Eighteen companies from outside healthcare have entered the medtech market, including Qualcomm, Sony, Verizon, AT&T, Canon, Samsung and Motorola, according to PwC’s latest report on medtech and innovation. While medtech companies still work to chip away slowly at what innovation means–literally without a definition, big companies from the tech and IT space dive in.
“I think innovation is when you find something that is disruptive–10 times the value or efficiency at 1/10 of the cost. Doing things better, cheaper, faster. To me, that’s innovation.”
—Clint McClellan, senior director of business development at Qualcomm Life
Uh oh.
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So far, PwC Healthcare Strategy and Innovation Practice Managing Director Chris Wasden said, medtech doesn’t have a clear definition and many companies in the space apply the word “too liberally.”
“By the overuse of the word it actually loses its value and its meaning,” he said. And with heavyweight, fast-moving tech companies entering the market, medtech companies can’t afford to lose the battle on innovation.
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