Digital Maturity Models for A Frictionless Customer Experience: Smart MedTech Part 3- By Sidhartha Sharma

Sidhartha Sharma- Author and Digital Strategy Expert

This is the third and final part of the MedTech digital transformation series

Part-1

Part-2

Digital Maturity Models and Frictionless Customer Experience

  1. Preventive and diagnostic: Medtech devices will be available for mass consumer markets even more in the future. Many smartwatches can now o er data on the user’s heart health and can call an ambulance if a sudden fall is detected. Data on vitals and sensors on these smart devices will be the key to preventive healthcare. All mechanical Medtech devices like inhalers, auto-injectors, blood pressure monitors, and pain management devices will also simultaneously relay and record data that will feed into your electronic medical records.
  2. Secure: Cybersecurity will become even more critical, and regulatory guidelines will determine how privacy evolves around these medical records. Consumers will feel adopt these devices even more if they know that their records will not be compromised.
  3. Medical infrastructure and low-cost innovations: Medical devices that require more substantial investments and can be deployed only in hospitals will continue to evolve. The prominent European and US medical technology companies will continue to dominate the industry with inevitable disruption from the tech companies on AI imaging. Chinese medical technology device maker’s market share will also grow further. Low-cost social innovation will also be a driving force in making medical care affordable.
  4. Data capturing and ecosystem models- Platform model, and ecosystem partnerships will matter in medical technology devices are well just like the consumer tech industry as well. Basically, medical IoT platforms will emerge that will become the data-lakes for the MedTech equipment installed over the world. There are a few orchestration opportunities available and Seimens Healthineers, Philips Healthsuite are building great digital ecosystems.
  5. Connected: Devices that record all the health statistics and systematically share simplified insights and alerts to users will be in demand. Imagine if your smartwatch can detect your posture, anger, stress levels in addition to your heartbeat. Wearable tech is s ll a few generations away from reaching full- edged maturity. Apple’s iWatch series 10 will be very different from its series 5 watch that came out in 2019, or series 6 in 2020.
Image-Philips

Digital Partnerships will become critical

Ecosystem partnerships mapping: Medical technology device makers should collaborate with wearable, consumer electronics makers to have a deeper understanding of what customers want in devices, superior design sense, and production excellence. Deep relationships with large hospital networks will help to ensure the continuity of business.

Platform orchestration, leverage, and hybrid playbook: Just like the smart home ecosystem, medical technology companies can create devices that are linked through an underlying platform or infrastructure. The users can log in and activate these devices for usage. Safety standards, data security, and product testing are of paramount importance. They also need to participate in a broader healthcare ecosystem of pharmaceutical companies, insurance players, physicians, patients, and hospitals to stay updated on innovative ideas, patient expectations, and partner requirements. Medical technology device makers need to have the know-how to build an interactive platform that allows users to connect with them. The company can even think of an open ecosystem where users and multiple Medtech device makers can connect.

Use case- Health suite digital platform- Philips

Horizon thinking for future growth: Medtech devices have two broad market segments- bigger hospital networks and individual users like doctor clinics and mass consumers who need self-diagnostic and treatment devices.

Educating the Doctors and healthcare workers: These platforms around the connected devices will also become the virtual training classrooms for the healthcare professionals.

Predictive, preventive treatment coupled with highly actionable and personalized recommendations for users, will determine the success.

Best regards,

Sidhartha Sharma is a Digital Transformation expert and business leader with 15+ years of experience in Management Consulting firms.

He is also a Bestselling Author of multiple books on topics of Digital Strategy, Entrepreneurship, Organization Change, and Optimal Performance and Work Happiness.

His personal writings and columns regularly feature in media houses like Business World, Indian Express, Live Mint, Asian Age, and Deccan Chronicle.

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~15yrs Consulting- McKinsey & BCG-Digital Strategy, Ecosystems & Ventures | Start-Up Mentor | Platforms | Digital-First | Author & TEDx Speaker. Views Personal

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Sidhartha Sharma- Future of Tech, Digital & Data

Sidhartha Sharma- Future of Tech, Digital & Data

~15yrs Consulting- McKinsey & BCG-Digital Strategy, Ecosystems & Ventures | Start-Up Mentor | Platforms | Digital-First | Author & TEDx Speaker. Views Personal

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