Hundreds of executives and staff in the medical device manufacturing industry gathered in Boston on November 28 to learn about how “Wireless capable medical devices” could significantly improve patient care. The discussion also focused on reducing healthcare costs which in turn could create revenue generating and profitable solutions and services for the OEM’s. At the conference on Wireless connectivity in medical devices, Netspective CEO, Shahid Shah joined dozens of fellow speakers like Greg Crouch (National Instruments), Robert Schad (CareFusion) and Michael McNeil (Medtronics) to provide direction and thoughts on how to safely and effectively implement and benefit from Wireless connectivity in medical devices.
Shah emphasized the fact that “Wireless capable medical devices with significant software and data integration are the future”. This one hour interactive discussion focused on several important topics on wireless medical devices covering regulatory, wireless protocols, product marketing and human capital impacts. Shah recommended leveraging the power of software and data to undertake automated diagnostics, predictive analysis and to get care teams connected with diagnostic mHealth. Well known for their exceptional business and technology expertise in the Medical Device industry, Netspective’s interactions with these executives highlighted that revenue growth (CAGR) was under pressure like never before. Medical Device executives found it hard to do more with less because of one or more of the following challenges:
- The 2.3% excise tax provision of the Affordable Care Act (ACA) coming January 2013
- Longer product development timelines caused by regulations
- Increased demand for user experiences just like in cell phones and tablets
- Lower margins as a reaction to commodity competition
- More complex and longer sales cycles due to change in buyer profile
- Increased cost of risk management and compliance caused by connectivity requirements
- Uncertainty in hardware made raising capital harder for pure-play devices
Shah had said “the solutions are not simple but the good news is that medical device manufacturers have many revenue generation opportunities today that can fund these new strategic imperatives.” He advised manufacturers that “data from devices is too important to be left to other software vendors, managed service providers, and system integrators.”
Shah declared that medical device manufacturers will have to get into software and data integration spaces to help them continue to innovate and control their own destiny. The details of the market challenges, approaches to address them and the impact it could bring were shared during Shah’s briefing to the conference attendees.
Getting help with marcomm, engineering, and IT tasks in regulated environments such as medical devices, health IT, government and pharmaceutical are challenging because there are few consulting and solutions firms that understand the special requirements of regulated firms. Netspective uses its expertise in regulated marcomm and thought leadership development, technical expertise in regulated IT, and engineering talent to extend our customers’ capabilities to achieve success in the lucrative software and data integration spaces. Our customers include medical device hardware manufacturers, pharmaceutical companies, healthcare providers, health IT software vendors and government systems integrators that need to craft new software-intensive strategies for revenue growth, help devise approaches to create “big data” revenue centers, or actually create new products and solutions that are ready to be sold.Original Link