MedTech drives healthcare

The 21st century has seen major changes in healthcare delivery with MedTech playing an increasingly important role. With a rising application of transformational technologies, such as artificial intelligence, machine learning, big data, cloud computing, and augmented and virtual reality, MedTech is on the fast track, evolving with every new development and advance in technology. Even as the pandemic led to some challenges, it also forced the MedTech industry to become more resilient as it prepares for the healthcare of the future where prevention is the norm rather than cure, and health and well-being are ensured by a proactive and integrated healthcare system.

The MedTech industry has the potential to answer one of the biggest challenges facing healthcare today, which is the rising cost of healthcare. It is here that innovative medical technology can help save costs by helping deliver faster and more effective treatments. The coming decade will see an increasing integration of medical devices with the Internet of Things (IoT) helping to drive better patient outcomes at lower costs.

MedTech harnesses data through devices and the analysis of this big data will give rise to data points and indicators that can be used to develop and strengthen preventive healthcare, improve well-being, and help patients implement positive lifestyle changes. MedTech is thus well positioned to help healthcare systems become future-ready. In addition to reducing healthcare costs, medical technology can help in optimizing time and efforts of physicians and surgeons while helping to improve clinical efficiency and patient outcomes.

We have seen how MedTech has made anywhere-anytime healthcare possible. The development of wearable medical devices and AI-powered virtual technologies has helped to overcome the constraints of distance in healthcare delivery, bringing doctors and patients closer. This trend of telemedicine that helped continuity of care during the pandemic last year is expected to accelerate further through the coming decade.

Another aspect of anywhere-anytime healthcare is remote care.

With remote patient monitoring, hospitals can harness the power of medical technology to move the point of care outside the hospital setting as the healthcare system moves from cure to care through prevention and early intervention.

A study by EY suggests four future-proof models for MedTech companies. These include a focus on breakthrough innovations, such as Intuitive Surgical’s da Vinci platform for robotic surgery, bespoke personalized solutions to help end-users manage chronic conditions conveniently while ensuring adherence, development of products aimed at preventive healthcare that helps to maintain overall health and well-being and encourages lifestyle changes to prevent disease. The final model is that of manufacturing high-volume, low-cost commodity products, such as protective personal equipment (PPE) and ventilators.

Barriers to collaboration need to be broken down as medical devices and technology is seeing hardware and software development go hand in hand. There needs to be a supportive ecosystem for integrated product development that encompasses software, data collection, and data analysis. MedTech companies need to ensure their supply chains are ready to meet this change.

The MedTech industry is among the most regulated industries, and the development of a new product is subject to domestic as well as international oversight to ensure patient safety. Staying in compliance with a surfeit of rules and regulations is a challenge that medical technology companies need to overcome through user orientation while being cost efficient.

Collaboration is essential to pave the way for an all-new ecosystem fueled by the power of collective knowledge. MedTech industry must take the lead in nurturing agile business systems that will help organizations create innovations required to survive in uncertain times. It must harness technology buttressed with the power of AI to enable healthcare to leapfrog and meet the challenges of a digital world.

MedTech is on the cusp of a major transformation. This is an opportunity for Indian players to play an important part in this through a focus on innovation and collaboration. Agility should extend to encouraging healthier lifestyles to ensure that the tsunami of NCDs is controlled to reduce the risk of morbidity and mortality. A healthy population is the smartest way to beat the disease and it is here that MedTech will play an important role.

Be it medical devices, in vitro diagnostics, or digital health solutions, creativity and collaboration across the value chain from rapid regulatory approval to supply chain collaboration will enable healthcare companies to rapidly adapt to changing customer needs and regulatory guidelines. There is a need to make strategic investments and work with companies from both inside and outside the healthcare sector to build the foundation of a technology-led future of healthcare that benefits patients, and contributes to the future growth of the industry.