Future of business interaction
A study on the interaction between MedTech companies and hospitals
Why can’t doing business with MedTech companies be easy for hospitals in the 21st century? With this study, we shine a spotlight on the challenges in business interactions today. We aim to drive forward the discussion among stakeholders so as to find solutions that can be applied broadly, yielding benefits for all parties involved.
What are the challenges of digitisation for the healthcare industry?
Today, digitalisation is provoking constant change in healthcare. Technologies and solutions such as wearables, Connected Care, the Internet of medical things (IoMT), and artificial intelligence (AI) are steadily gaining acceptance. Thus shaping customer expectations and experiences in private as in business life. And yet novel solutions to improve business interactions in healthcare have so far failed to be applied broadly and remain quite exceptional.
The current configuration of the industry is frustrating for all stakeholders, as it does not deliver value to a system that continuously struggles for funding and faces ever-growing business constraints, such as rising price pressures, increased regulation and more competition.
Our Europe-wide study has identified the most frequent pain points and barriers to business interaction in the industry, and potential integrated solutions to overcome them. Moreover, our study participants indicated that improving business interactions could lead to savings of up to 25 per cent on Selling, General & Administrative (SG&A) costs and to revenue growth of up to 20 per cent. This should be a strong incentive to find new solutions, and also to continue and strengthen ongoing initiatives by countries, regulatory bodies, industry associations, individual companies, private and public providers, and GPOs.
However, high effort is required to overcome existing barriers and implement innovative selling approaches. A directive for change needs to be supported by top management and embedded in the company’s strategy. Implementation will require changes at multiple organisational and functional levels. Management must ensure that siloed solutions and pilots are rolled out on a large scale and have a chance of becoming standard.
Change will be driven not only by the industry. There are a number of drivers that will have an effect on the transition such as the availability of pan-European data standards, the variety of platforms, and the future role of GPOs.
It is at present unclear who will lead the change and who will emerge as winners in the race. The industry needs to be prepared and should offer solutions in order to stay ahead and lead the way towards a promising future with benefits for all stakeholders