How can device makers succeed in today’s transforming healthcare industry?

     The healthcare industry is moving toward an “outcomes-based, patient-centric, cost-conscious environment”. How will this change impact the healthcare manufacturers? What do they have to do to compete successfully, grow market share, and stay profitable? According to MDDI, there are three key factors to surviving in the transformed healthcare ecosystem.

MDDI

1. Get Closer to the Patient, Get Smaller

Labs must extend its range to patients: point-of-care testing (POCT) is moving outside hospitals into the community as we are seeing patients and caregivers becoming more technology-empowered. This is driving demand for products that are: smaller, simpler while maintaining functionality and accuracy. Interfaces must be more intuitive for operators who may have minimal or no training. Device makers must also keep in mind how their equipment will maintain connectivity to the central lab and its data systems.

2. Big Data Analytics, Big Opportunity

Since the volume of healthcare data in increasing, manufacturers of diagnostic devices and lab systems have an opportunity to multiply the value of their products. Incorporating the right analytics can enable a extensive range of value-added competences. “Analytics can be used to streamline and improve processes—supporting better test utilization based on ordering patterns and faster throughput by analyzing workflows, for example. “

3. Business Model Innovation

To thrive in the new healthcare environment, clinical laboratory device makers need to focus their innovation investments on the business models, which will highlight the role of data as a generator of value. “While accuracy, ease of use, and affordability continue to be essential, a key differentiating factor will be how a product manages, distributes, and utilizes data to help improve and accelerate clinical decision-making.”

“Clayton Christensen, author of The Innovator’s Dilemma and The Innovator’s Prescription, has shown that being slow to react to disruptive changes in technology and embrace new market opportunities leads to failure. The dramatic changes impacting the healthcare marketplace are upon us—and the time to move forward is now.”