MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • MassDevice Today
    • Cardiovascular
    • Clinical Trials
    • Legal News
    • Orthopedics
    • Regulatory/Compliance
  • Wall Street Beat
    • Funding Roundup
    • Mergers & Acquisitions
  • More MedTech
    • Cosmetic/Aesthetic
    • Diabetes
    • Dialysis
    • Distribution
    • Imaging
    • Otolaryngology Ear, Nose & Throat
    • Pharma
    • Respiratory
    • Wound Care
  • Blog
  • DeviceTalks Podcasts
  • Resources
    • About MassDevice
    • Newsletter Signup
    • Job Board
    • Leadership in Medtech
    • Manufacturer Search
    • Videos
    • White Papers
  • DeviceTalks
Home » Medtech’s existential crisis and how it can survive

Medtech’s existential crisis and how it can survive

March 13, 2018 By Chris Newmarker Leave a Comment

Share
EY medtech existential threat value

The new EY report even includes an equation to show how medtech and other life science companies will need to deliver value: “Future value (FV) is driven by innovation (I) that focuses on outcomes with a high degree of personalization and is fueled
by unlocking the power of data (D.” [Image courtesy of EY]

Executives in medtech and other life sciences companies view digital health startups and high tech giants as an existential threat. To compete, they’re going to have to invest in or acquire customer engagement and personalization skills usually associated with online retailers and social networking sites, according to a new report out today from EY.

The report — Life Sciences 4.0: Securing value through data-driven platforms — quotes Johnson & Johnson CEO Alex Gorsky to indicate where things are going:  “Technology will touch everything that we do, whether it’s the way we use data to better understand the genome … or as it applies to things like minimally invasive surgery, even the way we talk to consumer vis-à-vis social media.”

Technology isn’t the only factor driving the change. Aging populations in the developed world mean that both public and private payers are tackling budgetary constraints and longstanding inefficiencies in healthcare systems.

In the medical device industry, companies are having to decide whether they are products companies selling to health providers or services companies focused on patients as a customer, according to the report’s author, Pamela Spence,  EY Global Life Sciences industry leader.

“I think companies need to decide what they want to be. … It’s hard to do both,” Spence said during an interview with our sister site Medical Design & Outsourcing.

Get the full story on MDO. 

Filed Under: Business/Financial News, Diabetes, Health Information Technology, Healthcare Reform, News Well Tagged With: Alphabet, Amazon, Apple, EY, google

In case you missed it

  • Abbott, Novo Nordisk ink deal for digital diabetes tools
  • Ocular Therapeutix doses first wet-AMD patient in implant trial
  • Neovasc inks $3m settlement deal with MID, raises $1m
  • Hygieia wins FDA clearance for insulin management app
  • Owens & Minor dips on Q4, 2018 EPS miss
  • Henry Schein shares drop on mixed bag Q4 earnings
  • Medtronic launches DBS for medically-refractory epilepsy in the U.S.
  • ResMed, Fisher & Paykel agree to settle all outstanding patent suits
  • Edwards Lifesciences wins CE Mark for Pascal mitral repair device
  • AdvaMed president & CEO Scott Whitaker to participate in keynote interview at DeviceTalks Boston 2019
  • Apollo Endosurgery touts results of stomach-stapling study
  • Medtronic looks to retire up to $5b in debt
  • FTC gives the go ahead to Fresenius, NxStage merger
  • When human factor specialists become the patient
  • Here’s how a new Abbott device is making a difference among neonatal infants
  • Conformis: Yale study shows customized knee implants save money
  • Intuitive Surgical wins FDA clearance for robotic-assisted lung biopsy system

