Technology innovations continue to disrupt a variety of industry sectors across the business world. The world of healthcare provides no exception to this trend.
Many profitable opportunities exist for IT companies operating in medtech, provided they are able to navigate some choppy seas. With an eye toward a better understanding of the current medtech world, here is a quick analysis of its recent disruption by the latest in technology. Leverage this information to make an informed decision on your company’s strategic planning.
Is Disruption coming? (or already here)
The Digital Transformation of the Healthcare Industry
The current digital transformation disrupting modern healthcare includes multiple fronts. On one side, data analytics and AI help doctors currently diagnose a patient’s ailments. The latest medical devices also take advantage of recent tech innovations, while also conform to new government regulations.
At the same time, some of the biggest companies in both technology and healthcare are essentially changing the practice of medicine. For example, look at the Apple Watch and its ability to analyze cardio telemetry in real-time. CVS and others also hope to make it easier to deliver healthcare solutions directly to in-store patients.
One negative because of all this disruption is the slowing of the growth rate in the medtech world. After years of double-digit growth, a recent study by Ernst and Young noted that rate dropped to 4 percent in 2018. Still, with annual revenue still close $400 billion, opportunities for success still abound in this business sector.
Medtech Organizations Need to Embrace the Change
Another study reported that over 90 percent of companies in the business crafted long-term strategic plans to thrive during the current digital transformation. Needless to say, any medtech organization needs to follow a similar tack. Pamela Spence of EY Global Life Sciences notes: “as the shift of power from providers and payers to patients and consumers continues, this business-as-usual approach no longer works.”
Embrace insights from both your current employees and external sources as part of the planning process. In this environment, reaching long-term goals matter more than trying to achieve a smattering of short-term gains.
Ultimately, it’s a world where data and analytics matter more than ever. The best med device design in the industry won’t gain customers without providing the background analysis supporting its efficacy. The most successful medtech organizations understand this basic fact. It’s a key consideration for any company that wants to thrive.
Looking for top IT talent?
If you need the talent to help your medtech company to beat its competition, speak with the expert team at The CERES Group. As one of the top technical staffing agencies in Boston, we provide the great candidates able to help your success. Schedule some time to request the talent you need!