New report says partnerships key to future success for medtech firms

Partnerships with consumer-tech firms could help medtech companies innovate and stay relevant as healthcare turns increasingly to prevention and wellness, according to a new report from Deloitte.

Executives at medtech companies may be leery of Apple and other consumer-technology companies, especially as the latter tout ever-more-sophisticated healthcare applications. But as healthcare evolves, those potential competitors may turn out to be good partners, according to a new report by accounting and consulting firm Deloitte.

Partnerships with consumer-tech firms could help medtech companies innovate and stay relevant as healthcare turns increasingly to prevention and wellness, according to the report. Titled “Winning in the medtech future,” the report was based on input from 38 experts representing medtech companies, technology companies, health plans, health systems and researchers, as well as subject-matter experts from Deloitte.

The report defined medtech companies largely as firms engaged in developing medical devices, such as surgical equipment, joint replacements and diagnostic equipment. In other words, they make the hardware of healthcare.

But hardware is not what will distinguish them in the future, according to the report.

“In many ways, data collected from the hardware will be more valuable than the hardware itself,” the report said. “And 20 years from now, we expect that most of this medical hardware will be commoditized. What can set medtech companies apart from each other will be their ability to harness data gathered by their devices and use it to improve well-being, anticipate health issues, and help patients change the day-to-day behaviors that affect their health.”

For example, the report said, a company that makes artificial joints could work to develop sensors that detect the early stages of joint degeneration, implant the sensors in a wearable device and use them to head off the need for joint replacement in the first place.

By Joel Berg | MedCity News

Image Credit: LoveTheWind, Getty Images

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About Peter Coffaro 704 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the orthopedic industry. Recognized by MedReps.com as one of the top medical sales influencers in the industry; he has 10 years of combined sales management experience and has held positions as a Director, General Manager and Distributor. Peter has worked for some of the top orthopedic companies in the world - Zimmer, DePuy and Stryker. He is also the founder of OrthoFeed: a popular blog that covers orthopedic news and emerging medical technologies. Peter is a three-time Hall of Fame award winner at Johnson and Johnson and has an extensive background in organizational development, business development, sales management, digital marketing and professional education. Peter holds a B.S. degree in Biology from Northern Illinois University.

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