Healthcare Trends That Will Transform Medtech

In 2016, millions of American consumers will likely have their first video
consults, be prescribed their first health apps, and begin using their
smartphones as personal diagnostic tools. These new experiences will begin
to make real the dream of anywhere, anytime healthcare, changing
consumer expectations and fueling innovation.
Also in 2016, many Americans, faced with higher deductibles, will manage
medical expenses with new tools and services rolled out by their insurance
companies, healthcare providers, banks, and other new entrants to the
healthcare space, such as software, hardware, and technology
companies. Consumers may find these new experiences reminiscent of the
way they now plan for retirement, using 401(k)s and other financial vehicles.
This will be the year that doctors and other clinicians learn to use insights
gleaned from data, and to integrate novel analytical tools into their
treatment plans. Supporting this transformation in the practice of medicine,
leading medical device companies are developing partnerships with
technology and software companies to aggregate large volumes of medical
and consumer data. These companies are using cognitive computing to
provide physicians and researchers with more holistic and personalized
treatment options, including for difficult chronic conditions, such as diabetes.
Artificial intelligence-based coaching systems have demonstrated results in
complex treatment areas, such as joint replacement, behavioral health, and
spinal surgery, and AI technology shows promise in advancing treatment and
demonstrable outcomes across a range of conditions. Expect data-oriented
strategic partnerships and joint ventures to continue their prominence in
2016, with industry leaders redefining their approach to business
development and partnerships to sustain competitive advantage in an
outcomes-driven new health economy.
As physician preference sales fade due to the market forces of consolidation
and readmission risk, medical device companies will likely face three new
care delivery challenges and opportunities: First, retailers will most likely
continue their aggressive push into care delivery, taking advantage of their
physical presence, large traffic counts, and extensive consumer insights.
Second, the emergence of bedless hospitals, where intervention occurs in
the hospital and recovery takes place in the patients home or an alternative
setting, will radically impact healthcare. Finally, we will likely see the rise of

virtual care centers that oversee patients through an ecosystem of

technology, diagnostics, devices, and sensors to provide the necessary data
to support consumers and clinicians in care decision-making.
Fueled by alternative payment models, reimbursement systems that support
the provision of remote care, technological advances, and powerful new
database tools that can define value at the moment of intervention and
along the care continuum, these new care delivery models will likely continue
to spread and, in many cases, represent the initial steps on a long journey.
However, in the new health economy where care is distributed, data be it
patient-specific, for a cohort, or an aggregated set of data becomes as
important as the clinical efficacy of a particular device or diagnostic. In
addition to clinical data, consumer-generated data is demonstrating
predictive and prognostic health value. The proliferation of consumerfocused, clinical-grade sensors further explodes the volume of information
available to researchers and clinicians in identifying, delivering, and
monitoring patient-specific health results.
However, questions about who owns the data persist, impeding information
sharing and, most importantly, creating challenges in defining partnerships
where vital information is provided to the right party at the right time,
aligning economic and health interests. To attain this vision, the industry will
need to address interoperability and, in 2016, we expect new entrants to
continue leveraging their technological strength and consumer loyalty to
drive interoperability platforms.
Also, while consumer demand and market dynamics are driving change in
healthcare, 2016 also is an election year, and healthcare will be part of the
political mix. Despite two U.S. Supreme Court decisions solidifying the
legality of the Affordable Care Act (ACA), efforts will continue to chip away at
its provisions.
PwCs Health Research Institutes annual Top Health Issuesi offers insight on
issues expected to impact the healthcare industry. Specific elements that will
impact the medical device industry in 2016 include:
1.

Merger mania High-profile mergers and acquisitions will continue in

2016, with regulators taking center stage in the debate over how
consolidation impacts consumers. While consolidation will help the acquirers
strengthen product portfolios and negotiating positions with larger providers
and payers, leaders will also need to use their scale and resources to

redefine how they compete in the new health economy.

2.

Care in the palm of your hand Thanks to the rapid pace of technological
innovation and shifts in financial incentives, care will begin to move into the
palms of consumers hands, providing care anywhere, anytime. This
transformation represents the greatest risk to the diagnostics industry, as
new entrants push aggressively to provide consumer-oriented solutions that
meet health and clinical needs.

3.

Cybersecurity becomes a medical device industry issue As security

breaches become more common and costly across all industries, consumer
and regulator attention will intensify regarding the security of medical
devices. By 2020, Internet-connected healthcare products will be worth an
estimated $285 billion in economic value.ii But connectivity comes with a
price vulnerability to hackers and criminals. An estimated 85 percent of
large health organizations experienced a data breach in 2014, with 18
percent of breaches costing more than $1 million to remediate.iii Device
companies and healthcare providers will need to take preemptive action to
maintain both consumer and investor trust, and to prevent breaches that
could cripple the industry.

4.

The new money managers Shouldering higher deductibles, consumers

will seek help managing their health spending with fresh tools and services
developed by players new and old. The medical device industry will need to
define value that supports a consumers desire to attain and maintain health.

5.

Behavioral health rises in prominence Technology and integrated care

networks support the common goals of employers, healthcare payers, and
care providers: Keeping costs down, productivity up, and consumers healthy.
The focus on behavioral health will open a new frontier for the medical
device and diagnostics industry.

6.

Care moves to the community As payment shifts to value-based

models, health systems will pursue lower-cost settings more aggressively
while employing creative approaches to delivering care. The device and
diagnostics industry will need to balance consumer demands against clinical
requirements when designing products and solutions that integrate into a
distributed care environment.

7.

New databases improve patient care and consumer health New

database tools will allow industry players to analyze data from many sources
in novel ways, finally unlocking insights embedded in the reams of
information being collected about consumers. The device industry will need
to understand where and how these data sets help them define and capture
value, and the industry will need to collaborate with new entrants whose
extensive consumer knowledge will be vital to success.

8.

The medical cost mystery In the journey to value-based care, health

systems will use data to calculate the true cost of services, an exercise that
can also uncover opportunities to become more efficient and improve
outcomes. Healthcare providers will increasingly turn to the medical device
industry to lower cost, improve efficiency, improve outcomes, and mitigate
risk.
In 2016, the health industry will begin to lay down new paths to a more
connected, transparent, convenient ecosystem of care. Forging new ways of
receiving, paying for, and delivering care is a hallmark of the creation of a
new health economy an industry that is more digital, nimble, responsive,
and focused on consumers. As organizations master these tools and services,
they will combine them in new ways, form new partnerships, and ultimately
transform the industry.
Source : meddeviceonline.com
Recommended by :
John Kyle Flynn
Vice President / VP / Director : Sales / National Accounts
Medical Device / Biotechnology / Disposables / Implants
Boise, ID / Orange County, CA
email: jkfjaf2009@gmail.com
https://www.linkedin.com/in/john-kyle-flynn-1226072b
BSN Medical
Compression Therapy, Wound Care & related Vascular diseases, Lymphology
and non-invasive Orthopedic products.

P & L , Sales Management

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