Recently, the global medical technology market is being subverted while growing. The growth rate of relying solely on product innovation is getting slower and slower. The addition of fancy product functions to existing products is not enough to support the rise in product prices. In this context, a survey of executives just released by the PricewaterhouseCoopers medical research team found that although innovation has become a necessary condition for medical technology companies to be competitive, only a few companies consider themselves to be true innovation pioneers. Most medical technology companies do not manage innovation activities most efficiently. Looking to the future, the report believes that innovation must come from non-traditional R&D departments. The medical technology industry must achieve two major changes, from selling products to providing services to overall solutions, and second, from product technology innovation to business model innovation. Innovative services and business models are the driving force behind the survival and development of medical technology companies.
According to the report above, compared with 21% of telecommunications and 24% of pharmaceutical executives, only 17% of medical technology executives believe their company is a true innovation pioneer. In the short term, product innovation is still the main problem that most medical technology companies have to solve. Only 8% of respondents said business model innovation and patient experience are top priorities for the coming year.
The report has six major findings. That is: medical technology executives are expected to usher in a new round of industry innovation in the next three years, but they lack the standardization of innovative services and business models; medical technology companies are actively adopting open innovation as the main means of future growth; Integrated service solutions and business models that meet the needs of healthcare professionals and consumers are becoming more important; medical technology companies are slow to innovate compared to companies in other industries that have successfully used social media, mobile media and cloud technologies. The value of the product is not directly reflected in the product itself; competitors began to seize market share.
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