Embedding Technology Innovation: Tips For Life Science And Medical Device Companies
As technology continues to improve and change all aspects of our lives, digital transformation is starting to emerge as a C-level objective in the medical device space. Data and tech enablement have become sources of competitive edge across product development and commercialization. It is changing how medical devices are delivered and deployed within the healthcare system to support cost-efficient, value-based models. In addition, technology and data enable robotic surgeries and drive efficiency across the supply chain, including just-in-time delivery of custom implants. As speed to market is becoming critical to enable data and technology infrastructure, medical device leaders are racing to define and execute technology road maps and decide whether to build, buy or partner.
Technology and data strategy should be a C-level decision and should have a singular oversight across all the product offerings
Medical device company leadership needs to establish a rigorous framework around its tech development process and a straightforward build, buy or partner strategy for its business development teams to adapt to ever-evolving technical requirements. Most medical device companies are still not equipped organically to pursue new data and technology opportunities. The iterative nature and pace of software development differ from the rigorous and regulatory-focused device development processes that have historically powered medical device companies.
Building a focus on collaborating with agile startups is critical to driving innovations
Collaboration is essential to win in data and technology as many successful software capabilities are built on top of the open-source community. Contributions have catalyzed every digital health segment that has been able to scale from the significant incumbent healthcare players it seeks to disrupt. Payors have poured capital into digital health segments like care coordination and population health management that disrupt traditional fee-for-services models.
Having an operating model and vision that reflect a tech and data-enabled approach is essential
Once the vision and strategy are established to enable the company’s embedding of technology and data, it is essential to establish a clear organizational structure, process and capabilities. From an organizational structure perspective, having C-level leadership managing all digital initiatives across all business units will drive alignment and provide unified corporate KPIs to measure success. All the digital initiatives have to be embedded and prioritized within the business units to drive success.
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