The convergence of the technology and medical device industries is no longer a practical impossibility

Oh hey, sorry if I bumped into you.  I should be more careful when I walk down the street, but I was distracted. By what you ask? Well, me and my trusty binoculars have been looking skyward for flying pigs and downward for massive blocks of ice because it has become apparent that things have changed.

I used to say that the medical device industry was going to figure out that the old world of selling their wares was gone sometime around when pigs fly or hell freezes over, thus my quest for the above-noted items.  I was in Minneapolis last week, self-appointed mecca of the medical device industry, and I saw, with my own eyes, some longtime medtech industry stalwarts talking about the current state of the industry in a way I have not seen before.

I was at the Minneapolis Medtech Conference and sitting in the audience watching a panel prior to mine.  Now let me add that the panel I was there to moderate was about how artificial intelligence and data are changing the medtech world, which is weird enough.  Historically there has been little discussion about the convergence of these worlds where the medtech glitterati gather. MedTech entrepreneurs of the traditional variety and data scientists of the new world order variety are rarely mixed in the same drink.  They have not been entirely imiscible  (a new vocabulary word I learned from my pal David Shaywitz recently), by which I mean they are not totally incapable of mixing.  We have seen evidence of the cocktail here and there (Propeller HealthCanary Medical, even products like implantable defibrillators from big companies like Boston Scientific and Medtronic), but they have been rare, with most of the medical device world focused more on the mechanical engineering aspects or even the bioresorbable aspects than the data-intensive ones.

And even more relevant perhaps, the medtech world has stayed largely away from the payer world, thinking about reimbursement primarily as an offensive strategy much akin to how one might guard LeBron James, rather than how one might hold hands and sing Kumbaya. Few of the medtech stalwarts have really committed to products that are intended to reduce costs to the healthcare system; the usual refrain is better medical devices are “more expensive but someday the world will thank us.”

But there I was, in the belly of the medtech beast, watching two very stalwart representatives of the field (guys who have been at it a really long time with many successful medtech companies under their belt) say things like this:

Fred Moll, Current CEO of Auris Health and Founder of Hansen Medical, Restoration Robotics and Intuitive Surgical, among other things, said:

  • Electronics in and on the body is the biggest recent trend affecting medtech;
  • Big technology companies are making real inroads into medtech and traditional medtech must partner with them to deliver better healthcare; and
  • Use of technology to transform the cost of healthcare needs to be in the forefront of medical device thinking

By Lisa Suennen | MedCity News

Image Credit: Getty Images

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About Peter Coffaro 542 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the medical device industry. As a District Sales Manager for Stryker Orthopaedics, Peter was responsible for managing and directing a regional sales force to achieve sales and profit goals within the Rocky Mountain region. Previously, he was the Director of Sales & Marketing for Amp Orthopedics. In this role, Peter was responsible for planning, developing, and leading all sales and marketing initiatives. Peter is a former orthopedic distributor in the Pacific Northwest. He has also worked with DePuy Orthopaedics as well as Zimmer, and held positions in sales, sales training, and sales management. Peter has an extensive background in organizational development, business development, sales management, negotiating and P&L management. Peter holds a B.S. degree in Biology from Northern Illinois University.

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