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Five Business Principles For MedTech Success in 2014 (slideshow)


Posted in Medical Device Business by Arundhati Parmar on December 11, 2013

As the Affordable Care Act gets implemented, what business principles and strategies will help medtech firms, afraid of the uncertain future, see success? 


2013 was a year that redefined the world of medtech and healthcare.

The operative terms became value, not volume, and services not simply widgets. Long-awaited, innovative products won regulatory approval. Large companies appeared to be open to taking more risks, both from an operational perspective and also in supporting new innovation, while U.S venture capitalists turned away from early stage device startups creating opportunity for their European counterparts.  

No one expects 2014 to be an easy year either. But based largely on a PricewaterhouseCoopers report released Wednesday, here are a few broad principles whose adoption may help to make the transition to a new healthcare world less rocky. 

Build A Services Business

  • The future success of the medtech industry will not rest on innovative therapy emerging from new technology
  • A services business is crucial as hospital customers are not simply looking for widgets to solve their cost challenges
  • Find a hospital's biggest pain points - hospital readmissions, ER efficiency, meaningful use - and address them
  • Building a separate services busiess can also help to insulate the core brand.

[Photo Credit: MASTER/FREEDIGITALPHOTOS.net]

Interested in what executives are thinking about for 2014. Attend the MD&M Executive Summit, Feb. 10-11 at the Anaheim Marriott.

 


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