How to Improve MedTech

How to Improve MedTech

Like all sick care industries, The $379B MedTech indutsry is feeling the impact of the tsumani of sick care change. Veritical integraton is but one trend being driven by the need to come up with system solutions in a risk sharing environment, not just gadgets.

Here are some others:

  1. Health economics driving adoption, not just safety and efficacy.

  2. Staying private longer instead of taking a quicker exit.

  3. Finding a CPT code to dock your product instead of having to create a new one.

  4. Top line growth driving valuation.

  5. Fighting BIG DEVICE; through high impact niche marketing.

  6. Balancing a US v international sales and marketing strategy and staffing model.

  7. Fixing companies that have stalled or failed to scale by more precise and strategic marketing, stopping the bleeding, and getting the right people on the bus sitting in the right seats who all want to go in the same direction.

  8. Different business models whereby the company takes responsibility for driving traffic to end users and building repeat business instead of relying on the doctor to do it.

  9. Building scale in large markets through direct and online marketing.

  10. Using social media analytics to build market share in smaller markets.

  11. Data driven value creation, although there are too few mergers or acquisitions based on data.

  12. Partnering with consumers and data to grow to respond to new expectations.

  13. R/D spending has stalled.

  14. Technology companies have a lot more fire power than medtech companies.

  15. Progress will be driven by personalization.

All of this effort seems focused on better quality at lower cost and a better patient experience. Unfortunately, costs keep escalating and the doctor experience is getting worse. There is still a lot of work to do to get things right.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs.

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  • Lewis Taylor

    The wearable medical device market is growing quickly.

  • Zain Ashfaq

    The technological advances in the medical field have allowed for many life saving procedures to become commonplace.

  • Michael Nelson

    Thanks for sharing these tips.

  • Ryan Palmer

    The dependence on medical technology cannot be overstated !

  • Daniel Griffiths

    Improving quality of life is one of the main benefits of integrating new innovations into medicine.

  • Oliver O'Connor

    MedTech continues to provide physicians with new ways to improve the quality of care delivered to their patients and improve the state of global healthcare.

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Arlen Meyers, MD, MBA

Healthcare Guru

Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.

   

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