Health IT Growth Strategy in Medtech

A global medical device leader engaged Health Advances to identify growth opportunities related to Health IT.

Situation

  • A leading global medical device company, was facing with tepid growth prospects for its key medical device businesses and was desperately seeking ways to accelerate top-line growth
  • A few of the company‚Äôs competitors, who were facing similar growth challenges, had recently made moves into areas of Health IT, leading our client to wonder whether similar moves might make sense for their business
  • The client engaged Health Advances to assess the rapidly evolving HIT landscape and identify opportunities for the client to leverage HIT in order to provide more value to customers, accelerate growth of core businesses, and add new revenue streams

Critical Questions to Address

  • How will the rapid adoption of Health IT by hospitals and other healthcare stakeholders impact the medical device industry?
  • What opportunities does Health IT present for medical device companies, who are under significant pressure to justify their value in order to sustain pricing and market share?
  • Which technologies, business models, and disease areas are the most promising areas for medical device companies to focus their Health IT efforts on?
  • What specific opportunities are most promising for our client in light of their current market position, product lines, and capabilities?

Health Advances Approach

  • Conducted a thorough assessment of the Health IT landscape, including categorizing the broad range of solutions and technologies, analyzing adoption drivers and barriers, and highlighting key areas of activity
  • Created a novel strategic framework for medtech activity in Health IT, and assessed medtech activity in Health IT to date, identifying the underlying strategies of key competitors and anticipating future moves
  • Profiled seven health IT solutions in relevant disease areas and identified lessons learned and best practices for our client to consider as they proceed in Health IT

Results

  • Identified two dozen promising HIT opportunities for our client, spanning current and adjacent product categories and disease areas