RSS From Medical Design & Outsourcing

  • Summit Medical expands manufacturing facility
    Summit Medical recently announced that it has expanded its St. Paul, Minn. manufacturing facility with an additional 15,000 sq. ft. The addition opened on Feb. 11. The expansion will become a secondary facility for the company’s headquarters that is located less than a mile away. It will also serve as a master distribution center. “The… […]
  • AdvaMed president & CEO Scott Whitaker to participate in keynote interview at DeviceTalks Boston 2019
    WTWH Media and MassDevice.com announced today that Scott Whitaker, president and CEO of AdvaMed, will be a featured keynote speaker at DeviceTalks Boston 2019. DeviceTalks Boston, which takes place on June 5-6, 2019 at the Seaport World Trade Center, brings together engineering, product development and commercialization professionals to share the challenges and best practices of getting medical devices… […]
  • Apollo Endosurgery touts results of stomach-stapling study
      Apollo Endosurgery (NSDQ:APEN) has reported key data from 1,000 patients who underwent endoscopic gastroplasty using the company’s OverStitch device. Published in the journal Gastrointestinal Endoscopy, the data include a mean total weight loss of 14.8%±8.5% at 18 months. Three months following surgery, the impact on obesity-related comorbidities included the complete remission of: 13 of 17 cases… […]
  • Royal Philips introduces new C-arm imaging tech
    Royal Philips (NYSE:PHG) said it has launched a new mobile C-arm imaging platform, Zenition. Mobile C-arms are X-ray systems that are brought into the operating room (OR) to provide live image guidance during a wide range of surgeries including orthopedic, trauma and vascular procedures. The Zenition mobile C-arm platform brings together innovations in image capture, image… […]
  • When human factor specialists become the patient
    By Allison Strochlic, Emergo Group I just had a baby – my second daughter. This means that, like over 98% of my fellow American moms-to-be, I checked into a local hospital to have nurses and doctors oversee what I hoped would be the smooth delivery of my baby. This entitled me to the firsthand experience… […]
  • Medtronic risk prediction tool could help prevent opioid deaths: Here’s how
    Medtronic officials continue to hone their arguments for how the company’s capnography and oximetry systems could reduce potentially deadly opioid-induced respiratory compromise. The medical device giant on Feb. 17 announced preliminary results of its Prodigy study, in which the company’s Microstream and Nellcor monitoring technology provided continuous capnography and oximetry for 1,496 patients across 16 sites in the U.S.,… […]
  • Phillips-Medisize is expanding in Wisconsin
    Phillips-Medisize, a Molex company, has broken ground on a new manufacturing facility in Hudson, Wis., on the eastern end of the Minneapolis-St. Paul metro area. The 34-acre location at the St. Croix Meadows development will support at least 230,000 square feet of manufacturing space for FDA-regulated medical device products, Phillips-Medisize announced yesterday. After construction is complete… […]
  • ReWalk Robotics files for exoskeleton suit clearance
      ReWalk Robotics (NSDQ:RWLK) said it has applied to FDA for 510(k) clearance of its ReStore exoskeleton suit for gait training during stroke rehabilitation. The Yokneam, Israel-based company designed its exo-suit to provide coordinated plantarflexion and dorsiflexion assistance to a patient’s foot and ankle. It recently won insurer reimbursement from Cigna and completed a clinical… […]
  • FDA proposes faster post-inspection feedback
    FDA has issued draft guidance providing for more timely nonbinding feedback following medtech facility inspections to advise whether the companies’ proposed corrective actions appear adequate to the agency. The draft guidance proposes a process by which companies can request nonbinding feedback on certain kinds of observations issued on a Form 483. It outlines a standardized method… […]
  • India CDSCO adds new medical devices to regulated list
    By Stewart Eisenhart, Emergo Group India’s Central Drugs Standard Control Organization (CDSCO) continues expanding oversight to more types of medical devices, now planning to require registration for eight additional device types starting April 1, 2020. Get the full story here at the Emergo Group’s blog. The opinions expressed in this blog post are the author’s… […]
  • Empowering Medical Innovation
    From faster medical device development to life-saving surgical planning models, see how full-color, multi-material 3D printing opens up broad possibilities for medical innovation. In this new E-book you’ll learn how the Stratasys J750 can: Produce superior medical models for surgical planning and training Foster better medical devices through faster ideation and prototyping Enable advanced training… […]

Leave a Reply Cancel reply

You must be logged in to post a comment.

Need Medtech news in a minute?
We Deliver!

MassDevice Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Tweets by @MassDevice

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing

MASSDEVICE

Subscribe to MassDevice
Advertise with us
About
Contact us
Privacy
Add us on FacebookMassDevice Network
Follow us on Twitter@MassDevice
Connect with us on LinkedInLinkedIn
Follow us on YouTube YouTube

Copyright © 2019 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS