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Hi ,
Our company president Scott Zeitzer and I have attended a few industry events so far this year, and we’ve come away with some great insights.
In particular, Scott had a few key takeaways from the sessions he attended at DeviceTalks Boston. I wanted to share some of his thoughts with all of you on what he learned at those events and his observations about what is happening in the industry right now.
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Data will become a part of the revenue stream
Ivan Tornos, the CEO of Zimmer Biomet, gave an eye-opening talk at DeviceTalks Boston. He said that data is essential for future revenue, not just a support function. He believes that device usage and clinical data from connected devices will eventually be able to be monetized, and will represent a significant portion of the revenue stream over the next decade.
This type of data can be used in a number of ways, from improving products to interacting better with customers. Eventually, it could even be used to help physicians take better care of their patients and improve outcomes, which may lead to better reimbursements.
Scott also had the chance to attend a session with Steve Bell, one of the voices at the forefront of surgical robotics, at DeviceTalks. Steve discussed the value of data in robotics and how it needs to be built into the system from the start. If you aren’t thinking about the data from the start, you are already behind your competitors.
However, Scott feels that it’s not just about the data itself. You need to have a system in place that processes the data for you, pulls out the relevant points, and makes it easy to review. Which brings us to our next point…
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You need a robust data platform to succeed
Companies that start out with robust data platforms for their connected devices from the beginning are in a greater position to succeed. The right data platform helps companies pull out key data points that can assist on a number of fronts: future iterations of the device, selling points for physicians, proving the value of the device, and improving patient care.
Companies like Intuitive Surgical have dominated the market because they understand the importance of data and are harnessing it. Those that treat data platforms as an accessory or “nice to have” will have a hard time catching up. Even the smaller companies have a chance to carve out a piece of the market for themselves if they invest in the right data platforms, because that data can become a valuable differentiator.
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The days of being siloed are over
Traditionally, larger companies have operated in silos--everyone sort of stays in their own lane with their product lines. However, the companies that don’t find a way to connect all of their data will fall behind.
Companies like Intuitive and Zimmer Biomet are working toward this greater integration of their data and are setting the trend on this front. Ivan Tornos has spoken at length on LinkedIn about how Zimmer Biomet is planning to bring all of the data together to transform the entire care process (including this interview clip). He predicts that this is where the industry could go, and that these will eventually become the things that matter most, rather than the device being implanted.
While we may still have a way to go to get there, the companies that start thinking this through early on will be better positioned as the industry evolves.
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The Health Connective website
Apple Podcasts
Spotify