Medtech’s existential crisis and how it can survive

The new EY report even includes an equation to show how medtech and other life science companies will need to deliver value: “Future value (FV) is driven by innovation (I) that focuses on outcomes with a high degree of personalization and is fueled
by unlocking the power of data (D.” [Image courtesy of EY]

Executives in medtech and other life sciences companies view digital health startups and high tech giants as an existential threat. To compete, they’re going to have to invest in or acquire customer engagement and personalization skills usually associated with online retailers and social networking sites, according to a new report out today from EY.

The report — Life Sciences 4.0: Securing value through data-driven platforms — quotes Johnson & Johnson CEO Alex Gorsky to indicate where things are going:  “Technology will touch everything that we do, whether it’s the way we use data to better understand the genome … or as it applies to things like minimally invasive surgery, even the way we talk to consumer vis-à-vis social media.”

Technology isn’t the only factor driving the change. Aging populations in the developed world mean that both public and private payers are tackling budgetary constraints and longstanding inefficiencies in healthcare systems.

In the medical device industry, companies are having to decide whether they are products companies selling to health providers or services companies focused on patients as a customer, according to the report’s author, Pamela Spence,  EY Global Life Sciences industry leader.

“I think companies need to decide what they want to be. … It’s hard to do both,” Spence said during an interview with our sister site Medical Design & Outsourcing.

Get the full story on MDO. 

The post Medtech’s existential crisis and how it can survive appeared first on MassDevice.

Apple continues its foray into healthcare, puts select EHR data on iPhone devices

Share

Apple (NSDQ:AAPL) said this week it is introducing a feature allowing customers to obtain, view and keep medical records on their iPhones, continuing the company’s experimentation into the healthcare market.

Electronic health records will be available within the company’s Health application, with 12 different healthcare organizations already agreeing to make their records available to current customers.

Records viewable on the mobile devices were created based on Fast Healthcare Interoperability Resources standards, the Cupertino, Calif.-based company said. Medical data stored on iPhone devices are encrypted and protected with the user’s iPhone passcode, Apple said.

“Our goal is to help consumers live a better day. We’ve worked closely with the health community to create an experience everyone has wanted for years — to view medical records easily and securely right on your iPhone. By empowering customers to see their overall health, we hope to help consumers better understand their health and help them lead healthier lives,” Apple COO Jeff Williams said in a press release.

Participating medical institutions include Baltimore’s Johns Hopkins Medicine, Los Angeles’ Cedars-Sinai, Philadelphia’s Penn Medicine, Danville, Penn.’s Geisinger Health System, San Diego’s UC San Diego Health, Chicago’s Rush University Medical Center, Dignity Health, Jefferson Parish, La.’s Ochsner Health System, MedStar Health, Columbus, Ohio’s OhioHealth and Kansas City’s Cerner Healthe Clinic, Apple said.

“Streamlining information sharing between patients and their caregivers can go a long way towards making the patient experience a positive one. This is why we are excited about working with Apple to make accessing secure medical records from an iPhone as simple for a patient as checking email,” Johns Hopkins Medicine CIO Stephanie Reel said in a prepared statement.

“Putting the patient at the center of their care by enabling them to direct and control their own health records has been a focus for us at Cedars-Sinai for some time. We are thrilled to see Apple taking the lead in this space by enabling access for consumers to their medical information on their iPhones. Apple is uniquely positioned to help scale adoption because they have both a secure and trusted platform and have adopted the latest industry open standards at a time when the industry is well positioned to respond,” Cedars-Sinai CIO Darren Dworkin said in prepared remarks.

Last month, Apple was reported to be developing an in-house ECG for its Apple Watch that would compete with the recently approved KardiaBand made by AliveCor.

Report: Doctor self-diagnoses cancer while testing Butterfly iQ ultrasound

Share

Butterfly iQ

A vascular surgeon was able to diagnose his own cancer while testing the Butterfly Network’s Butterfly iQ ultrasound-on-a-chip device, according to a report from USA Today.

After experiencing some throat discomfort Dr. John Martin self-tested the device, designed to send images to and operate in conjunction with Apple (NSDQ:AAPL) iPhones, and found a mass that he thought looked cancerous, according to the report.

The mass turned out to be squamous cell cancer which Martin has since received treatment for, including surgery and radiation therapy.

