MedTech companies are bringing in money—but they're not laying a good R&D foundation
in Boston. AdvaMed includes some of the nation's largest medical device and technology companies including Abbott Laboratories, Johnson & Johnson, Medtronic and Stryker as well as scores of medtech startups, device makers and diagnostic companies.
The EY report indicates a need to invest more in R&D due in part to the shift from fee-for-service medicine to value-based care, which rewards medical care providers with the best health outcomes and quality. Medical technology is critical to managing the health of populations of patients, making sure they get the right care, in the right place and at the right time.
Medical devices need “to work interoperably and securely, connecting together to capture and analyze data in real time, and deliver, via agile, data-driven supply chains, better interventions and care management,” the EY report said. “Achieving this transformation can finally bring the better outcomes needed both by patients and, in an increasingly value-based payment environment, by the industry itself. But medtech isn’t there yet.
The EY report indicated the medtech companies aren’t getting the full value of the “connected devices they create,” authors said in the report. “As devices become increasingly connected, medtech companies have a built-in advantage,” EY Global Medtech Leader Jim Welch“They also have strong alignment with other health care ecosystem stakeholders, so they are well-placed to develop new business models and create value in the future,” Welch added. “What they don’t have are broad, in-house capabilities to develop personalized health care offerings.
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