BioOhio, the leading organization of bioscience industry support, celebrated it's 30th anniversary last month at it's Annual Conference, which highlighted trends in Ohio's bioscience industry. Conference attendees serve various areas of bioscience, including medical devices, pharmaceuticals, lab equipment, and regenerative medicine.
At the 2017 BioOhio Annual Conference, Novatek had the opportunity to hear from esteemed speakers, make new connections, and learn from actual patients what the developments in this industry truly mean.
Novatek's Key Takeaways from the BioOhio Annual Conference
1. Acquisitions are on the rise
With the time it takes to get a product through development and into the market, many companies are looking to acquire other companies in order to increase capabilities. In many cases, a successful acquisition can save years of product development.
In a specific case presented at the conference, Steris discussed their dedication to tackling infection prevention. Their approach, which was counter to the industry's focus on infection control, required that they add capabilities through acquisition - even if the company was larger. The acquisition of a larger company was surprising to many, but Steris had strong leadership and vision. The leadership team was focused on the strategic interest of company, despite some hits to their market value.
2. Data isn't being used to its fullest potential in medical environments
The use of big data and artificial intelligence has been a growing conversation among medical professionals, but attendees at BioOhio believe that conversation needs to get bigger. There is an excessive amount of data that isn't being integrated with clinics or hospitals because people don't know how to use the data. In fact, only 10% of professionals are using medical data to its fullest potential.
The solution to managing big data is likely to be found in artificial intelligence (AI). Why AI? It's the only way to scale medical expertise. Automated systems have the capability to understand, reason, learn, and interact. One of the largest issues with data in healthcare is the scattered information—only 10% of health factors are clinical. The remaining 90% of health factors are genomics (30%) and exogenous factors (60%). With AI, all of this data can be brought together so that all partners get a full picture of a patient's health record.
Another benefit of artificial intelligence is that patients can provide their own data to physicians through advances such as apps and wearables. This is fundamental to making progress in health. Systems like IBM Watson bring the ability to aggregate big data and combine it with partner data to create a robust health ecosystem—claims and reimbursements, medical abstracts, patents, research, images, patient engagement, and care management all in one place.
3. Partnerships are necessary to succeed in the changing landscape of medical care
The current dynamic within health systems is putting different pressures on providers:
- Delivery and payment reform
- Vulnerable populations
- Increasing consumerism
- Interoperability and usability
- Chronic conditions
While advancement in the ever-dynamic medical field is beneficial, it also means that health systems can no longer function within their own four walls only. There has to be open communication and functionality between various health systems. Companies must get really good at health data privacy rules because sharing data is critical to making this new landscape work.
Although issues such as varying acronym meanings in different disciplines and inconsistency of patient ID number can occur, there are benefits to this interconnectivity and sharing of data. Data can predict certain medical events and characteristics in a patient. Data can also provide insights into treatment hypothesis to support drug development.
The BioOhio Annual Conference provided great insight into what's to come in the bioscience industry. To help prepare companies entering the medical device market, Novatek launched its own IFU Template.
Learn more about our expertise in medical device, or download the template:
IFU Template for Medical Device Startups