What's Happening?
PwC has released a report detailing five strategic pillars for medtech companies to redefine growth in the digital-first era. The report emphasizes the need for medtech firms to adopt new operating models to survive and thrive amidst regulatory challenges and competition from AI-native entrants. The five pillars include redefining commercial excellence, treating data as a product, rewiring operating models for AI and agility, building connected ecosystems, and reshaping portfolios with an innovator's mindset. These strategies aim to help medtech companies leverage digital transformation to enhance competitiveness and investor returns.
Why It's Important?
The medtech industry is undergoing significant transformation, with over $1 trillion in annual healthcare spending expected to shift towards digital-first, consumer-centered care. PwC's report highlights the urgency for medtech companies to adapt to these changes to maintain growth and competitiveness. By focusing on digital transformation, companies can improve patient outcomes, streamline operations, and enhance shareholder value. The report serves as a call to action for medtech leaders to embrace innovation and strategic partnerships to navigate the evolving healthcare landscape.
What's Next?
Medtech companies are encouraged to implement the strategies outlined in PwC's report over the next 12 to 24 months to capitalize on growth opportunities. The report suggests that small differences in execution during this period could lead to lasting advantages in competitiveness and investor returns. Companies may need to invest in AI and data-driven solutions, form strategic partnerships, and continuously innovate to stay ahead in the digital-first era.
