New report says partnerships key to future success for medtech firms

October 2, 2019 Digital Health, Health Care, Innovation, Medical Devices, Medical Technology, Orthopedics

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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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Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.