Wednesday, October 1, 2014

Technology Integration and Industry Convergence: Bioinformatics, Patient-Empowered Point of Care, and Beyond

In this session from Medical Technologies 2014: A Frost & Sullivan Executive MindXchange, panelists discussed value-driven healthcare and how to use big data, providing insights on the challenges and opportunities posed by the evolution of healthcare, focusing on emerging markets, handling mass amounts of data, and funding innovative R&D.

Amir Jafri, Principal Partner, Executive Vice President, Netspective Communications

-Joseph Boystak, Co-Chairman, Bessor-Brightwaters Pharma, Chief Executive Officer, Brightwaters Capital
-Robin Farmanfarmaian, Vice President, Strategic Relations, Singularity University
-Sanjay Shrivastava, Director, Global Marketing, Covidien
-Barbara Sosnowski, Vice President, External R&D Inflammation, ERDI Lead WRD External Partnerships, Pfizer
-Richie Etwaru, Group Vice President, Digital Innovation, Cegedim


The major challenge facing big data in the medical technology world revolves around the question of what to do with the data. The information is there, but it’s important to build a model that can verify and validate the data for actionable use in medicine.


Technology needs to create analytic systems that can properly interpret data given through information avenues, and companies must develop ways to apply it and use it.


Medical technology companies must focus on devices that enable patient engagement, rather than just those used for record-keeping. Success in the changing world of healthcare will require developing products that can disseminate information provided by patients and make the information actionable. The goal must be to engage patients to participate in their own care.


Like they are in other fields, strategies and business models in the medical world are moving toward a more data-centric focus, with the goal of conducting healthcare in a more efficient and precise manner. The medical device industry must examine what its role is in that major paradigm shift, the panelists said.


Companies should look to develop new technologies to compile and acquire actionable data in order to allow healthcare industries to do what they do in a more proficient and nimble manner.

Medical device companies should begin to look into emerging markets and areas that serve countries such as India and China. Focus on these markets, which have a potential to be as vast as the domestic market.


Companies should begin to actively engage with the worldwide medical community in emerging markets like India and China. Open dialogue with physicians in those countries can show how they are looking to do things and what technology they need so they can provide better care for their patients.


Of course, new products require new capital. That’s why there must be collaboration with investors and others to determine the exact cost of developing new products throughout the world.

Only about 10% of the 3 billion people who live in China and India can afford the healthcare that Americans can. That means there are opportunities to find innovative and cost-effective solutions and increase access for people around the world.


Accumulating data should be the first step in this process, according to the panelists. Look for solutions to treat, manage, and prevent diseases where there currently aren’t any solutions.

Opportunities for research exist in:

  • The decentralization of medicine
  • Value-based healthcare
  • Remote monitoring and wireless applications
  • Individualized health and therapeutics
  • Actionable data
  • The notion of competency and educational aspects
  • Patient compliance and engagement

Companies should take the data, partner with different groups, and work toward analyzing and interpreting the data.

Money can be brought in through partnerships and investments, with patient advocacy as a driver. Companies should look for partners in non-medical sectors, such as telecommunications.


Companies can launch ventures to acquire funding for new medical technology devices to bring big data to the healthcare system. Those tools must have the ability to analyze information and make it useful for physicians and patients.

Corporate innovation exchange programs with Fortune 500 companies allow small businesses to learn from large corporations and vice versa.


For big data and new technology to thrive in the evolving medical world, technology companies must find ways to make data actionable and prove the benefits for the cost and quality of care.

For more valuable information, download Frost & Sullivan's Executive MindXchange Chronicles: Medical Technologies 2014, a unique collection of all the key take-aways and best practices discussed at the event

No comments:

Post a Comment