The medical technology industry was on the forefront of innovation for decades, but now return on innovation investment is declining. The very notion of medtech innovation needs redefining in a New Health Economy that is focused on higher expectations for value and convenience.
- The value of a device is no longer solely in the product itself.
- New competitors are staking their claim.
- New integrated services and business models that address clinician and consumer needs are becoming more important.
- Medtech executives expect a higher level of innovation over the next three years, but they lack formal processes to achieve their goals for new services and business models.
- Medtech companies have been slower to apply new social, mobile, analytic, and cloud technologies that other industries have used successfully.
- Medtech companies are looking to open innovation as a key approach to drive future growth.