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1-Page Summary of The Innovator’s Prescription

Overview

No issue is more hotly debated in the US than health care. For decades, people have been arguing about whether or not to keep the current system of HMOs and private insurance versus a single-payer system that would be publicly controlled. The debate has increased since President Obama launched his Affordable Care Act.

We shouldn’t be focusing on public or private health care. Instead, we should look to the business world for ideas that will help us have a more efficient system. We can do this by applying certain key points from the business world to our health care system.

The following are some key points you will learn from this article:

IBM is a leader in healthcare, and we should look to them when trying to improve it.
Building more hospitals might not lead to better service because of the lack of doctors available.
Doctors who do less can help us all because they’ll have more time for research, which benefits the whole world.

Big Idea #1: Disruptive technology could make health care more accessible and affordable.

Health care is a big problem in America. It’s expensive and hard to get. There are many ways to improve it, but we need to do something about it soon.

Health care is a big business in the US. It’s important to figure out how to make it better and easier for people to access health care, whether through treating health care like any other business or using disruptive technology.

So what is it? Disruptive technology is the combination of innovation, an established market, and a yet-to-be developed solution. (400 words)

The following passage was taken from a press release issued by General Motors in July 2016:

‘Barra to lead General Motors as CEO

NEW YORK – Barra will oversee all aspects of product development financing sales distribution marketing and service for the global company’s brands.

The first is a technological enabler that simplifies problem-solving by routinizing solutions, thus making the entire process cheaper. The second is business model innovation that allows firms to deliver affordable and accessible services while still turning a profit.

IBM was an early adopter of technology. When they decided to move their business operations from New York and Minnesota to Florida, they were able to avoid high overhead costs by moving away from the mainframe and minicomputer businesses in those areas. They then paired this new strategy with a technological enabler: microprocessors, which led them to revolutionize the computer market by introducing PCs, which were smaller than mainframes and minicomputers at that time.

IBM’s example of disruptive technology shows how it can lower costs and make products easier to access. It also creates value networks, which are composed of companies that use mutually reinforcing technologies. The microprocessor company would be part of a network that includes suppliers, transporters, and other companies. All these businesses benefit from the new technology

Now that we understand what disruptive technology is, it’s time to learn about different types of business models.

The first type of disruptive business model is the direct sales model.

Big Idea #2: An innovative business model is crucial to harnessing the power of disruptive technology.

Most people know that having a good idea of what their customers want is key to business success. However, this approach can be harmful because it directs the company’s energy toward specific product categories.

The Innovator’s Prescription Book Summary, by Clayton M. Christensen, Jerome H. Grossman, Jason Hwang