“I felt something funny in my neck, connected the probe to my phone, did an ultrasound, and there it was: My tumor,” Martin said, according to USA Today.

The Butterfly iQ device won FDA 510(k) clearance earlier this month with 13 clinical indications, which the Guilford, Conn.-based company touts as the “broadest every for a single ultrasound transducer.”

Butterfly said its device consists of a single wide-band, 2D matrix array with thousands of microelectromechanical systems overlaid on an integrated circuit.

The company touted that the cost of the device was significantly lower than existing technology, saying it could reduce costs between 10 to 100 times.

Apple to partner with American Well, Stanford to launch heart arrhythmia trial with Apple Watch 3

Apple (NSDQ:AAPL) said this week it will partner with telemedicine company American Well and Stanford University to test the performance of its Series 3 Apple Watch to detect heart arrhythmias, according to a Fortune report.

The tech giant announced the Apple Heart Study at its iPhone unveiling event earlier this week, saying that the company would seek to use the watch as a replacement for traditional heart sensors, according to the report.

The new watch comes with an improved heart rate monitor which Apple claims will collect data including post-workout recovery heart rate and abnormal spikes in heart rate while resting, Fortune reports.

Though the company didn’t reveal any new health-related innovations on its most recent iPhone 8 and iPhone X release announcement, CEO Tim Cook said the company is still focused on the healthcare industry.

The tech giant has recently made strides towards making its iPhone devices healthcare-connected central depositories, announcing in June it would team with Health Gorilla to add health and diagnostic lab data and with DexCom to integrate G5 CGM support into its Apple Watch, alongside rumors that the company was looking to acquire Aetnahealth.

The post Apple to partner with American Well, Stanford to launch heart arrhythmia trial with Apple Watch 3 appeared first on MassDevice.

CEO Cook says healthcare is “big area for Apple’s future”

Despite lacking new health-related innovations on its most recent iPhone 8 and iPhone X release announcement, Apple (NSDQ:AAPL) is still focused on the healthcare industry, CEO Tim Cook told Fortune magazine.

The tech giant has recently made strides towards making its iPhone devices healthcare-connected central depositories, announcing in June it would team with Health Gorilla to add health and diagnostic lab data and with DexCom to integrate G5 CGM support into its Apple Watch, alongside rumors that the company was looking to acquire Aetnahealth.

“We’re extremely interested in this area. And, yes, it is a business opportunity. If you look at it, medical health activity is the largest or second-largest component of the economy, depending on which country in the world you’re dealing with,” Cook told Fortune.

But Cook said that in exploring innovation in healthcare, Apple had found that most companies were less focused on patients than they were on reimbursements.

“And it hasn’t been constructed in a way where the focus at the device level is making great products from a pure point of view. The focus has been on making products that can get reimbursed through the insurance companies, through Medicare, or through Medicaid. And so in some ways we bring a totally fresh view into this and say, ‘Forget all of that. What will help people?’” Cook said.

The Apple Watch has been a major focal point for the company’s healthcare efforts, as the device includes a a number of health diagnostics, and Cook said he expects the watch to continue growing as a diagnostic.

“One of the things that we’ve learned that we’ve been really surprised and delighted about is this device, because of the monitoring of the heart, has essentially alerted people through the collection of the data that they have a problem. And that spurred them to go to the doctor and say, ‘Look at my heart rate data. Is something wrong?’ And a not-insignificant number have found out if they hadn’t come into the doctor they would have died,” Cook told Fortune in an interview.

Cook said that the company would continue to invest in its app-based ResearchKit program, touting a number of 1st-of-their-kind studies since the implementation, but gave the caveat that the project was not designed to be a money maker for the company.

“There’s no business model there. Honestly, we don’t make any money on that. But it was something that we thought would be good for society and so we did it. Will it eventually lead us somewhere? We’ll find out. I can’t answer that today,” Cook said.

Cook also teased that the company was developing products for the healthcare field, but said many of the projects he couldn’t talk about.

“There’s much more in the health area. There’s a lot of stuff that I can’t tell you about that we’re working on, some of which it’s clear there’s a commercial business there. And some of it it’s clear there’s not. And some of it it‘s not clear. I do think it’s a big area for Apple’s future,” Cook told Fortune.

The post CEO Cook says healthcare is “big area for Apple’s future” appeared first on MassDevice.