Innovation In the Emerging Markets Essay Example | Topics and Well Written Essays - 500 words

Innovation In the Emerging Markets - Essay Example In short, it’s just something fancy that can suit the taste of some people. In the case of MAC 400, innovation even meant a lower price tag since it sells for a third of a price of a conventional ECG as reported in an article in the Economist last 2010. Indeed, continuous innovation would certainly usher better medical products that are even handy and provide quick diagnosis of a medical condition. Doctors can go to remote places and attend to indigent patients who need an MRI using MAC 400. Although big companies are creating more innovative products to suit customer’s needs based on marketing research, a newer form of innovation has been shaped for the past few years. This innovation is a far cry from complex systems that sell for thousands of dollars; rather, the new trend in innovation is geared towards addressing basic concerns of humanity such as potable drinking water. This type of innovation is known as† reverse innovation â€Å"or† frugal innovatio n†. The World Health Organization’s Millennium Development Goals for 2015 included providing potable drinking water to 884 million people who still depend on unsafe water sources for their drinking, cooking and sanitation.