This is not your father’s MedTech industry…change is here and it looks digital in every way

THE MEDTECH CONFERENCE 2022, Boston, October 24-26

The #medtech industry is changing, and that was made markedly clear this week at the MedTech conference held in Boston. From the sessions to the show floor, this did not look like the med tech conferences of several years ago.? Geoff McCleary wrote a short report about the conference.

Hardware has given way to software, device manufacturing is now digital ecosystems, and the catalog of tools is being replaced by subscription services and AI driven product matching. Here are some of the key takeaways:??

1. ?AI & RWE Data for Devices – defining, leveraging and exchanging device and usage data for more informed device selection and increased surgical/procedural success.
2. ?Patient Experience & Care Ecosystems – companies are expanding the use of data to better integrate digitally aided services surrounding the device with both the patient and physician’s overall experience.???
3. ?Enforcement & Regulatory – data and digital connectivity are creating new regulatory and cyber risk for companies to identify and manage as they expand digital services.?
4. ?Market Access & Coverage – new digital ecosystems are presenting opportunities for new revenue streams and reimbursement approaches, but can CMS adapt fast enough to allow organizations to take advantage of them.?
5. ?Innovation & Partnering – exclusively internal development is no longer a requirement, an extensive network of partners and innovators can rapidly accelerate ecosystem development at scale, and at lower cost.?
6. ?Data for Growth – companies are exploring how to access market, and partner, data to combine with internal data to more accurately plan for product/strategic growth.?

Robert Cohen, Stryker ’s President of Digital, Robotics & Enabling Technologies, discussed how his company is pushing forward a digital driven approach leveraging a number of these key trends.??

• ?Personalization of implant by Pre-surgical virtual modeling?
• HCP product selection dashboard based on patient data?
• Digital Surgical walkthrough to prep for more effective surgical procedure?

Robert Cohen also indicated a need to leverage AI to be more “nimble”, proactively work to address Cyber and Risk issues, and find a way to secure open access & interoperability of disparate data for holistic care.??

A walk through the exhibit hall to examine what is being sold by vendors and partners quickly confirms the trends, and points to a much more digital future for the med tech industry.?