Seeing the “Bends in the Road”; Surviving During a Time of Transformative Structural Change for MedTech and MedTech Professionals
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Digital and communications technologies are feeding an increasingly faster rate-of-change, causing transformative structural changes in the global economy. The U.S. Medical Device industry is not immune. Commoditization, revolutionary changes in the delivery and payment of healthcare, increasing government interference limiting innovation, an aging global population, and the threat of aggressive new market entrants threaten its global leadership role in a growing global healthcare market are challenging all incumbents. The victors will be those who create change by immersing themselves in the ambiguities of the external environment, sort through them before things are settled and known, set a path, and steer the organizations decisively into it. In his talk, Tom will examine trends and bends in the road; then extrapolate insights for the medical device professional on how to survive and thrive during this tumultuous period of change and opportunity. He will also provide insights gained over thirteen years while assisting over one thousand executives, managers, and professionals who have chosen to reinvent themselves to make better use of their gifts in response to the changing landscape.
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Seeing the “Bends in the Road”; Surviving During a Time of Transformative Structural Change for MedTech and MedTech Professionals
- 1. Seeing the “Bends in the Road” Surviving During a Time of Transformative Structural Change for MedTech and MedTech Professionals . Marcus Evans Medical Device Summit Las Vegas, June 2015 @TMLoarie Tom.Loarie@gmail.com Thomas M. Loarie, Executive Chairman
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- 5. 1. Exponential Technology 2. The Global Tilt 3. Globalization 4. Distributed Healthcare Delivery 5. Impact on Future Medtech 6. What Does This Mean for You? 5 7/16/2015 Road Map
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- 12. Impact of Virtual Currency 12 7/16/2015
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- 16. P. 16 7/16/2015 Buying Power Shift
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- 24. U.S. Based > Research Centers in China 24 7/16/2015
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- 31. High Value Accrues to Wellness & <Admissions 31 7/16/2015
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- 33. Emerging Delivery Models 33 7/16/2015
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- 36. Generic Therapeutic Devices Frugal Development & Manufacturing 36 7/16/2015 Threat to Legacy Margins
- 38. D-Rev Non-profit medical product development company 38 7/16/2015 Designs and delivers products for people living on less than $4 a day. $ 80 $ 140
- 39. eHealth Predicting Asthma Attacks 39 7/16/2015
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- 42. Shape Your Identity or It Will Shape You 42 7/16/2015
- 45. “What is the Meaning of Your Life? The World is Asking You That Question…” - Viktor Frankl 45 7/16/2015
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Notes de l'éditeur
- All comments in Bold were used in talk.
- Index card 40 years in devices and diagnostics and combination products worked with specialists to increase revenues which increased hospital revenues to improve health and save lives working today with doctors on the front lines to keep patients out of the hospital, reducing revenues to specialists and the hospital to improve health and save lives Pioneering Products I was involved in. Including: Red Dot – first personalized hearing aid FIRST WEARABLE Yellow Dot – left ventricular assist (successor to the artificial heart) Green Dot – first corneal implant for vision correction
- Seamless conductivity 95% compliance with 7 controlled studies symptoms reported alerts analytics
- 1991 ad. All items advertised now exist on a smart phone.
- Globally 1995 80 mln cell phone users 2014 5.2 bln 73% penetration 35 mln internet 2.8 bln 39% Index card mobile is the exponential catalyst across all domains democratization of information creativity and information is bottoms up not top-down first we provided easy access to information (Google), now we are providing easy access to people all around the world increases probability of more frequent black swansMobile has been a catalyst for change across all industries. The democratization of information leading to crowdsourcing, crowdfunding allowing entrepreneurs world wide to build new legacies with on-line communities.
- Nikon Shifts Focus to Health as Camera Sales Flag Kazuo Ushida Says Camera Maker Plans to Spend About $2 billion on M&A Kazuo Ushida, currently the senior executive vice president, said the Tokyo-based camera maker plans to spend about $2 billion for mergers and acquisitions in the medical and instruments businesses over the next three years. "Merger and acquisition will account for a large part of the initial sharp growth" in the medical business, Mr. Ushida said. Mr. Ushida, who will take over as CEO pending approval at an annual shareholders meeting later this month, said Nikon will hire M&A experts to compile a list of targets and to handle due diligence and postmerger integration. It also will allocate nearly a quarter of its $2.2 billion in planned research-and-development spending for the medical business and new areas. Nikon's health-focused blueprint for growth mirrors a series of other technology companies, including Toshiba Corp. 6502.TO +1.31% and Hitachi Ltd. 6501.TO +0.41% , that are betting big on rising medical needs as revenue from traditional electronics products tapers off. Rival Canon Inc. also has beefed up its R&D spending on medical devices. Toshiba and Hitachi have said they are actively hunting for acquisition targets as they look to double their health-care revenue over the next few years. An increasing number of companies, such as Sony Corp., Samsung Electronics Co.005930.SE -1.44% and Apple Inc., have also launched or plan wearable devices and software to collect and track health data. While the field is flooded with new competitors, Nikon says it will use its prowess in semiconductor lithography technology to develop, for example, DNA chips—a hot technology for genetic research.
