The future of connected healthcare is now!

Incessant snow and cold in Beantown! However, in Chestnut Hill, MA on 6th March, 2019, the snow & cold were forgotten amidst electrifying discussions among innovators and medical industry executives, as part of the #BoschConversations event. More than 50 attendees were transfixed, discussing on how connected health technologies and Smart therapy management will transform the future of healthcare.

The #Boschconversations event, which would not have happened without the dedication and hard work of our partners Health Factors, Halloran Consulting Group, Health Advances and MassMEDIC, saw meaningful debates on critical challenges around connected medical devices covering varied perspectives of regulatory, security, connectivity and reimbursement.

As innovators and industry executives assembled for the event, we looked at clear patient centric value propositions, and next big disruptions like connected solutions.

With a strong focus on technology, and anchored on the “Invented for life” ethos, we spoke about how Bosch is constantly developing new ways of applying connectivity through their expertise in sensors, software and services aimed at making all aspects of life easier. Focusing on Connected health for a Connected Life, we also discussed how Bosch is enabling medical device companies to transform care delivery; by powering them with IoT based services and analytics. Similarly, our diverse group of eminent panelists also shared their expertise and deep insights in the areas of regulatory, security, connectivity and reimbursement for practical implementation of connected health solutions.

Regulatory being a “buzzword” in 2019 and with changing regulations from ISO, MDSAP and EU MDR, various perspectives were discussed on how medical device companies should strive for clarity on guidance. Brian Scogland bought in deep insights on how medical device companies could be in-tune with issued guidance and include the required data into product development.

When the focus shifted to cybersecurity, we had enlightening discussions on the potential of networked medical devices to be a double-edged sword, with a potential to play a transformational role in healthcare, and at the same time a vehicle, which exposes patients, providers to unauthorized access and risks. Vikrant Arora looked at the dichotomy from the perspectives of prioritizing security for biomedical devices and at the same time to look at effectively communicating risks to the board.

Having explored regulatory and cybersecurity aspects, when the talk shifted to “Reimbursement”, a critical factor driving medical device sale, we tried to understand how companies can strategize and identify early risks from a payer adoption perspective and incorporate the same into their regulatory and commercialization strategy. Companies should hire chief market access officers and figure out hospital economics, payer economics, partner with data shops and comparative assessments using real world data, opines Julia Aledort Gaebler. Thinking about economic value propositions early was the underlying message!

With the multitude of discussions, a vital point, which emerged, was that in this new healthcare environment, “no one has it all”. Strategic partnerships are the key and we must do a better job of assessing opportunities and determining the value earlier. An integrated ecosystem is what would usher in the next era of a digital healthcare world. Probably, there is a truth in the age-old adage, “United we stand, divided we fall”.