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Medtech Conference Season – Trends and Challenges in Medical Devices

Posted by Aimee Schenck on Fri, Oct 23, 2015

Amy Castronova, President of Novatek Communications, Inc. and Michele Nichols, President of Launch Team, Inc.are teaming up again this fall to bring you the latest in product launch, technical documentation, training, and marketing trends in medical device and manufacturing. In a series of blog posts, we’ll share industry and economic trends, emerging regulatory and business challenges, and best practices for overcoming those barriers to new product launch and adoption.

Launch Team and Novatek discuss trends in the medical device industry. Industry conferences are in full swing this fall, and with MedTech2015 wrapping up last week we decided to take a deeper look at the trends and challenges discussed at this year's shows.

As the healthcare industry changes, medical device companies are adjusting and transforming. The changes we are seeing are forcing companies to think outside conventional industry boundaries. The MedTech2015 workshop "Tapping into Creativity to Drive Growth" pushed participants to create real-time solutions to current industry challenges, demonstrating that eliminating outdated boundaries opens companies up to opportunities.

Non-traditional partnerships have also become increasingly popular. Convergence and collaboration allow medical device companies to develop breakthrough results in partnerships that used to be unlikely. A tour of the Buffalo Niagara Medical Campus provided us with a first-hand look at the benefits of convergence as the campus integrates academics, entrepreneurs, healthcare disciplines, and culture.

In addition to the non-traditional routes companies are taking, three common themes have been present at this year's medical device industry shows:

3 Common Themes

Big data

  • Largely available in medical device
  • Companies are unsure how to use it consistently and with data quality
  • Presents opportunities and problems

Telemedicine

  • Continues to increase in popularity and requires new technologies and services
  • Companies must ensure engagement and purpose are forefront
  • Deliberate shift in strategy and service delivery

Commoditization

  • Cost-cutting remains high
  • Shifting customer perception in differentiation between two products
  • Timeline to market is shortening, causing more product competition

In our podcast, Amy and Michele further explain how these trends and challenges are impacting medical device training and marketing.

Watch for next week’s post in this series to learn about medical device product launch and differentiating through usability.

 

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Topics: trends