MedTech as an industry is ever evolving and requires a delicate balance between innovation, financial incentives, and patients. Putting patients first may not always be direct and easy, but is one of the main drivers that enhances overall quality of care. We, in the industry, must always lead with patients, even if that means sacrificing short-term business goals, so that all stakeholders benefit in the long run.
How MedTech Currently Operates
As Westernized medicine continues to march forward, a significant emphasis in healthcare has been placed on developing cutting-edge technologies and solutions, which has completely changed the landscape of how we care for patients. Patients continue to expect more as they are inundated with information about the newest minimally invasive treatment or more advanced diagnostic system. Unfortunately, however, these news blasts often primarily target patients in order to ultimately provide MedTech shareholders with financial returns. This slippery slope can lead to a focus on the bottom line instead of what truly matters: the patient.
Patients are First Priority
Breaking through the noise of numbers: keeping patients as the priority has trickle down effects for investors:
- Better Clinical Outcomes
By ensuring patients, their loved ones, and medical professionals are part of the innovation process from start to finish, companies can gather crucial feedback that will help them in their design process. Medical devices that are designed with a patient-centric approach often lead to better clinical outcomes, achieving important patient goals that may not be readily apparent initially. Collaboration is crucial, not only to minimize patient harm, which can quickly sink a new product introduction, but also allow for a more meaningful patient experience and an increase in overall acceptance.
- Sustainability that Truly Lasts
By focusing on patient needs with consistent, positive outcomes, companies can build trust with healthcare providers and patients which leads to long-term sustainability. New products will be adopted faster if customers know what to expect. A good reputation translates into brand loyalty, repeat users, and wider acceptance, which ultimately results in steady revenue streams for companies.
- Leading with Ethics
The Hippocratic Oath that all medical doctors pledge states that above all, do no harm. In a multi-billion dollar industry where transactions occur far away from patients, this tenet can sometimes be forgotten. If companies face a difficult decision, remembering this simple adage will not only lead them in the right direction for patients but will also endear them to and build trust with physicians.
The Next Chapter
The MedTech Industry stands at an important crossroads for patient care: new treatments require huge capital investments but even greater returns, while the patients, at the heart of this industry, are insisting on both better and longer lives. The only way for companies to be sustainable in this high stakes environment is to create products that deliver consistent, positive clinical outcomes under the utmost ethical standards. The next chapter in the MedTech industry should be grounded in a patient-first mentality, and with this, we can expect a bright future for the industry as a whole.
