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1、 2023 Boston Consulting Group1As the health care sector emerges from the pandemic,providers and their medtech suppliers face amuch-changed economic,commercial,and competitive landscape.Providers are struggling with bothnew and structural financial issues that for many pose an existential threat.Medt

2、ech companies aredirectly affected and want to help,but they are wrestling with their own business challenges,includinginflation,changing investor expectations,pricing pressures,supply chain and labor shortages,geopolitical risks,and technological headaches.Medtechs New Era of Collaboration andInnov

3、ationJULY 26,2023 By Erik Adams,Tyler Humphrey,and Jade McAdamsREADING TIME:12 MIN 2023 Boston Consulting Group2Medtech management teams,which have grown used to more stable markets and growth trajectories,are looking for answers to an unfamiliar set of questions.They need to continue delivering sol

4、utions tohealth care providers while addressing immediate financial challenges and investing for the future.Theplayers that can successfully navigate the new and oen challenging terrain will be the winners of the2020s.Providers Struggles Cast a ShadowThe challenges start with providers,which are fac

5、ing unprecedented pressure on operating margins.(See Exhibit 1.)Earlier this year,we estimated that the l00 largest US health systems are looking at anaggregate annual financial shortfall of more than$200 million by 2027.Our current analysis,of nearly600 health systems and the headwinds they face,pr

6、ojects a risk of average operating margins fallingfrom 5.4%in 2022 to 15%in 2027,although the outlook for individual providers varies.Right now,some 40%of health systems are operating profitably.(See Exhibit 2.)The most profitable tend to beacademic medical centers or centers of excellence within a

7、given therapeutic area or service line.Struggling institutions are typically smaller rural hospitals or health systems(although some of thesehave endowments that help offset operating losses).2023 Boston Consulting Group3Inflationary pressures and labor shortages are current problems for providers,b

8、ut the bigger andmore persistent challenges are systemic.These include the shi in care from hospitals to lower-acuitysettingsincluding at-home careand the pressing need to digitize operations,which is accentuatedby the rapid uptake of AI.In addition,rising patient empowerment is changing the dynamic

9、 betweenproviders and patients.Many,if not most,providers are struggling to fund the investments they mustmake to be competitive in the futureinvestments in virtual and at-home care(such as telehealth andat-home diagnostics),digitization(including digital“front doors,”electronic medical records,andd

10、igitized clinical workflows),and,of course,medtech equipment.In todays environment,providers tell us that they seek three things from medtech companies:Stability in supply and predictability in pricingPartnerships that advance such priorities as operational efficiency,standardized clinical practice,

11、more efficient clinical workflows,better outcomes,and optimized proceduresDigitization support,especially user-friendly technology that integrates with electronic medicalrecords 2023 Boston Consulting Group4Medtechs ChallengesFor their part,medtech management teams recognize providers challenges,but

12、 they are wrestlingwith their own difficulties.BCG recently surveyed executives at leading medtech companies about theirtop challenges and those of their provider customers.We learned that the biggest issues in medtech C-suites include margin pressure and costs,digital and AI-based offerings and ser

13、vices,product andservice innovation,supply chain resilience,and commercial model innovation.(See Exhibit 3.)Executives also see providers buffeted by macroeconomic trends(inflation,high and rising interestrates,the threat of recession)and developments in the health care sector(patient empowerment an

14、dthe shi to more outpatient and integrated care).When asked about their own priorities,medtech leaders of course cited the need to continue toinnovatefor competitive advantage and differentiation and to stay ahead of productcommoditization.But they also pointed to a long list of challenges,many beyo

15、nd their control,thataffect their ability to invest in innovation,operate efficiently,serve customers effectively,and delivervalue to shareholders.These include changing investor expectations;diminishing access to low-costcapital;persistent labor shortages;cost,pricing,and margin pressures;geopoliti

16、cal uncertainty(particularly regarding China);shiing patterns in the delivery of care;and digital disruption occurringat an unprecedented pace.2023 Boston Consulting Group5Against this daunting backdrop,medtechs leaders are formulating their responses.We are seeingdecisive moves in five areas,from l

17、onger-term corporate and financial strategy to companiesindividual go-to-market commercial models.(See Exhibit 4.)Corporate StrategyMedtech leaders are focused on three areas:portfolio management,China,and ESG(environmental,social,and governance)initiatives.Portfolio Management.Investors expectation

18、s are evolving.They are looking beyond revenueincreases to evidence of profitable growth as a key indicator of the ability to generate value.This iscausing companies to take a hard look at their product portfolios in order to determine where todouble down(through investment in either organic growth

19、or M&A)and where to cut back or divest.We expect to see more carveouts and spinoffs going forward,as diversified medtech players seek torebalance and focus their portfolios.China Strategy.Despite increased geopolitical tensions and slowing GDP growth,China remains anattractive market for many medtec

20、h organizations.But market realities are forcing companies toreconsider how they operate.These include the emergence of volume-based procurement,which putsextraordinary pressure on pricing;regulatory shis toward local manufacturing,which disadvantagesmultinationals;and the drive toward local R&D inn

