We’re all familiar with the concept of the Internet of Things, and most of us use a variety of connected devices in our daily lives, from smart speakers to intelligent home heating systems. And the same technology that allows household products to connect and communicate is now being deployed in HealthTech. A new generation of HealthTech firms are devising innovative solutions to deliver a range of compelling benefits, such as faster and more accurate diagnoses, and real-time monitoring and management of patient status at an individual level. As advances in computing power and miniaturisation push the boundaries of what is possible, a new Internet of Medical Things is beginning to emerge – the IoMT.
To achieve success in this rapidly evolving sector, firms will need to demonstrate three essential competencies.
Attract leading digital talent
The most innovative MedTech firms are breaking new ground on a variety of fronts, so the ability to recruit high-calibre senior talent with the right blend of technical know-how and commercial savvy is absolutely essential. Yet in their quest for talented digital gurus, HealthTech companies face fierce competition from resource-hungry employers in diverse sectors, all eager to attract leading digital talent. So emerging firms must devise forward-thinking recruitment and retention strategies, and they must forge new collaborations with a wide range of potential partners – from universities to data-led tech companies, to help them acquire the skills they need, at both a technical and commercial level.
Collaborate effectively with healthcare providers
Even the most advanced medical devices are unable to perform as standalone solutions, so all new innovations must be able to integrate easily into established healthcare pathways - which means HealthTech firms will need to build close, productive relationships with traditional healthcare providers. It is, of course, the established players who retain the genuine expertise in patient care, so new entrants can leverage existing knowledge through joint ventures in which each party can help the other to better understand both patient requirements and the technical capabilities of new devices.
Deliver improvements in patient outcomes
The MedTech sector promises to deliver a wide range of benefits, from streamlining processes and reducing care costs, to facilitating patient/provider interactions from remote locations. Yet if the sector is to thrive in the long-term, it must deliver on the core objective of providing enhanced patient care. One of the ways this can be achieved is by facilitating the shift from reactive models of care, to pro-active patient-centric systems of care that seamlessly connect patients and providers in a highly cost-effective way. Ultimately, the IoMT will provide an interface between the physical and digital worlds, and play a critical role in helping under-pressure healthcare providers meet the needs of growing and aging populations.
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