Knowledge Center

Digital technology is known for its massive impact on global collaboration enabling remote diagnostics and medical training. Digitalisation also played a vital role in healthcare cost-cutting. McKinsey Global Institutes estimates that nearly $1.5 trillion - $3 trillion worth of the money will be saved by 2030 because of digitalisation practices.

 

 

A report from McKinsey suggests 4 step formula for MedTech companies where new developments and practices will build stronger momentum.

 

•  Set a bold aspiration 

McKinsey suggests that the MedTech leaders should take bold moves. Company operations need to be re-envisioned to drive significant change. Clear decisions about business, customers and the extent of digital transformation will steer business goals. This change needs to be initiated and implemented by all company members. CEOs should not leave this only with the CTO, CIO and other board members. A holistic workflow can enhance the KPIs.

 

• Think ‘patient pathway back’ not ‘product forward.’ 

Traditional methodologies received a blow with digital transformation. Modern technologies enable the patients to efficiently track, monitor and update their systems (e.g. Pacemakers). Medtech companies should shift the focus and design products based on the patients’ need and ease of use. Implementation of the ‘Patient Pathway’ opens new opportunities.

New Medtech trends – Challenges, Worries and Regulation Restraint

• Embrace new capabilities and a new culture—and perhaps a new operating model 

MedTech companies build strong capabilities around getting the physical product in place for the patients. New developments can be done on the digital front where these companies can focus on:

·         Digital Marketing

·         Customer Experience (UI/UX)

·         Data

·         Data Analytics

Integration of a robust digital strategy will build a network of opportunities where we all will benefit from better versions of healthcare.

 

 

• Shape the broader ecosystem

Stakeholders are an essential part of any organisation. It is high time now that MedTech companies should start investing more time in Stakeholder management. With new regulations coming in, companies like Med-Di-Dia play a vital role in managing the regulatory framework for your medical devices. Similarly, financial partners, patent partners, media and many more organisations form part of a comprehensive ecosystem. Nurturing this ecosystem will aid in the effective management of unforeseen situations like the pandemic of COVID-19. A robust and well-nurtured ecosystem will help you get the message out there.

 

Advancing regulations have increased the burden on companies. In these times, don’t let an opportunity be missed because of Regulatory restraints. At Med-Di-Dia, we help you achieve the most by providing an environment where #YouInnovate and we manage the regulatory compliance requirements for your Medical Devices.

Become part of our broader ecosystem and connect with us for a FREE Consultation

+353 (0)91-704804

mdd@mddltd.com