How do I future-proof my medical device business?
In the medical sector, future-proofing your business is not just an option; it’s a necessity.
But what does future-proofing your business look like in an industry that requires longevity of products, but in a rapidly digitalising world?
Keep reading to delve into the concept of future-proofing, its significance in the context of the healthcare industry and the factor to consider to ensure your business stays ahead of the curve.
Understanding Future-proofing in MedTech
Future-proofing in MedTech is the strategic process of adapting and evolving to meet the growing and changing needs and demands of users and the industry. It involves leveraging emerging technologies, data-driven insights, and streamlined processes to ensure that your medical devices and solutions remain relevant and effective in the ever-changing healthcare landscape.
At its core, future-proofing is about building resilience and preparing your business for the uncertainties and opportunities that lie ahead.
Challenges of digital transformation
There’s no doubt that one of the most significant drivers of change in MedTech is the rapid adoption of digital technologies, changing consumer attitudes, and new technological capabilities. This includes the emergence of remote monitoring solutions and virtual care. To secure a position in this changing landscape, MedTech companies must consider what role they want to play in the future ecosystem and how to overcome the challenges to get there.
A 2020 Deloitte report revealed a significant majority of respondents (88%) considered technological advances as their top challenge, yet none of the companies rated themselves as digitally mature.
Pilotfish Managing Director Harm Hogenbirk says many MedTech companies are SMEs, or family-run businesses and have a common challenge.
“These companies face specific hindrances to digitalisation – they’re afraid to miss out, but don’t have the knowledge and team to find their path to digitalisation. That’s why collaboration is so important to help navigate the complexities of development of digital touchpoints,” says Mr Hogenbirk.
Hardware and the bigger picture
Medical devices are the foundation of the healthcare sector, playing a critical role in diagnosis, treatment, and patient care. However, developing medical devices is a time and resource-intensive endeavour, characterised by the complexity of electronics and stringent compliance and regulatory standards.
To stay competitive in this rapidly evolving industry, businesses must focus on the future of not only their hardware devices, but also their business strategies.
“Hardware is just an enabler for new business models – Platform as a Service (PaaS), Software as a Service (SaaS), for example,” says Mr Hogenbirk.
“You also have to look at the macroeconomic trends in the medical field – healthcare costs are so expensive that the emphasis is on prevention, but also keeping people at home. It’s really all about people. It’s about care, and how we’re going to organise care in the future by means of technology. Everything is aiming to optimise the quality of life for the people who are in need of care, but also reduce the costs of care. So, you see a lot of services where devices are essential, or in the room with people with a condition. “
“In health, everything is about de-risking,” says Mr Hogenbirk
De-risking involves systematically identifying and mitigating potential risks, guaranteeing that devices meet regulatory requirements and uphold patient safety. De-risking not only protects patient well-being but also positions companies to adjust to emerging trends and capitalise on fresh opportunities, ultimately assuring the long-term success and resilience of their products and businesses.
“You’re developing products that monitor whether people get good care or get the wrong care. They can be saved, or they can die. Everything is about risk mitigation so it’s important to collaborate with partners who understand that process of de-risking,” says Mr Hogenbirk.
Looking for a partner?
In the fast-paced world of hardware tech, keeping up with trends can be a team effort. That’s where we step in.
At Pilotfish, we understand the urgency of embracing digitalisation to future-proof your medical business and products. Our tech experts are ready to guide you through this transformation, helping you leverage the latest technology while taking a comprehensive approach to de-risking.
Get in touch!
“Are you looking for a partner who can guide you to create unique user experiences and help you to achieve your digital challenges? Let’s get in touch and tell us what you have in mind.”
Marc Nagel, Managing Director