No, I'm not advocating drug use. I just read this New Yorker story by Malcolm Gladwell, in which he makes the case that Steve Jobs' genius wasn't inventing—it was editing.
Gladwell relates how many of the "inventions" attributed to Jobs were actually conceived by others. The Apple founder didn't invent the mobile phone, he writes. Instead, Jobs looked at what was currently on the market, then designed the iPhone to improve upon the flaws of other products already in existence. Same with the iPod. And remember that famous Apple ad campaign "Think Different"? An ad agency actually came up with the slogan "Think Differently"; Jobs's contribution was simply to delete the ly.
The takeaway here is that it's not always necessary to, as they say, reinvent the wheel. Instead, take a look at what already exists and think about how you can make it better (or smaller, faster, and more user friendly).
"It Can Be Better to Tinker than Invent"
Shameless plug: Over on MD+DI, I examined this topic in a slightly different manner here: http://www.mddionline.com/blog/devicetalk/it-can-be-better-tinker-invent
As for how this advice might apply to the medical device industry, I think it generally depends. For startups, it might be better to invent something new and groundbreaking.
For big medtechs, tinkering is usually a less-risky enterprise.