Posts Tagged ‘U.S. economy’

Why the U.S. Economy Needs the Power of Digital Health

February 11th, 2013
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As the new year slips into higher gear, and our national focus shifts from politics to policymaking, we need to take a fresh look at how innovation can give the economy a boost.
While President Obama’s second inauguration speech mentions the need for new technology (harnessing new ideas and technologies to remake, revamp, reform and empower various sectors of society), I find myself asking: what kind of innovation? How could digital health play a role?
Harvard professor and innovation pioneer Clayton Christensen calls for a better mix of the three main types of innovations: empowering, sustaining and efficiency. He observes that empowering innovations, which create jobs by transforming complex and expensive products into simpler, cheaper products, are in unusually short supply. Meanwhile, sustaining innovations, which replace old products with new models (that nonetheless operate the same way), and efficiency innovations, which reduce costs of existing products, are abundant, but don’t help jump-start an economy as much. Today, he says, efficiency innovations are just being reinvested back into more efficiency innovations.
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