The Healthcare & Life Sciences Industry

Contents

1. 👨 Customers

2. 🏥 MedTech Industry Participants

3. 🩺 Products & Services

4. ™ R & D Process

5. 👩‍💼 MedTech Executives

6. 🤔 MedTech Industry Challenges

👨 Customers

• Patients: ultimate beneficiaries of medical technology
• Providers: make decisions in purchasing and using the medical technology. Group Purchase Organizations (GPOs) represent multiple hospitals/healthcare professionals and negotiate discounts with medical technology companies
• Payers: the ones who pay for the medical technology. Medtech are assessed before purchasing

🏥 MedTech Industry Participants

• Medical Technology Companies
  • Large MedTech Companies (e.g. Johnson & Johnson, GE Healthcare, Siemens Healthineers, Medtronic, Abbott Labs, Becton Dickinson)
  • Small MedTech Companies (e.g. startups)
• Biopharma Companies
  • Lines between biopharma and medtech companies is blurring
• Healthcare IT Companies (HCIT)
  • MedTech companies (e.g. GE Healthcare, Philips)
  • Companies specializing in HCIT (e.g. McKesson Cerner)
  • Enterprise Software and IT Service Companies (e.g. Dell, IBM, Cognizant)
• Distributors
  • Buy from MedTech companies and sell to providers
  • E.g. Cardinal Health
• Consumer Technology Companies
  • E.g. Google, Microsoft, Apple

🩺 Products & Services

(1) Diagnostic Imaging Equipment

• Examples:
  • X-ray and Computed Tomography (CT)
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound imaging
  • Positron Emission Tomography (PET)

(2) Other electromedical technology

• Electronically powered devices made for medical use
• Usually diagnostic imaging equipment is included in electromedical technology, but its differentiated for convenience
• Examples:
  • Defibrillators, pacemakers, implantable cardioverter defibrillator (ICD)
  • Medical lasers for surgical work
  • Laparoscopes
  • Kidney dialysis machines
  • Patient monitoring systems, like electrocardiograph (ECG), blood pressure monitors

(3) Implants and prosthetics

• Medical implants are devices or tissues that are placed inside or on the surface of the body. Many implants are prosthetics, intended to replace missing body parts
• Examples:
  • Orthopedic implants (artificial knees/joints/hips)
  • Cardiovascular devices (coronary stents, heart valves)
  • Ophthalmic implants (Intra-Ocular Lenses or OCL)
  • Dental implants (crowns, bridges, dentures)

(4) In vitro diagnostic (IVD) systems

• Examples:
  • Analytical instruments (analyzers)
  • Specialized software for analyzing and testing

)5) Consumer products

• Examples:
  • Over-The-Counter (OTC) IVD tests (blood-glucose or pregnancy tests)
  • Insulin delivery devices
  • Eyeglasses and contact lenses
  • Hearing aids
  • Dental products

(6) Wearables

• Electronics worn to track fitness and other metrics

(7) HCIT

• Software and other IT products/services used by healthcare providers
• Important areas:
  • Digital Health
    • Mobile health apps, smartphones, wearables, other mhealth devices
    • Clinical mobility: mhealth apps designed for healthcare professionals
    • Telemedicine: remote delivery of medical services
    • Telehealth: remote delivery of non-clinical health services, such as medical and health education
    • Virtual health: subset of telemedicine and telehealth which involves different ways of interacting with the patients
  • Health Informatics
    • Big data management tools, analytics and artificial intelligence to improve:
      • Medical research
      • Clinical care
      • Healthcare delivery
      • Public healthcare planning
      • others
• Examples:
  • Practice management software (to simplify billing, claims management, patient scheduling, other admin tasks)
  • Electronic Medical Records (EMR): Patient records stored digitally within a specific healthcare organization (such as hospital or hospital system)
  • Electronic Health Records (EHR): EMRs standardized and shared across multiple healthcare organizations and payers through secure health information exchange or other networks
  • Medical Device Data Systems (MDDS): hardware or software products intended to transfer, store, convert formats, and display medical device data

(8) Other services

• Include:
  • Financial services
  • Site planning and implementation services
  • Education & training services
  • Maintenance & support services

™ R & D Process

Steps: ○ Concept development ○ Design Phase ○ Regulatory approval § Low risk devices: □ Class I, Class II devices □ Approved through 510(k) submission § High risk devices: □ Class III devices □ Require Pre-Market Approval (PMA) through FDA (in USA) § Humanitarian Device Exemptions: □ Devices for treating small patient populations □ Require less strict regulations ○ Full-Scale production ○ Post-Market Surveillance

👩‍💼 MedTech Executives

• Business Unit President • EVP, R&D • EVP, Manufacturing • EVP, Supply Chain Management • EVP, Distribution • EVP, Quality Assurance

🤔 MedTech Industry Challenges

• Cybersecurity
• Advances in Science & Technology
• Efforts to reduce healthcare costs
• Regulatory compliance
• Opportunities for growth
• andemics like COVID-19

About Life Sciences Industry ^{PREV ⬅️}