Product Realisation & Medical Technology exports

Yesterday morning on Radio New Zealand's national Programme Finlay McDonald interviewed New Zealander of the Year - Ray Avery.   He has been involved in developing a number of medical technology products for the developing world e.g. an incubator which prevents the growth of bacteria and which can be used successfully in developing countries without the huge costs usually associated with this technology. 

One of the key concepts which he outlined was 'product realisation'  which he defined as 'the development of a product for which a need has been established or can be seen' (as opposed to developing a product which an innovative person thinks people are going to want).   This definition of product realisation is different from some of the definitions I have seen,

His business is selling many products from NZ to the Third world which have been developed in this way.   He also mentioned comments by the Government's Chief Science Advisor Peter Gluckman who said at a Medical Technology Conference in Auckland in February this year that:

'New Zealand's emerging medical technology sector, projected to become a billion industry within the next five years, was one of the most promising aspects of New Zealand's economy.'