The medical technology industry, cardiology in particular, is making great strides to ensure that its innovations suit the needs of a changing European healthcare system. Therefore, the business model has to focus on value-based innovations that combine cost effectiveness with improved health outcomes in the long term. So, how should the industry respond to an ever increasing number of cardiovascular diseases?
by Michele Perrino
A changing healthcare system needs innovation
In the medical technology industry, innovation has always played a central role. However, the future will demand a different kind of innovative thinking, integrated with the stakeholders in all of the economies. For the healthcare industry as a whole, this means focusing on a common purpose of designing a transformed, sustainable, healthcare system.
Basically, coming up with a slightly better product and expecting to charge a premium price is no longer good enough. Similarly, the current model of healthcare delivery also bears an expiry date. Hospital system can no longer provide in-patient care for all citizens. There are not enough beds; there is not enough staff; and there is not enough money.
Bold thinking and a transformational change need to drive the medical technology (medtech) industry