Why it's time for medtech to make its mark
Lu Rahman writes about the exciting aspects to the medtech market.
I have to admit it was a bit of a shock to come back from maternity leave to find I was now expected to do someone else’s job on top of my own. While the extra workload could be seen as something of a downside, the upside is that I get to immerse myself in UK and Irish medtech – one of the most exciting markets there is - not just on a local level but also on a global scale.
UK and Irish life sciences, in which the medtech market sits, innovate on a regular basis. Whether it’s antimicrobial materials that help curb the spread of infection, the development of medical adhesives, or the way in which the packaging market addresses issues of sustainability, the medtech sector is at the forefront of healthcare solutions. I never tire of learning about the journey a product takes from design to manufacture and then to its eventual home in a clinical setting.
What’s currently making the sector even more exciting is the rise of technology – digital products, connected products, healthtech products – making it one of the most advanced industries we have.
This is something that is being recognised at all levels. The 2019 EY medtech report, Pulse of the Industry, highlights the upward trend the sector is experiencing. It does however, warn that its long-term growth may be weak due to a lack of investment in R&D as well as a lack of collaboration between industry providers, payers and patients.
According to Jim Welch, EY global medtech leader: "Medtechs have a unique opportunity to capitalise on digital transformation. As devices become increasingly connected, medtech companies have a built-in advantage. They also have strong alignment with other healthcare ecosystem stakeholders, so they are well-placed to develop new business models and create value in the future. What they don't have are broad, in-house capabilities to develop personalised healthcare offerings. Increased investment in digital collaborations that expand customer experience, as well as data and analytics capabilities, will continue to move medtechs closer to patients."
There are opportunities ahead for the medtech sector but consideration of what businesses are lacking and where investment needs to be is crucial to its success. It’s a familiar tale - too often businesses miss out on lucrative opportunities as they don’t have leaders with foresight, encouragement or confidence to create the exact framework for growth. It’s situation that isn’t peculiar to the medtech world. Business across the globe throw away financial growth on a regular basis. What does set the medtech sector apart is the ongoing investment shown by global players. There is no other market innovating at the same level, showing so much potential, or that has the backing of global industry, government and academia. The future’s bright…