The presence of the link between biomedical innovation and entrepreneurship is informed by the social functions which the two concepts serve in the society. Both of them are inseparably working towards the advancement of each other when compared.
Biomedical innovation constitutes the provision of new ideas that will proffer solutions to new problems in the field of human health, while entrepreneurship is placed solely to serve as a remedy to some certain social complication, or to serve as provision to some social need. That way, the latter and the former are said to be interrelated in terms of their social roles and responsibilities.
Hence, the comparison of what is understood by biomedical innovation and what the whole topic of entrepreneurship conceptually stands for.
-
Entrepreneurship
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.
It is one of the resources economists categorize as integral to production, the other three being land/natural resources, labor, and capital. An entrepreneur combines the first three of these to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business.
Entrepreneurs add to the society by the following ways:
Job Creators
Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk of employing themselves. Their ambition to grow their business eventually leads to the creation of new jobs. As their business continues to grow, even more jobs are created.
Innovators
Some of the greatest technologies in today’s society have come from businesses. Technological advances come from a need to solve problems, create efficiencies, or improve the world. In periods where there’s more advancement in technology, there’s usually an entrepreneur to thank for it.
Change Makers
Entrepreneurs dream big—many aim to make the world better with their products, ideas, or businesses. So naturally, some of their ideas will make a worldwide change. They might create a new product that solves a burning problem or takes on the challenge of exploring something never explored before.
Giving to Society
While some have a notion of the rich being evil and greedy, they often do more for the greater good than the average person. They make more money and thus pay more taxes, which helps fund social services. Entrepreneurs are some of the biggest donors to charities and nonprofits for various causes. Some seek to invest their money in creating solutions to help poorer communities have access to things we take for granted, like clean drinking water and good health care.
Building National Income
Entrepreneurship generates new wealth in an economy. New ideas and improved products or services from entrepreneurs allow for the growth of new markets and new wealth.
-
Biomedical Innovation
Biomedical sciences are a set of sciences applying portions of natural science or formal science, or both, to develop knowledge, interventions, or technology that are of use in healthcare or public health. As such these sciences have a much wider range of academic and research activities and economic significance than that defined by hospital laboratory sciences. Biomedical Sciences are the major focus of bioscience research and funding in the 21st century.
Innovation, in theory, refers to the act or process of introducing any existing idea, device, or method that’s new to the organization. Innovation can also lead to improvements in population health by making it easier for people to live healthy lifestyles and by providing new tools to detect and prevent the early onset of diseases.
Creation of Healing Centers
Innovations in biomedical technology come naturally to many of the world’s biggest health centers. There is the embrace of new technologies that solve problems and improve patient well-being. With innovation in biomedical science, there is also regular communication with other biomedical companies and startups to adopt leading-edge technologies and tools.
New Tools
In many cases, the newest tools are designed right in labs across the world. Clinicians and faculty are committed to discovery and collaboration across related fields such as schools of medicine, dentistry, business, engineering, nursing and public health.
The result is an academic medical center where teamwork and innovation are the norm. There is therefore significant leadership in developing and adopting new technologies to see inside the human body. Potentially curative therapies are beginning to reach the market, with many more in the clinical development pipeline.
Enhance Advancements
However, because the science is advancing faster than the system’s ability to translate medical advances into standard clinical care pathways, even the most brilliant scientific breakthrough, such as a gene therapy for a fatal disease, might well fail to deliver real value to patients and society.
