A Systematic Research Methodology for Business Model Decision Making in Commercialising Innovative Healthcare Diagnostic Technologies

Abstract

Business models and decision making play a vital role in the delivery and implementation of technological innovations in the healthcare industry, especially for entrepreneurs, healthcare providers, managers, researchers and policy makers. However, despite its significance, current conceptualisations of business models do not adequately guide in designing business models particular to the complex and dynamic healthcare environment. With the exploratory nature and lack of research in this area, this paper aims to design a new methodology to develop business models incorporating multidimensional implications of various stakeholder perspectives. A systematic literature review of existing methods in business models and decision making has been done and a new methodology has been proposed, entitled Thematic + TISM + MICMAC = TTM methodology. An application of this method has been tested with empirical findings from the healthcare diagnostics value chain to establish the key factors of innovative business model development in healthcare decision making. Limitations, future directions and challenges in the proposed methodology are also discussed. It is hoped that this study will guide practitioners in future work towards advancement of these techniques and will help the managers to select better decisions by making use of these methodologies.