MedTech startups coping with tomorrow’s top five healthcare challenges
While businesses and organisations are having a hard time coping with challenges brought by Covid-19, the healthcare sector took a critical hit. Issues here were far more severe as no one was ready to tackle the sudden pandemic.
Hospitals and the health tech sector worked hard for recovery, bringing in more challenges than anticipated. It made governments realise how vital the industry is and rethink the future for serving the health industry.
Healthcare and medical technology (MedTech) comes from reputed sources. Meaning startups receive tough competition to go under the radar. From front line serving to data research for genetics and vaccinations, many barriers came with revolutionary offerings.
William Jones, CTO of Sano Genetics, said the time is perfect for working in the sector and innovation is required more than ever. In the past, the industry was under primary care, but as the needs grew, we saw the importance and how tough it is to manage severe occasions if proper care is not placed beforehand. Are we ready for the next pandemic? The answer is no.
Sano Genetics offers genetic testing services and partnered with major universities on healthcare studies. These studies bring up the most unnoticeable changes, infrastructure, tech, innovation and service statics. Of course, funding is required to carry out research, but the grant will not come if no study is developed for presentation.
Top five healthcare challenges for MedTech:
The primary challenge that comes in MedTech development is cost. Compared to other products, healthcare professional tools are costly. Significant cost savings can be achieved via acquiring Class II devices rather than using Class I devices. Many features in Class I products are “good to have”, which is not compulsory, but many patients can afford cutting-edge technology when it comes to healthcare. But for a general consumer, it doesn’t always make sense.
A secondary challenge comes when the product certification period takes longer than expected. A more extended period goes across all product grades, and even the lowest quality can take a long time to get certified. It may be a lower grade but must go under intense regulations, examinations, and various tests to pass medical marks. FDA queuing can take much longer as newer products are coming continuously.
MedTech products require higher accuracy and a level of reliability, which serves as our third challenge. The market here doesn’t depend on the “new and improved” tagline because organisations are highly ethical and not charmed easily. Newer products may be tempting or even have a slight price cut, but the grade may hit the queue process harshly compared to another product of a similar line.
Investors play a vital role in the MedTech sector, and there are always players developing newer products looking for investors. A person sitting on a hospital bed is not dependent on a single MedTech device. There are many opportunities to be filled. Investors are there, but their market research and contacts need to make sense of the product. Many startups grew with investors helping hand, and many stopped at their doorstep because adequate support was lacking.
To satisfy the regulatory media specialised skills are much required. An example put out by Intelligent Product of wearable heart rate monitor that virtually any consumer product can compete with. They take in factors of movement, rest, time, and state of exercise, etc. But it doesn’t necessarily mean the product is giving an arcuate heart rate. So specialised skills are vital as this kind of data needs to go through the appropriate process, satisfying the FDA.
CEO of Doccla, Dag Larsson, said: “At every level, clinicians tend to be incredibly wary of new technologies and processes to their working lives.” The era of technology, if dedicatedly and adequately utilized in the healthcare sector, may prove to be of great importance in MedTech.