- THE GLOBAL TILE Fewer than 20% of the world’s nations are experiencing growing population rates. The elderly population is ballooning in most every developed nation – higher pension, health care, and related costs. Experts believe that the world’s population will continue growing in the decades ahead, then stagnate and drop. (Global Warming is no longer an issue!) By 2030 Asia will have 50% of world’s elderly Asia will have 50% of noncomunnicable diseases – cancer, diabetes Extremely poor sub-Saharan African States have the highest birthrates
- GLOBALIZATION
- Global Life Expectancy Grows by Six Years
- Turtles
- And Chinese companies are setting up research posts in the US.
- Buying US based firms for market access
- Organization for Economic Cooperation and Development
- DISTRIBUTED HEALTHCARE DELIVERY
- DiSTRIBUTED HEALTHCARE DELIVERY Reimburses for value instead of volume Financial pressure due to reimbursement cuts Moving from FFS to value. The Challenge for CFOs. Longitudinal economics of any procedure. Patient engagement. Overwhelming pressure, need solutions asap Information transparency Customers becoming knowledgeable and involved in their care. Increased participation of govt as a payor and regulator.
- Move to low cost settings Northwestern readmissions/quality ratings my visits to CFOs – keep patients out of the hospital case managers – even if it adds labor front lines – primary care, chronic disease specialists, senior centers, retail pharmacies, the emergence of carveouts like Lovongo Hospital and ER admissions This is the battlefield
- Flu shots, shingle shots, now primary care clinics. CVS health – stopped selling cigarettes Target collaboration with Kaiser. Different metrics. Offers a wide range of medical services Lab testing School physicals Chronic condition management 70% of americans live within 3 miles of a drug store. Source: Novartis
- SHARE TOOLS Comment Print Contact Author Reprint Urgent care centers are quickly emerging as a popular, cost-effective alternative to the emergency department, reports a new study by the Center for Studying Health System Change (HSC) for the nonpartisan, nonprofit National Institute for Health Care Reform. The growth of nearly 9,000 urgent care centers across the country is driven by consumer-demand for convenient and timely access for care for illnesses and injuries, according to an announcement about the study. At the same time, hospitals are jumping on the bandwagon to gain patients, and health plans view the centers as a way to contain costs by steering patients away from costly ED visits, the study says. In the past urgent care centers were independently-owned, standalone facilities, but the study says the landscape has changed. Now large urgent care center chains operate in some regions, and hospital systems are establishing these facilities to expand their service area and referral base.
- Kanav Kahol returned home to New Delhi in 2011. He was a member of Arizona State University’s department of biomedical informatics. Connect these to a common computer platform and use commercially available tablets to display diagnostic information, thereby dramatically reducing the cost of the medical equipment. He also wanted to repackage the sensor data to make them intelligible to technicians with just basic medical training — the frontline health workers who do the tasks of physicians in parts of the world where physicians are in short supply. Kahol believes that, in high volumes, the Swasthya Slate can be produced for as little as $150 per unit. for a cost of $11,000. This used an off-the-shelf Android tablet and incorporated a four-lead ECG, medical thermometer, water-quality meter, and heart-rate monitor. They then enhanced this with a 12-lead ECG and sensors for blood pressure, blood sugar, heart rate, blood hemoglobin, urine protein, and glucose. In June 2012, they sent this device to 80 medical labs for testing, which reported that it was as accurate as the medical equipment they used — but more suitable for use in remote and rural areas, because it was built for the rugged conditions there.
- D-Rev is a non-profit product development company that designs and delivers products to people living on less than $4 a day. When companies talk about serving emerging markets, they really mean is that they are serving the highest income people in emerging markets. Phototherapy device – to treat severely jaundiced babies. As good as or better at $400 vs $3500. Knee - $80 for a good, high performance polycentric knee. Comparable is $6000.