It's MEDTECH season again and, as we do each year, Novatek has paired up with Launch Team to take a close look at the current trends, changes and technologies that are impacting the medical device industry. From product launches to new sales models, we're examining the 2018 outlook and sharing our insights.
The healthcare market has transformed quickly in the past year and with MEDTECH 2017 taking place earlier this week, we’re examining the trends that had an impact on 2017 and what's expected from the coming year. We've seen a lot of changes this year, for our clients and for the industry, including:
These advancements are helping the industry progress, but they are also creating greater risks for companies. Cyber security has quickly become one of the main trends impacting the healthcare industry, especially medical device development. Recognizing the growing concerns and risks, the MedTech Association invited Mike McCarthy, co-founder and president of DIGITS, a Buffalo-based company and Novatek partner that specializes in digital forensics and cyber security preparation and monitoring, to be the keynote speaker at this year's annual conference.
How dangerous could a cyber attack be for the medical device market? In the first six months alone of 2017, six major cyber attacks crippled various systems, including the ransomware WannaCry attack which landed a significant hit on the National Health Service facilities and hospitals in the UK.
Cyber security reports show some staggering statistics:
- $2 trillion is the expected cost of cyber security by 2019
- 6% of Fortune 500 companies detect their own breach
- Hackers remain undetected for an average 211 days on corporate systems
- 51% of medical device manufacturers follow FDA guidance on cyber risk
- 36,000 health-related devices just in the US are easily found on a popular IoT search engine
For more on the impact of cyber security in the medical device market, view our medical device market infographic.
The overwhelming adoption of digital medical devices has created a need for manufacturers and medical companies to re-evaluate their processes and procedures. Established protocols no longer apply, documentation is outdated, and employees need to be retrained. For many companies, being successful in the medical device market in the coming year will include learning how to protect themselves and their users against new risks while staying competitive in a continuously transforming industry.
In the rest of the series, we'll share tips for medical device documentation and training, cyber security preparation, navigating the new product launch process, and more. Subscribe to be notified about future posts!