Embedding Technology Innovation: Tips For Life Science And Medical Device Companies – News Couple

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 delivered 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.

Below are three considerations for device leaders to establish strategic competitiveness.

1. 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.

Most medical device companies also typically lack the in-house expertise to build, commercialize and maintain cloud-based platforms and solutions. These activities require an understanding of data architecture, data security, systems infrastructure and agile development, which are non-core activities for medical device companies. With the proper senior leadership oversight, medical device players can ensure sufficient resources are required to acquire the right technology or digital expertise.

Ultimately, medical device companies will need to embed a data and technology strategy within their device and robotic navigation development process and include strategic decisions at all milestones during early-, mid- and late-stage development.

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