In the contemporary business environment, companies are realizing the importance of collaboration with their stakeholders during the design, development and deployment of its products and services for creating and sustaining competitive advantage. The process of value creation is rapidly shifting from a firm-centric view to personalized consumer experiences, driven from the co-creation of value model. The consumer-company interaction is now seen as the locus of value creation.

Meanwhile, a change towards a more centered focus on stakeholders is called for in the co-creation and participation in innovation activities specifically in the healthcare industry. Aligning with the shift in the value creating process previously mentioned, the involvement of patients, doctors, payers, and other decision-makers in the healthcare industry is intended to generate key knowledge in order to build successful services while reducing costs and improving health outcomes.

In the new article published in Health Policy Journal, ranked Q1 (the highest rating according to Scimago, a leading authority in the ranking of research projects), Professor Marival Segarra-Oña and Professor Ángel Peiró-Signes (faculty of the Polytechnic University of Valencia, Spain) were joined by Professor Rohit Verma, Founding Provost of VinUniversity, to investigate the relationship between the healthcare industry’s stakeholders and the final innovation outputs. Results show that innovation outputs can undoubtedly be enhanced by strengthening relationships with its stakeholders. The paper also suggests that to foster innovation effectively, managers in the healthcare industry should focus on engaging clients, customers, patients or final users as information inputs.

Details of the article are available at https://www.sciencedirect.com/science/article/abs/pii/S0168851020301123

*Professor Rohit Verma is a leading expert in Business Administration from Cornell University, has been named the Founding Provost of VinUniversity. Prior to his current appointment, he was the Dean of External Relations at Cornell SC Johnson College of Business; Executive Director for Cornell Institute for Healthy Futures and Singapore Tourism Board Distinguished Professor. Professor Rohit, together with VinUniversity’s College of Business & Management, is committed to conducting world-class research that is both rigorous and relevant with the goal of addressing local and global problems.

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