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Medtech companies urged to evolve business model to survive
Date:9/23/2013

WASHINGTON, Sept. 24, 2013 /PRNewswire/ -- A move to value-based health care, tougher regulations and a lack of resources are challenging medtech companies to be more creative when developing new products and services, and to experiment with new business models. New innovative strategies are now essential if medtech companies are to survive and grow, according to the findings outlined in Pulse of the industry: medical technology report 2013, EY's annual report on the industry's performance, released today at AdvaMed 2013.

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Glen Giovannetti, EY's Global Life Sciences Leader comments: "Innovative technology is no longer enough to secure reimbursement; it has to be linked with demonstrable, cost-efficient improvements in health outcomes."

"The good news is that medtech companies are experimenting as never before with new approaches to create and deliver value in creative ways."

Medtech "lost" revenues of US$131 billion in four years

EY highlights that payer and regulatory uncertainty have slowed revenue growth, leading to "lost" revenues of an estimated US$131 billion for medtech commercial leaders between 2008 and 2012. Meanwhile, funding for emerging companies has declined — particularly for early-stage ventures.

Industry performance highlights in 2012:

  • Revenue growth remains slow: Revenue for public medtech companies in the US and Europe totaled US$339.6b in 2012, a 2% increase and well below pre-crisis growth rates.
  • Venture financing drops: Venture capital was down 21% in the period ending 30 June 2013 to US$3.5b, the lowest level in more than a decade. Innovation capital — the funds available for the vast majority o
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SOURCE EY
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