Frost & Sullivan’s recent analysis, Data Monetization Drives Innovative Business Models in the Global MedTech Industry, reveals that the healthcare digitalization will lead to broader healthcare objectives of real-world evidence and precision medicine.
However, Frost & Sullivan says to achieve those goals, the industry must harness data monetization.
“Digital automation solutions best serve provider needs to drive clinical and operational efficiency, which can help them thrive in the era of reducing reimbursements and value-based care,” said Siddharth Shah, healthcare & life sciences program manager at Frost & Sullivan. “Digital data-based solutions that help providers with clinical and operational automation are likely to be successful, with the caveat of finding the right business model.”
He added that current healthcare challenges of interoperability and data silos are tough to address, but the medical technology (MedTech) industry must rethink data strategies, especially with use cases of remote patient monitoring and disease management, to thrive in the post-pandemic world.
“Several large MedTech players have already built value propositions around digital solutions with data at the core, which present opportunities to create new business models that drive efficiencies internally and help increase revenues and market share,” he continued.
Frost & Sullivan recommends:
- Target hospital areas already served to provide data insights to build operational efficiency and add value to existing product portfolios.
- Provide clinical intelligence along with services and products for surgical patients pre-, intra- or post-operatively to ensure surgical success and faster recoveries.
- Connectivity solutions for data integration are critical to eliminate data silos and ensure success of any data monetization strategy.
