In the past 2015, managers in the medical technology industry faced many key strategic issues. To help them sort out the future direction, LEK Consulting shared its understanding of the current state of the industry, including the enormous challenges and opportunities facing medical technology companies. What is the current state of the US medical technology industry? After several years of funding shortages, the medical technology industry has finally ushered in a steady investment wave. SMEs can successfully raise funds to innovate and power the industry. Outstanding winners will be those that go beyond incremental reforms to influence output and reduce costs through meaningful innovation. There were also many major mergers and acquisitions last year, including the acquisition of Thermo Scientific by Thermo Fisher, the acquisition of Bangmei by Zimmer, the acquisition of Confucius by BD and the acquisition of Kehui Medical by Medtronic. These acquisitions further strengthen the buyer's market position and relevance, as well as amortize their investment in high-priced services and technology platforms, which are essential for product differentiation and industry success. With continued mergers and deeper cooperation (and thus helping to expand industry chain coverage), we expect the industry to be further integrated and small medical technology companies will face more challenges. What are the key challenges and opportunities ? Medical technology companies face two major challenges. First of all, the entire industry, medical institutions, patients have cost pressures. Medical technology companies are under great pressure and need to constantly prove the value and impact of their products/services on prognosis and total cost. Second, with the rapid integration of medical institutions, 75%-80% of medical insurance expenditures in the United States will come from 180-200 hospitals by 2025. Further integration of the medical environment and treatment pathways, product supply chain and the way in which medical institutions and medical technology industry companies cooperate are constantly changing. Three major opportunities come along with two major challenges: 1. Explicitly articulate value and share risks. Medical technology companies can differentiate by better clarifying product value. This requires the company not only to look at the clinical research data, but also to carefully measure the impact of the treatment on the total cost, the total cost refers to all the costs of treatment with the device. With full confidence in key clinical data, including prognosis, total cost, patient satisfaction, etc., medical technology companies can build innovative risk-sharing models with partners. For the risk model, the relevant infrastructure and medical system investments will ultimately be aligned with the previous requirements, so that the impact and effectiveness can be confirmed before the meaningful risk sharing agreement is implemented. 2. Transform products. Medical technology companies should focus on changes outside the product in many ways: a) provide appropriate services to medical institutions to help them cope with pressure from payers and patients; b) expand its own product and service portfolio and establish relevance in the target department or related department; c) Extend the breadth and depth of coverage of products and services through digital connectivity of medical devices , patient communication, and individualized analysis of preoperative/postoperative. With the emphasis on new methods measurable results (not just commitments), medical technology companies need to develop change management capabilities to support the healthcare system and continuously realize the clinical value of innovative medical technologies. 3. Evolution of business models. By better understanding how key customers and other channel managers make decisions at all levels, healthcare technology companies can change the sales model for their primary healthcare systems. Market segmentation in hospitals and medical institutions will become clearer, and medical technology companies should adjust service types and price levels based on the specific needs of different market segments. For example, some healthcare systems require adjustments in the allocation of sales and marketing resources. Some large medical systems require frequent contact between sales representatives and customers, while others prefer a low-cost operating model that is similar to “unmanned sales†or shipped directly from a distribution center. What are the urgent needs of executives? Looking ahead, the key issues that medical technology industry executives need to face are: • How to respond to the recovery of US hospital size and purchasing power? • How do small and medium-sized medical technology companies break through incremental changes, affect output and reduce costs? • China is catching up with many Western countries as major consumers and suppliers of medical products . How should medical technology companies seize opportunities in China? • How to break through traditional products and integrate service and solution platforms into the product portfolio? • How do digital products and physical products blend together to address the opportunities and challenges? • How best to demonstrate the value and impact of our products on prognosis and total cost? • How to integrate with a diverse healthcare environment and treatment pathway for collaboration with healthcare organizations? • How to change the business model of market access in order to adapt to changes in healthcare system customers? • How to address differences in price and value (the demand for economical products from emerging markets and low-income consumers and the demand for high-end products from rich countries and consumer groups with sufficient insurance coverage)? We're professional Medical Accessory Device
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