This December 2-4, Borderless participated in the European MedTech Forum, the largest medical technology industry conference in Europe. The event drew more than 500 leaders active in the EU healthcare and medical technology-related industry, all focused on how to secure profitable growth in an environment shaped by value-based healthcare, digital disruption and low-cost competition.
“Within the healthcare industry there is huge wastage and significant outcome variation,” observed Borderless consultant Lynn Ware. “There is a lot of work to be done to drive competitiveness and generate value through collaboration and co-operation among, for example, the MedTech companies, software and mobile communication providers and health insurers.”
“A rise in costs is prompting healthcare systems to reward improved outcomes and better quality,” added Borderless Consultant Thessa Duyck. “MedTech innovation is useless unless it reaches the patient. As a consequence, the industry must develop a more patient-centric approach, moving away from its historical focus on market access towards patient access. “
E-health in healthcare management was also high on the agenda. “With remote monitoring, telemedicine and the proliferation of mobile devices, the trend is shifting away from in-patient care towards out-patient services,” adds Thessa.
Yet while Mobile and Cloud computing enable MedTech companies to leverage ‘big data’ for targeted marketing and to create interesting value propositions, concerns for security and privacy must also be addressed. Testing the potential and limits of a patient access strategy in this new era will require market access experts with capabilities beyond traditional requirements.
“The medical technology industry is also seeing new E-health challengers such as Microsoft, Google and Apple who have access to vast financial resources, beyond anything accessible to traditional industry players. This challenge, however, could be an opportunity for collaboration and the joint development of patient-centered innovations,” Thessa underlines.
To capitalize on this, the industry will need to overcome a natural conservatism that makes it difficult to keep pace in the dynamic E-health environment.
“An ability to tackle developments in technology and innovation is needed to quickly address the challenges ahead, whether through collaboration or by attracting additional skill sets that allow companies to progress quickly,” suggests Lynn. “Leadership and change has to come from the top, and I think this puts particular pressure on people who have been in the industry for many years and need to make a paradigm shift in thinking to change the business model.”
It’s natural for leaders to emphasize the importance of hitting financial targets, but making numbers the centerpiece of your leadership narrative is a costly mistake.
Spoiler alert: these games aren’t about manipulation but they will help you sharpen your thinking and work better with others.
Of course, the role of influence in leadership success isn’t much of a secret in and of itself. But how should leaders pursue and cultivate their ability to influence?