Panel, Conference Presentation
What's Trending in MedTech? | Milken Institute Global Conference 2024
- Continued investment climate constraints and M&A pressure are expected to refocus the market on real value and evidence generation rather than buzzwords, particularly in hot areas like the cardiovascular sector, IVD development, genomics, remote health, and 2024's highlighted women's health focus.
- Regulatory bodies like the FDA are projected to accelerate novel product adoption through programs like TAP, global reliance on international jurisdictions, and benefit-risk evaluations that prioritize patient preferences and expanded labeled indications based on real-world evidence.
- Digital transformation and data utilization will drive significant trends, including the explosion of real-time data from point-of-care devices, the use of wearables for patient self-management, and Abbott's internal application of machine learning and generative AI while cautiously managing external Gen AI product launches.
- A central industry tension involves the need to convert the proliferation of data into meaningful insights for clinicians and patients, requiring rigorous validation of algorithms to mitigate bias and prevent technologies from exacerbating health inequities.
- Strategic emphasis on patients will deepen across the product lifecycle, with companies expected to incorporate patient advocates into upstream design, engage with diverse demographic groups, and leverage large datasets to reinforce safety and speed market entry.