The healthcare industry continues to change at a rapid pace and medical device companies are following suit. Medical device organizations are transforming in ways that are allowing them to think in non-conventional ways as out-dated industry boundaries continue to be pushed out.
The power of collaboration has encouraged non-traditional partnerships as they have become more popular. Understanding that collaborative teams and skill between entity’s, has enabled companies to develop quantum leap results that were improbable before. Using the latest technology, medical device companies are able to work more efficiently and help healthcare organizations offer better care.
With non-traditional routes be taken, there are 3 trends that the medical device industry is showing:
Utilizing Big Data
Big Data continues to be a leader in pushing the medical device industry forward. Although it’s largely available there is still a good portion of the industry who does not understand how to use it on a consistent basis. This has the potential to create many problems, but a variety of opportunities as well. Without a real understanding of how to leverage big data it will continue to be a missed opportunity for those within the med device industry. Knowing how to turn the available data into an applicable plan, is a crucial process for any medical device company because it allows your team to pinpoint data that will allow for informative marketing decisions to be made.
The Growth of Telemedicine
Telemedicine continues to increase in popularity and has revolutionized the way many interact with medical professionals. Healthcare and the cost associated with care is a growing concern for families and businesses. Health coverage is gradually becoming more accessible and affordable for everyone with the help of telehealth and telemedicine. Understanding the difference between telemedicine and telehealth is important. Telemedicine, is specifically for remote clinical services such as follow-up visits, management of chronic conditions, medication management, specialist consultation and a host of other clinical services. Telehealth can refer to remote non-clinical services, such as provider training, administrative meetings, and continuing medical education, in addition to clinical services.
There are three types of telemedicine which include interactive medicine, store-and-forward and remote patient monitoring. Interactive medicine is where practitioners and patients interact in real time on video conferences. Store-and-forward is when a provider can share information with other providers for complementary care and evaluation. Remote patient monitoring (RPM) allows providers to collect other health data from individuals and electronically transmit the data to other providers for evaluation and recommendations. With the growing demand both telehealth and telemedicine will continue to help the med device industry innovate.
Impact of Commoditization
Commoditization is an ongoing problem and as the market continues to become more competitive, it will progressively get worse. There is concern for market confusion as there are many decisions being made based on cost instead of true value. This is a direct correlation with cost-cutting remaining high, price pressures and a large amount of different options for consumers to choose from. There are little guarded features and benefits that one technology holds over another. This is a primary example why your product positioning is critical within the medical device industry. With the right positioning you will have the opportunity to cut through the noise and ensure that your device's “why” is clear, concise and captivating for your target audience.
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