Here is a tradeshow wrap-up of our Spring 2016 tradeshows: Boston BIOMEDevice and BioFlorida: A Celebration of Biotechnology:
The Boston BIOMEDevice tradeshow started with the 20th Anniversary celebration of MassMedic. The hot topic of the conference was the focus on personal care and monitoring. Medical device companies are now engaging with suppliers and partners differently than they had in the past. Products are now not just viewed as products anymore, but more as a package consisting of a product with a service wrapped around it. Along with that, there is a growing demand for evidence and data to support medical devices.
There was a very interesting Panel Discussion entitled Valuing Medical Technology – The role MedTech Plays in Saving Lives and Improving Outcomes included representation from Johnson & Johnson, Abiomed, Tufts Medical Center, and Harvard Pilgrim Health Care. There is a movement in place focusing on high quality and positive outcome. There is a reduction in margins seen by providers in recent times and this intensifies the view on cost reduction. Harvard Pilgrim discussed the increases in health insurance premiums are caused by new devices and procedures that are emerging. These companies are not trying to increase their profits at this point; they are trying to break even for next year. What used to be a single dimensional approach with “best price only” products winning the race, is now shifting to a multi-dimensional approach. Now, the quality focus along with a penalty in place for low/less-than-promised quality products is allowing for better products to enter the healthcare market. Now, providers need to prove the value of using their device along with comprehensive plans for long-term cost savings.
The panel also took a look at the key difference between the device world and the pharmaceutical world: value. These “worlds” calculate value differently, with the most notable difference being the complexity with devices. Consumer engagement is very important and it operates under a patient-centric model with a rational understanding that healthcare costs money.The reality of it all is that the admin costs of a product can outweigh the value of what the actual product provides.
“Healthcare is a risky business – balancing cost savings and innovation is tricky.”
The good news? All panel members agreed that this reality is not hindering innovation. Innovation in healthcare and medical device is alive and well.
We love exhibiting in Boston because we get to see many regional clients and contacts in a two day period. How else can you pull that off?
See you in 2017, Boston!
BioFlorida: Celebration of Biotechnology
This was MTD’s first time exhibiting at a BioFlorida event and it surely won’t be our last! In fact, MTD is exhibiting at the BioFlorida event in November of this year as well!
More than 550 biotech executives, researchers, scientists, community leaders and government officials gathered on the campus of RTI Surgical last week. Now, in its 13th year, the Celebration continued to offer a platform for more than 100 sponsors and exhibitors in the life sciences industry! It was a great opportunity for MTD to meet vendors and device companies in the Florida region. We even won the Grand Prize at the event!