Shifting perspectives: Medical device manufacturers moving from product-focused to service-focused

The growing drive for medical devices that are technologically advanced and still competitively priced has pushed manufacturers to develop business models and strategies to support this rapidly advancing and changing set of customers. Providing a sustainable business model involves more than just delivering the product to the hospital, practice, or patient. Suppliers and manufacturers are shifting away from product-focused and into service-focused, knowing they need to deliver outstanding follow up service, repairs, updates, and more in order for the end-consumer to experience the most value. Not embracing the shift to service-focused over product-focused will allow other competitors to whisk away customers when continued support is needed. 

Medical devices collect, analyze, and communicate large amounts of data 24/7. Artificial intelligence enables the healthcare sector to retrieve information, interpret medical findings, and make plans for patient care while increasing productivity and reducing the burden on healthcare workers. The global artificial intelligence market in healthcare is expected to reach a size of 61.59 billion USD by 2027. The market for AI in healthcare has also seen major increase in demand due to the COVID-19 pandemic, with AI being utilized to minimize and track spread of the virus. 

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Many medical device manufacturers are planning for and incorporating AI technologies in medical devices. In December of 2020, Phillips, a global leader in health technology, acquired BioTelemetry, expanding their cardiac care portfolio with remote cardiac diagnostics and monitoring, including wearable heart monitors and AI-based data analytics. 

Boston Scientific completed an acquisition of Preventice Solutions, an innovative healthcare company focusing on mobile health solutions and remote patient monitoring leveraging cloud-based solutions and AI algorithms that promote improved clinical diagnoses and outcomes, in January of 2021. Many other manufacturers and solution providers, including GE Heathcare and Medtronic, are making similar moves to expand rapidly into AI. 

With the instantaneous results and constant transmission, users often expect real-time help in interpreting the data. With these expectations, MedTech needs to provide more than just the physical device, it also needs to provide service at every stage of the user experience, whether that is in the form of answering questions on the use of the device, concerns the user has with operating the device, troubleshooting issues as they arise, or in integration into the user’s daily medical care. Building this process and support for the user throughout not only times of crisis, but in the day-to-day as well builds long-term, lasting customer relationships. 

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Understanding the basics of what the customers need and want will help the supplier to provide better service and value to their customers as well as make better recommendations to help them solve their problems. Artificial Intelligence in medical devices allow for improvements to be made in day-to-day operations and in patient outcomes. Furthermore, AI-enabled medical devices provide more insight into the device performance, enabling the medical team and care provider to make smarter recommendations based on real-time analytics. 

Annata 365, a comprehensive business management solution by Annata, is tailor-made for the automotive and equipment industry. Our comprehensive solution is built from listening to the needs of industry professionals from around the world and our dedicated team develops solutions that enable equipment manufacturers, importers, distributors, and service providers to embrace digital transformation in medical technology with the use of artificial intelligence, machine learning and advanced analytics.

Annata 365 quickly integrates with other existing systems, unifying all of the operations in one, single system. Customer support is made easy 24 hours a day with AI-powered chat bots and online customer portals. Annata 365 enables manufacturers to meet the customers where they are to align product offerings and services to meet their needs and expectations.

Want to learn more about how Annata 365 is transforming the medical device industry? Discover more here

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