Which comes first innovation or success? Without innovation you can’t experience success. However, with success you can drive and support innovation. Ideally you have both working in tandem to excite, stimulate, and drive your team to keep reaching and pushing farther. It’s this drive forward to continually break-down barriers that has allowed the U.S. medical device industry to lead the world production of medical devices.
It’s this high success rate along with a commitment to pushing technology, that makes it exciting to work with medical device innovators. Admittedly, the Radius team likes to work with true innovators and out-of-the-box thinkers and this vibe encapsulates our medical device partners.
Medical Device Industry At-A-Glance
At a first glance of the medical device industry, it’s quite remarkable that there is such a large degree of innovation and thought leadership. Most industries that are bound by layers of legislation, regulations, standards, bureaucratic approvals, and tax would buckle under the pressure.
This is not the case in the U.S. In fact, despite the stress and pressures of these barriers to entry and success, the U.S. is the global leader with sales of approximately $136 billion, representing an estimated 45% of the global market.
With 9,000 U.S.-based medical device manufacturers, many of these with fewer than 50 employees, providing 520,000 U.S. jobs, and generating $150 billion in direct sales – only highlights how important it is to continue driving innovation and leadership in this industry.
Harnessing Opportunity and Getting to the Next Level
Understanding how patients and caregivers interact with devices and technology and how value is created is critical to informing medical device innovation and development. Radius is a market leader in this field. We have decades of experience designing and developing healthcare technology and humanizing patient experiences and finding how they intersect to create real value.
We are committed to working with our healthcare, pharmaceutical, and medical device companies to ensure that success continues and real differences can be made. Together we can help you imagine and deliver on a real digital future.
One of the key areas in which we are seeing challenges for the healthcare and medical device industry is in that of being able to quickly adapt to the pressures of healthcare legislation and regulations. Now, we can’t change the decision-makers and force them to see things from your (and our) perspective – but we can support you in harnessing the opportunities presented by legislation and regulations. (For our team of experts, there is no such thing as can’t – instead we take a step back and find the best way to turn every challenge into an opportunity.)
- Home and self-care. More and more people are looking outside of the traditional healthcare domain to solve their health problems. Many individuals are frustrated with the rising costs of traditional healthcare and have a deep desire to take control of their health situation. For the medical device industry, this can only be a positive. Being able to quickly harness the drive of your early adopters allows you to easily and readily learn what your customers need and want in their quest for peak health. The key then for you is ensuring that you’re connecting with this innovative demographic and giving them the best healthcare solution possible.
- Emergent care system. There is lots of room for improvement in the emergent care system. Improvements that allow healthcare providers to streamline costs and processes, to better deliver top-in-class products and service, and to ultimately ensure that those who need care are getting it. But, how best to keep the costs of the emergent care system from exploding while still giving the best care possible? This is a worldwide challenge – but one that can be solved. By knowing and understanding the market, human, regulatory, and legislation and market influences that are driving costs and hampering care – change and development can happen. Working with those who have deep skills in research, analysis, insight, and regulatory compliance is the only way to ensure that healthcare innovators and medical device leaders are not slowed by a stagnant system.
- Patient empowerment. Patients know that they shouldn’t have to settle for second best or be forced to wait for the exact cutting-edge care they need. It used to be that patients simply relied on their doctors and other healthcare experts for answers and solutions. Now though, we have the Internet – and as you know this has changed everything. From home DNA testing, activity monitors, connected glucose monitors, virtual medical diagnosis solutions, and 24/7 access to information – healthcare is leading the pack in innovation. Patients want and need to be empowered – and the key to this is in ensuring that as a healthcare innovator, you’re able to respond, react, and deliver this empowerment. Goes beyond data. Synthesize data into insights…
So, what does this mean for you? You understand the connection between innovation and success. You are driven by a deep need to solve patient problems and concerns. However, at times it seems that forces are working against you and the entire healthcare and medical device industry to do this good work.
This is why it’s vitally important for you to remember what sparked your idea and why you’re driven by a need to make the lives of patients better. The Radius team is committed, just like you to being a leader in healthcare solutions. We know there is a need. We know there are hurdles. But we also know that by working together – we can realize innovation and see outcomes achieved.