Paree Group: MedTech going further with an innovation strategy sprint

We helped 3 independent subsidiary companies jointly identify opportunity areas in healthcare where they're stronger together

Covid-19 shook the world, and with it, the healthcare industry. Paree Group decided to take the bull by the horns and seize the opportunity to forge a new future-proof innovation strategy. 

This Finnish medical technology group and three of its subsidiary companies (Serres, Innokas Medical and Cubist) turned to Board of Innovation for an innovation strategy sprint, to lay the groundwork for future success.

Challenge

Creating opportunities
in times of disruption

Due to Covid-19’s impact worldwide, for a moment in time, the entire economy ground to a halt. Paree Group decided it was time to analyze how the three independent healthcare companies within the group could improve and streamline their cooperation, in order to take advantage of new opportunities on the market – and with an eye to future-proofing their business as a whole.

Approach

A joint mission for airtight strategies

Over the course of a two-week innovation strategy sprint, Board of Innovation assisted the entities around the table – Serres, Innokas Medical, Cubist and Paree Group – in laying out a joint group mission in healthcare that stayed true to their core objectives. 

What’s more, we examined how market trends were affecting their individual and collective businesses. Finally, we explored multiple strategies and opportunities to leverage in order to develop a more solid market position through innovation.

Results

Group-level strategies
to boost business

Following the innovation strategy sprint, we identified two joint areas of opportunity and an action roadmap that everyone around the table was eager to further explore. To top it off, the sprint produced several other enablers and short-term actions to strengthen the group’s position.

This was the Paree Group’s first ever sprint, but it laid the foundations for group-level strategies that will allow the collective to go further than any of the subsidiaries could as individual entities.

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