Medtech: Collaboration is King in Post-Covid World

As early as 2019, MedTech industry experts reported that technology and regulatory changes were key drivers in the trend toward greater collaboration in the industry. With the onset of the global pandemic, collaboration among global competitors reached unprecedented levels. Different stakeholders leveraged expertise and shared resources across the entire value chain, bringing solutions to market as quickly as possible.

Fast forward to 2023. The post-COVID-19 era performance of industry leaders shows a clear link between innovation, collaboration, and performance. Click To Tweet The graph below from McKinsey links shows that organizations that invest in innovation during a crisis outperform their peers in the recovery.

McKinsey reports that “a crisis can create an urgency that rallies collaborative effort, breaks through organizational silos, and overcomes institutional inertia.”

Companies that invest in innovation not only fare better during the crisis but also outperform the competition in the recovery. Let’s look closer at collaboration and performance in MedTech and medical device development.

Hyper-Collaboration in MedTech

Post-pandemic, it is clear, if not a bit ironic, that strategic partnerships are key for MedTech companies to stay competitive. The complexity of healthcare and medical technology continues to scale, making it nearly impossible for individual companies to tackle the most innovative and challenging problems, especially within realistic time frames.

Collaboration among medical device companies helps bring innovative solutions to market more efficiently. In fact, some experts note that the speed of innovation is scaling the intensity of collaborations, requiring “hyper-collaboration.”

Innovation is no longer driven by one or two companies, but rather, by a large number of players in an extended partner ecosystem, requiring collaboration at an unprecedented scale. Driving innovation at speed requires all players to think and act in large “hyper-collaboration” networks.
(Source: Arthur D. Little)

Hyper-collaboration is also evident in research studies where teams come together with shared objectives. Organizations can access a broader range of resources through collaborations with universities or other companies specializing in specific areas relevant to their studies.

A critical factor in this shift towards hyper-collaboration is the development of new tools that make it easier for organizations to connect and share information. Technologies such as cloud computing, artificial intelligence (AI), machine learning (ML), distributed ledger technology (DLT), and virtual reality (VR) are all driving collaboration. They enable Information-sharing via efficient, secure communication between different entities.

How are MedTech Collaboration Trends Accelerating?

As the complexity and speed of innovation accelerate, so does the need for collaboration among different stakeholders. Partnerships between medical device manufacturers, hospitals, government institutions, research organizations, and experts drive product innovation through increased knowledge sharing and the development of best practices.

Technology and Complexity Drive MedTech Collaboration

The global pandemic accelerated collaborations, but even before COVID-19, technology and complexity were accelerating and driving a need for greater collaboration. Now, AI and Big Data are fueling patient and provider demand for more personalized care.

More complex technologies created a need for a more collaborative approach. For example:

1. Interdisciplinary expertise and complex problem solving: MedTech project development requires engineering, medical, scientific, and business expertise. Each discipline brings unique knowledge and skills to the table, and effective collaboration is crucial for the success of a project.
2. Integration of technology: Integrating technologies such as electronic health records (EHRs), medical imaging systems, and wearable devices require close collaboration between different stakeholders to ensure compatibility between different systems.
3. Quality and safety: Medtech devices are highly regulated because they have a direct impact on the health and well-being of patients. Collaboration between different stakeholders is crucial to ensure that the devices can gain regulatory approval to achieve go-to-market timelines.

Collaboration in MedTech Benefits Regulatory Compliance

In regulatory compliance, collaborations between device manufacturers, regulatory agencies, and other stakeholders can help ensure that submissions for advanced medical devices are robust and complete, reducing the chances of delays or rejections.

Collaborations with healthcare providers can speed up the commercialization process by providing access to existing regulatory frameworks within healthcare systems, ensuring adherence to applicable laws and standards. Such partnerships could also open doors for product expansion into new markets more quickly than if done independently by either party.

By working together, different stakeholders can achieve a common understanding of technical and regulatory requirements for advanced medical devices. Clarity from collaboration can help avoid delays and improve the overall efficiency of navigating the regulatory compliance process.

Tools for Collaboration in Medical Device Development

Collaboration in medical device development employs a wide range of tools and technologies, depending on the project specifics and the participating stakeholders. Different tools include:

• Project Management Software
• Virtual Meeting Platforms
• Design and Prototyping Software
• Electronic Medical Record (EMR) Systems
• Regulatory Tracking Software
• Quality Management Systems
• Clinical Trial Management Systems

The common thread among all of these tools is securing data and, at the same time, making it accessible to the right people at the right time.

The Data Cloud’s Role in Collaboration and Performance

Cloud data storage is the backbone of collaboration in medical device development and commercialization because it provides a secure and centralized platform for sharing and accessing information. Some of the key benefits include:

• Accessibility: With cloud data storage, medical professionals and researchers can access patient data and other relevant information from anywhere and at any time, as long as they have an Internet connection.

• Data sharing: Cloud data storage makes it possible for MedTech companies and healthcare organizations to share patient data to facilitate clinical trials and research.

• Security: Cloud data storage providers employ robust security measures, such as encryption and multi-factor authentication, to protect sensitive medical data. This helps prevent data breaches and unauthorized access to sensitive information.

• Scalability: Cloud data storage can easily scale, making it possible for organizations to handle large amounts of data and accommodate growth.

Cloud storage is a critical enabler of collaboration during the product development and market life cycle. Security is paramount, especially in the medical device space.

At Galen Data we take security and trust very seriously. We are among an elite group of organizations worldwide that are HITRUST Certified, meaning our clients’ data, hosted on Amazon Web Services, meets key regulations and stringent industry-defined requirements for appropriately managing risk.

Moving Ahead

The trend towards collaboration is clear and it has become an essential ingredient for performance within MedTech and healthcare in general. Do you have questions about how to maximize collaboration for competitive advantage while still maintaining security? The Galen Data team has the experience and expertise to help, reach out today to get the conversation started.