The Healthcare & Life Sciences Industry
About MedTech Industry
Contents
2. 🏥 MedTech Industry Participants
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
- Big data management tools, analytics and artificial intelligence to improve:
- Digital Health
- 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