Innovation lies at the heart of healthcare, medical device, and biotechnology industries, where companies depend heavily on research, development, and the launch of novel products. However, innovation is often expensive and fraught with challenges in bringing products to market. Aligning business models (BMs) with these innovative processes is therefore essential for managing risk and supporting growth. This study investigates the role and design of BMs in innovative health-tech firms, focusing on how they can help navigate uncertainty and drive innovation. Through a systematic review of 34 recent papers, nine major BMs were identified: open innovation, sustainable, dynamic, dual, spin-off, frugal, high-tech entrepreneurial content marketing, back-end, and product-service system models. Among these, open innovation, sustainability, and dynamic approaches were found to form the foundational frameworks that can be integrated with other models. The study also presents a Dynamic Sustainable Business Model (DSBM) tailored for health-tech companies, emphasizing flexibility and long-term viability to better leverage emerging technologies. Furthermore, a framework of 28 uncertainty factors affecting BMs was developed to support strategic decision-making and risk mitigation. These findings provide actionable insights for health-tech organizations aiming to optimize innovation and value creation in a fast-changing environment.
