Clinical efficacy is a critical component for medical device manufacturers to consider. It is no longer enough just to innovate or have a new shinny widget to boost sales. Insures, payers and care providers are increasingly looking to the medical results for the equipment they allow. This is a good trend - one that will have serious results if you are not prepared. Case studies, ROI and peer reviewed data on your devices are going to be required if your products will be accepted and purchased going forward.
In 2013, hospitals purchased more than $49 billion in products and services through Novation contracts. Wednesday’s Innovative Technology Expo at the Irving Convention Center was the third the company has hosted. About 120 suppliers got face-time with the hospital representatives who could potentially contract to buy their products.
Ron Batory, Konica Minolta’s product marketing manager for CR and conventional imaging products, says CR still is recognized as the system of choice for late digital imaging adopters, thanks to rapid technological developments and decreasing CR prices over the past few years.
We've been traditionally worried about big iron players, such as GE, Philips or Pharma as our largest competitive threats. Meanwhile non-traditional competitors have been entering the market unnoticed, such as Apple, Dell Computers, Google, CVS, Walgreens and others. Some of these companies may be customers for medical device suppliers. Others intend to dominate not only the device and software space but providing care as well. Time to watch these companies and develop competitive strategies before they put you out of business.
You simply can't sell boxes any more. The days of slinging iron with the pitch "get your ROI here - do more, get paid more" is over. That way of selling died when ACA was signed. Today you have to create value and be part of the cost/clinical value solution - not simply a vender. Toshiba's initiative is a stellar example of how those of us in the Medical Device Industry can partner with care providers. "Toshiba recognizes the ability of big data to monitor individual health, and in the future, to support day-to-day clinical decision making," said Rich Mather, PhD, director of clinical programs of Toshiba Medical Research Institute USA. "With our collaboration at Johns Hopkins, we hope to create a new paradigm in medicine that transforms healthcare into a more efficient, cost-effective and data-driven enterprise that will help to improve patient outcomes."
If concerns about funding, FDA, and reimbursement did not cause you sleepless nights, what dream medical device would you design? The editors of MD+DI invite you to participate in the 2014 Dare-to-Dream Medtech Design Contest.