This edition of Med-Tech Innovation News features a new regular spot devoted entirely to one of my favourite topics – digital health.
stethoscope
The emergence of digital health is leading to a change in what is considered as normal practice in healthcare and the medtech sector. It’s a complicated journey for many stakeholders to go on. The role of the medical device OEM is changing. Patient-centric design may be an old concept, but digital health takes it to the next level. OEMs have the opportunity now to design devices which bring them closer to the patient in many ways – be it via the gathering of patient data, or interactive guidance on using and living with the device. All of this constitutes added value, and for those devices where it is appropriate, it’s an opportunity for medtech firms to interact with patients in a similar way to the consumer business model.
At the same time, the role of the patient is also changing. The arrival of connected medtech has given rise to the idea of the empowered patient – a patient that, in theory, is less of a burden on the healthcare system.
Our mission here at Med-Tech Innovation News is to provide content that helps medical device OEMs solve challenges and adapt to the changing demands of the market. The aforementioned changing roles are the reason why we’ll be running a regular digital health update in each issue. Named the Healthtech Series, you’ll find the first instalment on page 29 of this issue, with an overview of the market from my colleague Reece Armstrong – reporter and commentator for our sister title, Digital Health Age.
Adopting a patient-first, connected approach is definitely going to be key for many of the sector’s key players in the coming years. Ernst & Young (EY) recently reported that over 75% of life sciences organisations currently included in the Fortune 500 are at risk of falling out of this ranking by 2023.
EY believes that to mitigate that risk, medical device firms need to “look beyond devices to provide data-driven health services”. There has been a significant movement from both start-ups and major consumer brands into the healthcare times.
That said, this is not necessarily a sign that market share is going to diminish for those specialising in certain fields – it just means that there will be more stakeholders in the supply chain. EY says that life science firms now have the opportunity to invest, participate in or build platforms of care, working hand in hand with the new kids on the block. Perhaps the best example of this is Medtronic’s partnership with Fitbit. Under the partnership, Medtronic’s blood glucose monitoring technology can integrate with Fitbit’s activity tracking technology. Via an app, diabetes patients can see how their fitness efforts pay off in terms of managing their condition.
Perhaps then, the key to a successful future for any established medical device OEM is not to resist, or compete with the newbies, but instead, seek to form partnerships. After all, the experts in this industry have a wealth of knowledge which will never be redundant, even in the age of wearables and connectivity. It’s knowledge that will form part of the next generation of devices.
One place you might make some new partnerships is the Med-Tech Innovation Expo, taking place 25-26 April at the Ricoh Arena, Coventry. I look forward to seeing you there!
