PwC report: Innovation trumps operational excellence in driving growth
NEW YORK — In the current business environment, incremental growth generated by marketing or research and development can no longer create and sustain success, suggested a new report published Tuesday by PwC. As a result, business leaders have realized the clear need for crafting an effective innovation strategy.
According to PwC’s new report, “Retail & Consumer Insights: Achieving breakthrough innovation for future growth,” 93% of retailers and CPG companies consider breakthrough innovation to be their major source of growth, and increasingly necessary to ultimately boost profitability.
PwC’s survey revealed a direct correlation between innovation and revenue growth, as innovative companies grow at a 16% faster rate than less innovative companies. Retail and consumer companies, specifically, are faced with the challenge to differentiate on the overall consumer experience, creating a stronger brand relationship to generate greater growth and boost revenue.
"While companies have historically focused on operations, retailers and CPG companies that establish a culture that values innovation will be the most successful," PwC analysts stated. "Consequently, growth fueled by innovation is now a major component of corporate strategy, equal in importance to operational excellence."
BD joins National Patient Safety Foundation
FRANKLIN LAKES, N.J. — Medical supplies manufacturer BD has joined an organization focused on patient safety, the company said Wednesday.
BD, also known as Becton, Dickinson and Co., announced that it joined the National Patient Safety Foundation’s corporate council, a move that it said would enable it to work alongside the NPSF and constituent groups, including healthcare providers, other service and product providers and patients and family representatives to raise awareness of patient safety issues and find solutions for them.
"Our drive to create a safer healthcare system is deeply rooted in BD’s commitment to improving access and outcomes of healthcare," BD EVP Bill Kozy said. "We are honored to stand alongside the National Patient Safety Foundation in discussing the actions needed to improve patient safety, with a particular emphasis on ensuring safe preparation and administration of medications."
Walgreens expands Theranos offering to Phoenix market
PHOENIX — Theranos and Walgreens on Wednesday opened new Theranos Wellness Centers located at Walgreens stores in the Phoenix metropolitan area. This marks the next step in Theranos and Walgreens planned national rollout of Theranos Wellness Centers, and the first expansion of the new laboratory services outside of California.
“As we work to bring Theranos’ lab testing services to more of our stores and communities nationwide, we’re excited that Phoenix area residents will be among the first to have this service available in the communities where they live and work,” Kermit Crawford, Walgreens president of pharmacy, health and wellness, said. “Working with Theranos, we’re proud to offer a differentiated patient experience through this latest innovation in health care technology. It’s another way in which we’re providing comprehensive care as part of our mission to transform community pharmacy.”
“Walgreens and Theranos’ partnership can have a real impact on the health and wellbeing of the people of Phoenix,” Phoenix Mayor Greg Stanton said. “I’m proud that Phoenix was chosen for the first broad implementation of a revolutionary lab testing program that makes diagnosis of illnesses fast, inexpensive and convenient. It reflects the success of our decade long investment in the bioscience and health care industries.”
“For the past 10 years, Theranos has worked relentlessly to help make actionable information accessible to individuals and their physicians at the time it matters most. Our goal to bring high quality, affordable lab testing within 5-miles of every home in Phoenix begins today,” Elizabeth Holmes, CEO of Theranos said. “By making it possible to run laboratory tests from a tiny sample, children, elderly and those with chronic conditions or a fear of needles will now be able to partake in a new experience."
The new Theranos Wellness Centers will provide Phoenix area consumers with access to less invasive and more affordable clinician-directed lab testing from a blood sample as small as a few drops — 1/1,000 the size of a typical blood draw. The micro-samples, collected by certified phlebotomists or trained Walgreens technicians, are taken from either a tiny finger stick or traditional methods, eliminating the need for large needles and numerous vials of blood typically required for diagnostic lab testing.
The available tests include a broad spectrum of typical lab requests, including complete blood count, fibrinogen (which tests for heart disease) and hemoglobin A1C (blood sugar control).
Theranos test results can be made available to physicians in a matter of hours, enabling fast diagnoses. Tests are low cost — always 50% of Medicare reimbursement rates or less — and are reimbursed by major insurance carriers, Medicare and Medicaid.