Every autumn, global healthcare leaders and the heads of trade associations and MedTech companies congregate at the MedTech Conference in the US, organised by AdvaMed.
This year, MTC24 was held in Toronto, Canada, with a theme of ‘Tech in Motion, the power of Data and AI’. It was the biggest conference yet with a packed agenda, including CEO unplugged sessions providing insights on what they are considering for their organisations, cutting-edge tech, and dozens of sessions packed with timely insights from global healthcare leaders.
AdvaMed chair Scott Whittaker emphasised the importance of the collective, including trade associations, in addressing complex challenges and promoting AI adoption in healthcare.
In addition to the opportunity, he noted other evolving factors, the rapid evolution of technology and the emergence of a new generation of digital-native clinicians, while acknowledging ongoing issues like inequity.
Panels covered various topics, including the evolving healthcare ecosystem and the role of technology in improving patient pathways and addressing capacity challenges.
Discussions highlighted the benefits of AI and Gen AI, discussing how this will transform organisations in three key ways: firstly, by providing unprecedented insights from AI operating internally e.g. in devices; secondly, in a department or care area giving equal access or providing enhanced productivity through insights on patient flow; and finally, within operations, giving teams time back around general tasks.
With capacity challenges being experienced across healthcare systems due to increased numbers and the requirement of high volume of procedures, panellists highlighted that technology is well placed to support this, for example in cardiology and ‘de-bottlenecking’.
Its application to support the very different environment of care in the home was discussed, where there is a coming together of technical, clinical and regular home support.
Pulse of the MedTech industry
A notable session focused on the “Pulse of the MedTech Industry Report 2024,” featuring Lisa Earnhardt of Abbott, Tim Schmidt of Johnson & Johnson, Holly Sheffield of CooperSurgical, and David Niewolny from NVIDIA. They discussed the importance of management, innovation, and execution in navigating the complex healthcare landscape.
Panellists stressed the need for organisations to optimise data and collaborate with innovators, regulators, and trade associations to drive innovation.
On the focus for these leaders in this complex landscape, Earnhardt and Schmid both cite focusing “on what we can control” contributing to success, with “innovation and execution being critical and a real driver of their work”.
In the fertility area, where the WHO says one in six will struggle with reproductive challenges, For Sheffield cites keeping your organisation’s vision front and centre as critical to success. Decisions are purposeful and aim to improve and give access.
Niewolny stressed that his starting point is that it’s hard to argue with the power of data and what AI can do. His company focuses on AI and the data we have, to ensure it is “as efficient as it possibly can be”.
He recommends that organisations consider “What data have I, how can I optimise it and run my organisation as effectively as possible?” stressing that “any organisation can do this today”. He highlights that critical to any organisation’s long-term plan is to “turbocharge your innovation cycle” … “through collaboration with the innovators, regulators, trade associations”. Ask “how do we accelerate and drive innovation”.
Collaboration
Collaboration was a recurring theme, with leaders like Abbott’s Earnhardt advocating for broad partnerships to meet needs and improve patient outcomes. Aligning on shared purposes was emphasised to navigate healthcare’s complexity.
Niewolmy advised focusing on core value problems, “then look to partners and when you do, see them not as vendors, rather an extension of the team”. Schmid’s perspective on moving forward in this new world was the importance of “humility, knowing strengths and collaborating”.
Regulation was another key topic. While acknowledging the challenges posed by regulations, panelists highlighted the need for supportive frameworks to support innovation and its necessity for market access, pointing out “after all what good is tech without access?”
In the context of AI, Niewolmy spoke from another regulatory perspective, proposing the concept of digital twins and virtual testing environments as a way to improve AI systems in healthcare. Standardisation was seen as crucial for enabling the MedTech industry to advance at an unprecedented pace.
Schmid emphasised the high level of collaboration in cardiology, noting that partnerships with tech giants accelerate progress. Regarding other challenges facing healthcare organisations, such as lack of resource and attracting talent in a shifting world, he highlighted the higher purpose in healthcare, making a difference daily, which helps attract talent despite resource challenges. Earnhardt echoed this, stressing the sense of purpose and patient proximity in healthcare.
Consensus and challenges
The consensus throughout the conference was that healthcare is undergoing a significant shift from merely having data to deriving actionable insights, from acute to outpatient to home. This transformation involves moving to a collaborative approach. This broader collaboration extends to adoption, with the collective power driving innovation.
The challenge for organisations in this environment lies in prioritising opportunities amidst vast possibilities. The sentiment throughout was optimistic, with leaders over the three days generally agreeing that it’s an exciting time to be in healthcare, as the potential for innovation and improvement seems limitless!
Susan Treacy is CEO of HealthTech Ireland.
