On Monday, PricewaterhouseCoopers (PwC) released a report that exhorted the medical technology industry to look at innovation in a new light.
The message is simple: Innovate how you develop products, innovate on new business models and focus on how innovation is encouraged within your organization or risk being obsolete.
The need for a new incarnation of medtech innovation comes amidst new market realities - pricing pressure from hospitals, low utilization of medtech products and a paradigm shift in healthcare where positive clinical outcomes and economic value are rewarded, and not how many patients are treated.
But the need to redefine innovation has another catalyst. More than ever before non-healthcare entities, unencumbured by legacy systems and cultural complacency, are rapidly entering the healthcare space with disruptive, new-fangled ideas.
In fact the PwC report names a total of 18 new entrants in the healthcare space. Time will tell whether these efforts will find business success. But this is the new vein of innovative thinking.
Here is a slideshow of 10 new entrants in the healthcare space and what their innovations are, largely based on the PwC report:
In 2012, the Korean electronics company launched the S Health software platform that integrates with its mobile devices to allow users to track nutrition, weight and exercise.
In March 2013, the company announced it would begin selling the S Band wrist-worn device that works with S Health to allow users to track sleep and activity levels, among other things.
In September 2013, it announced the launch of the Galaxy Gear thereby entering the wearable devices market with a new smartwatch. Time will tell whether medical app developers will flock to it as they have to the iPhone.
[Featured photo credit:iStockphoto.com user danleap]
|Wireless health, wearable devices and other mhealth topics will be discussed at length at the Wireless Medical Devices West Conference at San Jose, Dec. 3-5.|