The medical technology industry was on the forefront of innovation for decades, but now return on innovation investment is declining. The very notion of medtech innovation needs redefining in a new health economy that is focused on higher expectations for value and convenience. Medtech companies must be ready to compete in the new environment or risk being displaced by companies that can show evidence that their innovations create value.
To assess the state of company-level innovation in medtech, Health Research Institute (HRI) followed up on PwC’s 2011 report, Medical technology innovation scorecard: The race for global leadership, which found the US leading the world in the medtech industry, but losing ground to other countries. This year, more than 50 companies participated in the research, including those doing business in in-vitro diagnostics, disposable medical products, medical equipment, diversified life sciences, implantable devices, as well as other healthcare companies and new players in the field.
More than 30 top executives were interviewd and conducted a survey in summer 2013 of more than 35 medtech companies, almost half of which reported revenues in excess of $1 billion US dollars.