Every year, thousands of Medical Technology executives convene at the AdvaMed MedTech Conference to discuss industry strategy, technology trends, regulatory policy, and implementation and product releases. This year was very exciting as the mood was quite positive regarding innovations in AI/ML, improving financial performance, improving supply chain conditions, and new software-driven product lineups.
In the fast-paced world of Medtech, staying at the forefront of innovation is essential. At Persistent Systems, we understand the importance of industry knowledge and networking. That’s why we were excited to participate in the Medtech Conference 2023 as a Champion Sponsor.
platform titled “Enabling The Next Generation of Patient Care” with Nara Rajagopalan – CEO & Founder of Falconeer Health and the Persistent team at the booth exhibit.
Here are our key takeaways from the conference:
- Innovation – Connected Device innovations are undoubtedly a top investment priority by all companies in attendance. This implies IOT/sensing, cloud modernization, fleet management, upgrades over the air, software-driven recurring-revenue models, upgraded user experiences and interfaces, and enhanced insights through AI and analytics.
- Regulatory Updates – Predetermined Change Control Plans (PCCP) were one of the most important FDA topics this year, with AI/ML and Cybersecurity implications to devices and device strategy. PCCP authorization is a new classification. It allows manufacturers to design and pre-plan software releases in 510(k) devices, so long as there is no effect on the safety or efficacy of the devices. Experts consider Connected Device capabilities as the key to submitting FDA PCCP updates and pushing updates to managed and consented device queues. As the regulation solidifies, the goal is to harmonize several topics posed by IMDRF, the White House Blueprint for AI, Pre-Cert programs.
- Strategic Merger and Acquisitions (M&A) – M&A has been less frenzied in the 2023 calendar year that during COVID years, with leading multinationals turning in deal volumes at pre-COVID levels. There is a stated focus on deals providing quality profits, cost efficiencies, and new business capabilities rather than multiple accretions or scaled offerings. In other words, perhaps strategists expect acquired companies to contribute to the digital portfolio and provide market expansion capabilities. Private companies have been having conversations about financial flexibility and are open to the possibility of M&A.
- Operating Excellence – Shared services organizations have been set up across strategic business lines. The rationale has been to provide digitalized, automated, and AI corporate functions, as was needed during supply chain disruptions of the COVID years. As the Stryker CEO, Mr. Lobo said, “Last year I had to hug my Supply Chain people a lot. This year, I have had to hug my Software Engineers more”, implying that COVID supply chain disruptions have significantly eased, and now an aggressive focus on digital business and technology effectiveness has become the primary focus.
- Competition – The popularity of GLP-1 drugs remains a dampener for companies with devices and instruments treating cardio-metabolic risk factors.
- Effectiveness Data and Intervention – Additional evidence and analytics is powering the ability to provide therapeutic interventions on time, earlier, and to greater effect.
- Talent – Long considered an elite industry, MedTech companies are often sourcing talent from Ph.D., M.S., B.S. programs from globally accredited Universities. In an effort to fill talent gaps, companies are looking globally for diverse skills, while driving equitable outcomes, focusing on a broad range of skills and accreditation, rather than focusing on degrees. The industry is recognizing the need to fill talent gaps from qualified individuals looking to achieve their career zenith.
Persistent Systems at the Medtech Conference:
As a Champion Sponsor, we were proud to be a significant part of the Medtech Conference 2023. Our booth was a hub of innovation, showcasing our latest Medtech solutions around Digital and AI in the Precision Medicine / Diagnostics value chain, Software as Medical Device (SaMD), Pathology segmentation And Knowledge graphs among others and engaging with industry professionals.
The conference highlighted the immense potential of Medtech and reinforced our belief in the positive impact it can have on healthcare. We look forward to the future with optimism, armed with the insights gained from this event.
Stay tuned for updates from Persistent Systems as we continue to innovate and contribute to the ever-evolving world of Medtech. Your support and feedback are invaluable as we work toward a healthier, more efficient healthcare ecosystem.
To find out more about Persistent’s Consulting and Digital Transformation services, reach out to us.
