PwC Health Research Institute’s report highlights the changing relationship between healthcare and the device sector
Doctor
According to a new report by PwC Health Research Institute the relationship between healthcare and the medical device sector is changing. Beyond the device: From producer to problem solver, outlines how the business model of the device sector is changing.
Many medical device technology manufacturers are forging deals with healthcare providers. PwC’s Health Research Institute looked at the top ten medical device companies according to 2014 revenues. It found that:
- Five out of ten were offering customised solutions that are independent of their product offerings and
- Seven out of ten have carried out changes within their organisation to reflect the shift towards service-based offerings
- Ten out of ten are providing training and educational resources
According to the report the industry is changing in accordance with consumer desires who are looking for increasingly convenient and user-friendly care. It says: “The medtech industry is using digital tools and services to pair these new consumer expectations with clinicians’ needs to monitor health outcomes, analyse results of medical interventions and share that information quickly and efficiently with other providers, other devices and patients.”
One company highlighted is Stryker Performance Solutions. The company offers digital health solution JointCoach, which connects joint replacement patients with their healthcare teams. It helps providers manage care while giving patients information on surgery preparation and rehabilitation.
The report also reveals the importance of the cloud in the medtech sector with manufacturers “using the cloud to boost accessibility and to improve the accuracy of readings by combining machine learning with physician expertise”.
It uses GE Healthcare’s cloud platform – which gives customers access to images and tests – as an example. “Doctors want to spend more time with patients, not more time doing data entry,” Evren Eryurek, software chief technology officer at GE Healthcare, told HRI.
The move towards home-based models of care has also been underlined. According to the survey two thirds of consumers are interested in receiving care in their home and “several health systems and start-ups are experimenting with home-based models and mobile technologies to better serve key population segments, such as frail and elderly patients”. HRI says that this trend is leading to medical device companies developing products such as apps, at-home diagnostic tests and wearable sensors for remote monitoring.
According to PwC Health Research Institute, ‘clinicians and consumers are demanding more from the devices and technology they use, spurring innovation by manufacturers. In parallel, physicians are looking to new technology to improve workflow as well as patient satisfaction and outcomes.
- 55% of physicians said they were implementing technology to improve workflow
- 52% said it was to create better patient experience
- 47% said it was to increase access for patients
- 43% said it was it increase patient adherence