Medical device innovation

Abstract

Capitalize on the Pace of Change

Healthcare is undergoing unprecedented change in terms of emerging technological approaches to prevention, diagnosis, and treatment of disease; and in terms of cutting-edge models of care delivery that ensure broader access to affordable, high-value care. Add into the mix exponential advances in connectivity, augmented reality and artificial intelligence, and the industry is at a tipping point where the future will be markedly different from the past.

R&D LEADERS MUST RE-EVALUATE FIVE TOPICS TO ENSURE SUCCESS

Medical device companies have the opportunity to build fully integrated software, hardware and engagement-based devices. For some, the development pipeline is already populated with such projects, or partnerships are being developed with start-up companies to expedite time-to-market. For others, they are watchfully-waiting, perhaps hoping to fully extract all value from current lines of business before looking towards the future. Spoiler alert–R&D leaders must decide how to position their organizations for future success, albeit during times of extreme uncertainty, high risk, but hopefully high reward.Innovation folklore haunts companies afraid of moving too early or responding too late to innovation opportunities. Past R&D development was based on a cadence of R&D advances that was siloed, linear and bureaucratic. Today’s research environment is generating advances at a far faster pace since global connectivity to other research programs and research data has improved, converging technology advances are driving collaboration, and both transparency and nontraditional players are challenging regulatory impediments.We share insights on five critical topics that R&D leaders need to re-evaluate in the context of the current research environment to ensure that their programs are positioned for success. We know that R&D teams must be more agile and able to operate at higher speed; broaden their engagement with appropriate innovation ecosystems; and ensure that patient centricity remains the guiding light for future endeavors.