The importance of design to company and national performance has been widely discussed, with a number of studies investigating the value or impact of design on performance. However, none of these studies has measured design investment as an input against which performance can be compared. As yet, there is no established way in which design investment might be measured. Without such a method, we cannot develop a reliable picture, akin to that for R&D spending, on the impact of design spending on company performance. This paper presents a conceptual framework for the measurement of design investment and applies this framework in a survey of UK firms. The framework describes design as being part of the creation and commercialization of new products and services. The survey highlights some surprising patterns of design spend in the reported sample and demonstrates the viability of the underpinning framework. A revised framework is proposed that situates design investment in the context of R&D. The model has implications for policy makers trying to understand the role and scale of design in the private sector, for managers wishing to optimize their design investments and for academics seeking to measure the value of design.
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Abstract AimsRegenerative medicine is an emerging field with the potential to provide widespread improvement in healthcare and patient well-being via the delivery of therapies which can restore, regenerate or repair damaged tissue. As an industry, it could significantly contribute to economic growth if products are successfully commercialized. However, to date, relatively few products have reached the market due to a variety of barriers, including a lack of funding and regulatory hurdles. The present study analyzes industry perceptions of the barriers to commercialization which currently impede the success of the regenerative medicine industry in the UK.
Materials & MethodsThe analysis is based on twenty interviews with leading industrialists in the field.
ResultsThe study revealed that scientific research on regenerative medicine is thriving in the UK. Unfortunately, lack of access to capital, regulatory hurdles, lack of clinical evidence leading to problems with reimbursement, as well as the culture of the NHS do not provide a good environment for the commercialization of RM products. Conclusions Policy interventions, including increased translational government funding, a change in NHS and NICE organisation and policies as well regulatory clarity would likely improve the general outcomes for the regenerative medicine industry in the UK.
This paper proposes a framework for thinking about industrial policy based on the maturity of a given industry in a country contrasted to the maturity of the industry in a global sense. Existing models for industrial policy tend to be based on the issues faced by emerging economies. By providing a coherent framework for rationales for industrial policy that spans both developed and developing economies, we can assess various industries and discuss the merits of providing support on a comparable basis. The paper provides examples of using the framework to discuss how it can be used and how it could be developed as a strategic tool for policy makers in leading economies.
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