As consumers face rising costs, complex treatment plans, new social media tools and more information, they’re changing the ways they purchase drugs and their role in treatment. That shift creates valuable opportunities for the life sciences sector to benefit from deeper consumer insights. HRI’s new report is the third in a publication series that focuses on the customer experience in healthcare.
The medical technology industry has always viewed innovation as the critical element of success, and its importance continues to grow. While 64% of executives surveyed by PwC’s Health Research Institute (HRI) view innovation as a competitive necessity today, 81% believe it will be in five years. But the innovation machine is not working like it used to. Medtech companies need to create an innovation engine to find new sources of revenue in services and business models that meet changing customer and consumer demands for value and convenience, or risk losing their competitive edge.
HRI's latest report, Medtech companies prepare for an innovation makeover, includes a web-based Medical Technology Company Innovation Scorecard, which assesses companies based on leading practices in organizing, managing, and fostering innovation.
New public health insurance exchanges opened on Oct. 1, marking a significant milestone in implementation of the Affordable Care Act. While technical problems have hampered the initial rollout of the federal exchange, some state-run exchanges, also known as marketplaces, quickly enrolled thousands. Millions of individuals have until March 31 to purchase coverage via the new online marketplaces.
HRI examines the far-reaching impact exchanges will have on both the insurer and provider sectors.