A report from PricewaterhouseCoopers’ (PwC) Health Research Institute concludes that Medtech companies must change the way they innovate. In a new economy that rewards better care, innovation is the key if they want to keep adding value to its customer.
The report indicates new alternatives for medtech companies to innovate and become more competitive, outside traditional research and development. The report also shows a survey made with medtech executives, with questions about their innovation activities. PwC analyst suggest a innovation makeover for medtech companies, because customers (either hospitals, accountable care organizations or individual customers) now demand more in financial, convenience and health terms.
“Medtech companies must focus more on service and business model innovations that meet new industry demands rather than on incremental product improvements.”
Besides, the report suggests three ways for medtech companies to innovate: operate as a “lean startup”, new innovation metrics and get closer to the patient.