4 Challenging Medical Device Industry Trends Facing Entrepreneurs
Today?s industry is ripe for health technology entrepreneurs, according to an article on the MassDevice website. While recent health care reform laws are heavily focused on providers, pharmaceutical and medical device companies, medical device industry trends suggest new opportunities for technology companies in health care innovation.
Hospitals, in particular, are looking for ways to reduce costs and improve outcomes, which means companies must bring products to market that will improve efficiency, speed and outcomes.
For example, if a company has a new knee that?s easier to implant and features a faster recovery time, that would make for a great investment. For payers and providers, it?s not strictly about cost-cutting anymore.
The Affordable Care Act also is driving a greater focus on specialists and referrals. Specialization helps increase expertise and efficiency. Creating a system that improves this patient referral process, which is largely manual today, could reap huge savings for larger hospitals and clinics.
While today?s industry is ripe for health technology entrepreneurs, they face four challenging medical device industry trends.