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A Framework to Determine the Potential for Success of New Medical Robotic Products: Assessment by Cooper Scoring Model and TOPSIS Analysis

Wiyandini, J.R. (2014) A Framework to Determine the Potential for Success of New Medical Robotic Products: Assessment by Cooper Scoring Model and TOPSIS Analysis.

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Abstract:Background - At the early years of the 21st century, the introduction of innovative medical technology was in an increasing trend. One of the emerging medical technologies that are currently available in healthcare fields are robotic devices. Medical robotic systems have already brought a lot of improvisations in existing medical procedures such as the development of less-invasive medical procedures to produce fewer side effects and faster recovery times. Introducing innovation in healthcare such as idea, practice, or product is widely recognized as a complex process. As innovations are central to business prosperity, the industries and companies try to rapidly develop new technologies to create new and fierce competition. ASML – a mechatronic company, saw a potentially promising business within this field. ASML needs to have some certain indication if the type of new medical robotic products that they are going to produce will have a chance to succeed on the healthcare market. Therefore, this research project is conducted in a collaboration between ASML and University of Twente. ASML wants to analyze the most attractive surgical robotics present on the market to discover new medical robotic products with a large market and low entry barriers. Objective/Research Question - To assess the likely success of medical robotic innovations; supporting the investment decision of ASML in medical robotics. Four research questions are formulated in order to achieve the research objectives: 1. Which diseases or treatments have the largest clinical market?; 2. Which medical robotic products are currently available in healthcare?; 3. Which diseases or treatments that have the largest clinical market could be successfully addressed by medical robotic products?; 4. Which medical robotic devices for which diseases or treatments fit the core competences of ASML? Methods - A thorough literature review was undertaken in order to identify the size of market for new medical robotic device, as well as to find out which diseases that will be better and have more value to patient if the treatments were supported by robotic devices. Afterwards, an interview with expert was conducted in order to validate the findings from literature review. Finally, a scoring model based on the work by Cooper (1985) in combination with success factors in healthcare field by Fleuren (2004) was used. To do the scoring, we had to collect information from internet about several medical robotic devices that have been successful in entering the healthcare market. Afterwards, the scoring model was quantified using TOPSIS method to calculate the likelihood of success of the alternative medical robotics. Results – After taking the literature review by using several internet search engines and doing an interview with an expert for validation, we found out five diseases and treatments as the largest clinical market. We also found out nine robotic cases as alternatives to be compared in the Cooper scoring models. Those nine robotic cases are Da Vinci System, the Flex System, SPORT, and SPIDER for minimally invasive surgery procedures, ARTAS for hair transplantation, Sensei and Magellan System for intravascular surgery, Cyberknife System for radiosurgery, MAKOplasty for knee and hip replacement surgery, and PRECEYES for eye surgery (microsurgery). Finally, after scoring each alternative by Cooper scoring model and quantifying it with TOPSIS analysis, we got top four robotic alternatives that had the highest results and could be considered by ASML in order to support the investment decision of ASML in medical robotics. Conclusion/Recommendation – The assessment by Cooper scoring models and TOPSIS analysis method resulted four alternatives as the most ideal devices that could bring success to ASML including Da Vinci, SPORT, Cyberknife, and PRECEYES. However, we chose Da Vinci as the final recommendation for ASML based on the rough calculation of total gross revenue per year that were influenced by several factors such as the number of target group and the estimated selling price. There are three key points that have to be highlighted by ASML in order to enter such market: (a) cost, (b) technology or functionality, and (c) intellectual property. Accordingly, we recommend ASML to develop a surgical robotic device that has an advanced technology, less expensive, and easy to operate.
Item Type:Essay (Master)
Clients:
ASML, Veldhoven, The Netherlands
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:01 general works
Programme:Health Sciences MSc (66851)
Link to this item:http://purl.utwente.nl/essays/65837
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