Medtech companies prepare for an innovation makeover

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.

  1. The value of a device is no longer solely in the product itself.
  2. New competitors are staking their claim.
  3. New integrated services and business models that address clinician and consumer needs are becoming more important.
  4. 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.
  5. Medtech companies have been slower to apply new social, mobile, analytic, and cloud technologies that other industries have used successfully.
  6. Medtech companies are looking to open innovation as a key approach to drive future growth.

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