. The biggest challenge this innovative idea faces is how long can this mechanical heart continuously pump blood throughout the body seeing as the human heart does that nonstop with no need for breaks. For them to manufacture a mechanical heart even capable of doing that is next to impossible at this moment and time given the resources.
Quality of Technical Analysis
This technological innovation works by the rapid advancement of mechanical engineering and seeing as Dr. Kohn and Dr. Frazier have used turbines as their platforms as a replacement for the human heart. This type of innovation transforms an industry because there are countless amount of people who suffer around the world of some sort of heart condition and some require it to be replaced however there are not that many hearts available for that many people. For example in the States as many as 5 million people suffer from a form of heart failure and there are about 2,000 hearts a year that become available for transplant. For these people to have an alternative creates opportunities and growth for this idea. This will make a huge difference in the future because it will help out or improve the life span of a human being. Lastly, myself being Canadian if a procedure such as this were to come to Canada would it be covered by OHIP.
Quality of Business Analysis
Inbound logistics- manufacturing of the raw materials required to create the turbines of the heart
Operations – transformation of the raw materials into the mechanical hearts which would eventually provide the service of a possible new heart to those in need of a new one
Outbound logistics – service to display how to provide the surgery/distribution of the tangible items to doctors able to perform this surgery
Marketing and sales – selling the product and service to those in need
Service – Canada (if it can be covered by OHIP)
The five forces of industry competitive analysis would show the rivalry components among existing competitors regarding potential new entrants, power of buyers, threat of substitutes and power of suppliers. Potential new entrants will always want to expand and better the the idea which is threatening if it does truly make the product all around more efficient for the potential of buyers. Which moves to the power of the buyers meaning those who are able to afford the services of a potential heart they heavily influence in the further development of this idea because being able to monitor the group will allow further development. The threat of a substitute would consist whether the materials and or methods they are using are highly expensive, thus making the entire procedure expensive making it inaccessible to those who cant afford it be a reason and have it be replaced by a cheaper method will make the product itself obsolete, but not the idea itself. Thus, the power of suppliers will determine whether this innovative idea continues because it is the suppliers who gather the raw materials needed to make this idea come to be.
Quality of Conclusion
Major innovations within the industry if successful in the trials get quickly adapted to and further developed by first discovering
what the initial issues are and what would the future challenges be regarding a technological advancement in the medical field. In some cases doctors may reject another doctor’s idea due to their morals or ethics and in this case some may reject it because in a sense they are playing “God”. If they were to successfully create a replica to the human heart which can last as long you are potentially able to almost recreate a human in a sense. As of right now this procedure is offered in the U.S. and those who would use it would be those who can afford it and those who can’t are normally who cannot afford it. This will stay in the market for quite some time this is an innovation that some doctors will build off of to help the growing need of patients requiring a heart. I would recommend investors to invest into an idea which is slowly becoming a reality because it is a need for a market for which has minimal resources as it is e.g. the human heart. Thus, to invest into an idea such as this and successfully create an effective and efficient mechanical heart the return is great.
Jeracki, K. (2015, October 15). Heart valve research moves to next phase in India – SOURCE. Retrieved October 20, 2015, from http://source.colostate.edu/heart-valve-research-moves-to-next-phase-in-india/
Reporter, D. (2011, June 17). The beatless heart: Texas husband lives for five weeks without a pulse after doctors invent new artificial heart. Retrieved October 20, 2015, from http://www.dailymail.co.uk/health/article-2003956/Craig-Lewiss-beatless-heart-Texas-husband-lives-5-weeks-pulse.html
Santora, L. (2013, May 17). Living without a heart beat — a patient’s life with an artificial heart. Retrieved October 17, 2015, from https://www.youtube.com/watch?v=NkEhWYceCRg
The World’s First Heartless Human Is Able To Live Without A Pulse! (2011, June 17). Retrieved October 20, 2015, from http://www.worldstarhiphop.com/videos/video.php?v=wshhz126om2Td4r2648T