Quality, Regulations, Design and the Patient ExperienceBy Sandra Rodriguez, Research Associate, Axendia
Med-Tech companies are at an innovation crossroads. They must seek new ways to develop, design and manufacture products that meet the needs of both the “masses” and the individual patient – all while increasing quality of care and reducing healthcare costs.
According to our research, 72% of respondents report an increase in the rate of new product introduction (innovation) in emerging markets.
To learn how leading Med-Tech companies are applying innovation practices to address today’s global marketplace, Axendia hosted a discussion with Stuart Karten, Principal at Karten Design, Cathi Crist, Partner and Medical Device Industry Lead at Kalypso, in a webinar moderated by Daniel R. Matlis.During the session we discussed:
- How to incorporate the voice of the customer, clinicians and patients when they speak different languages.
- How medical device companies can institutionalize innovation as a business across a global organization.
- How are global regulatory requirements impacting innovation and new product introductions?
The panel discusses how leading Med-Tech companies are applying innovative practices that resonate with end users and increase adoption. These companies are also working to improve patient outcomes, reduce cost and deal with a complex mesh of global regulatory requirements. There is also a shift to value based healthcare. This includes improving efficiencies and accelerate decision making. Improving speed and time to market and time to value is also trending across the industry.
“Products and services are starting to be bundled together as a complete healthcare offering that is actually being specialized and tailored for those specific and local environments,” said Cathi Crist, Partner and Medical Device Industry Lead at Kalypso.
The state of innovation as companies globalize is extremely healthy. “Products are not used the same way around the world,” said Stuart Karten, Principal at Karten Design.
The panel also discusses how companies are leveraging design and innovation to enhance the overall patient experience. It’s not just about the treatment itself anymore. In addition to earlier diagnosis, patient compliance and ultimately the outcome, there are factors like user experience, and an expectation for quality.
Karten, who has helped Med-Tech companies design products that resonate with end users, increase adoption and ultimately improve patient outcomes shared his experiences. “There is a convergence of consumer products and medical products. “Wearables” is a catch all term coming from the consumer side and where does that fit with medical? Ultimately invisible devices are going to gain the most adoption… devices that impose no physical or emotional burden. Things that feel natural, that are intuitive and do not require any awkward phrases or gestures.”
Crist agreed adding, “The number one reason that I see products fail in the marketplace is that they don’t meet the needs of the consumer.” The solution offering has to be competitive on pricing, while recognizing that you have a positive patient outcome that is at an economic value and still have the data that supports it.”
Panelists also discuss how “comparative effectiveness” is no longer taboo. In fact, it is now being embraced to justify a higher initial cost that can ultimately lower the total episode cost. To clarify, if a company can develop a product than can minimize re-admittance, mortality and morbidity, it can provide the best product based on data.
On the design front, the panelists discuss the shift from functionality to user experience. To create great user experience that lead to successful outcomes companies need to be able to make the shift from focusing on product to dealing with people.
The Webinar can be played back by clicking on this link: Driving Med-Tech Innovation in a Global Marketplace