Med Device Vendors Have Big Opportunities in Health IT Software, Services, and Data Management
If you’re in the medical device manufacturing or hardware sales business your revenue growth (CAGR) is under pressure like never before. You’re being asked to do more with less but you’re probably going to find that hard to accomplish because of one or more of the following challenges:
Longer product development timelines caused by more FDA and other government regulations
Increased demand by customers to have your devices deliver user experiences that are more like “consumer” devices such as cell phones and tablets.
Lower margins as a reaction to commodity competition (your sensor hardware business will be commoditized faster and faster over time)
More complex and longer sales cycles because devices are now being approved for sale not by facilities and clinical executives alone but increasingly by CIOs and IT teams.
Increased cost of risk management and compliance caused by connectivity requirements.
Any one of these challenges is difficult to meet but these days you’re probably being asked to meet more than one simultaneously. The solutions are not simple but the good news is that medical device manufacturers have many revenue generation opportunities today that can fund the new strategic imperatives you’ll need to put into place to meet the challenges listed above.
This briefing, presented by Netspective CEO Shahid Shah, describes some of the opportunities and how device vendors can take advantage of them.