21、ovation,an additional bias in favor of localcompanies and their R&D.Building a volume-based procurement strategy is a heavy and complex li,but its likely a necessaryone for companies that want to continue to sell medical devices in an enormous and growing market.2023 Boston Consulting Group6Companie

22、s looking to remain in China are also determining how to embrace local manufacturing andR&D.More and more medtech players will probably take stronger stances,either by increasing theirinvestment in localized manufacturing R&D,supply chains,sales,and marketing or by scaling back inChina.ESG.Health ca

23、re accounts for 5%of total global carbon emissions,and medical devices andtechnology are responsible for a large portion.As inventive as medtech companies have been inpatient diagnostics and treatments,they are latecomers to sustainability issues.Spurred byenvironmental concerns raised by providers,

24、patients,regulators,and investors,frontrunners aremaking up for lost time with innovative solutionsand they are benefiting in unexpected ways.Forexample,cutting emissions by 20%to 30%can,when done right,generate a net cost saving,and cuttingemissions by up to 80%can be cost neutral.Environmental con

25、cerns are only one third of the ESG equation,however.The pandemic highlightedother issues,including health inequities and the need for high-quality care for all segments of thepopulation;both are now sources of increasing pressure from patients,investors,and regulators.Medtech companies,along with p

26、roviders and other health care players,face rising expectations forambitious ESG targets and viable strategies for meeting them.For example,there is an increasing(and overdue)focus on the needs of women outside of thoserelated to their physical differences from men.In the US,women account for 80%of

27、health caredecisions(regarding both themselves and family members),and they spend almost 30%more percapita on health care than men.Yet only a third of medical students report feeling prepared to addressgender differences in health care.Medtech companies,along with providers and other health care pla

28、yers,face risingexpectations for ambitious ESG targets and viable strategies for meeting them.The funding landscape is beginning to change,with almost$2.7 billion in venture funding devoted towomens-health-related products and services in 2021,up from less than$100 million in 2011.Medtechplayers hav

29、e an opportunity to differentiate in this underserved market as part of their ESG strategy.R&D Innovation 2023 Boston Consulting Group7Medtech companies struggle with the commoditization of maturing products,making innovationincreasingly important as a means to improve both care and differentiation.

30、The explosion of digitaland AI-based offerings(see below)ups the urgency for companies to determine how best to prioritizehardware and soware developmentand how to do so in a capital-constrained environment.Leading companies are responding with new technology-driven offerings,business models,and R&D

31、operating models.While slower movers are still thinking in terms of discrete products,each with itsown starting point and finish line,more advanced players are focused on developing platformsaccording to a more iterative cadence(think Apples iPhone and iOS platforms).Four priorities canhelp medtech

32、companies make the transition:These principles,which have been successfully applied in other industries,can help medtechcompanies get new products to market faster and more efficiently.Labor and OperationsHealth care has experienced an employee exodus.At the same time,despite layoffs in the technolo

33、gysector,finding tech talent,in particular,remains difficult.Medtech companies need clear employeevalue propositions to help them find and retain the kind of employees who can drive innovation.Theycan also target their recruiting efforts more precisely if they think in terms of skills rather than ro

34、les.What skills does the company have in-house?What skills are being tapped in existing roles?What skillsare needed to complement current employees skills and strengthen the business?Supply chains have become another source of concern.Medtech organizations know that byaddressing the risks they face

35、all along the supply chain,they can get their products to providers withgreater predictability.We are seeing leaders create supply chains that are more agile,adaptive,andsustainable.They are looking to build resilience and partnerships at each stage so they can respondquickly to even small changes i

36、n demand and deal with disruptions wherever they occur.Commercial ModelSince the COVID pandemic,the hybrid model of both in-person and virtual communication betweenproviders and medtech salespeople has become more prevalent.Meanwhile,providers marginShi from individual products to evergreen platform

37、s.Innovate more closely with end users.Redesign innovation processes for speed.Develop the talent base.2023 Boston Consulting Group8erosion is triggering further scrutiny of suppliers and pricesand restricting sales rep access.Healthcare providers also are demanding more customized treatment from th

38、eir suppliers.Leaders are looking to next-generation commercial models that will enable them to bemore purposeful with their resources and more effective and tailored in their outreachto providers.Leaders are looking to next-generation commercial models that will enable them to be morepurposeful wit

39、h their resources and more effective and tailored in their outreach to providers.Earlymedtech pioneers have been making the transition to a go-to-market model that capitalizes on digitaland omnichannel interaction.This approach can lead to a two-or threefold increase in the productivityof sales repr

40、esentatives(as measured in revenue per rep).But to get there,companies will have todesign a new customer journey rather than simply optimizing existing processes.They must putmarketing in the best possible position to generate,nurture,and qualify leads;build a sales forcearmed with advanced technolo

41、gies;and expand their focus beyond selling to actually makingcustomers successful.At the same time,escalating inflation,coupled with rising supplier and input costs,is imposing pricingpressures on medtech companies and their customers.Medtech suppliers need real-time visibility intoinput costs and t

42、he ability to quickly react to inflation increases.One solution is dynamic pricing,whichcombines data,AI,and automation to enable companies to adjust prices rapidly and managevolatility.Suppliers that generate savings from better insight into pricing,based on an accurateassessment of their own costs

43、,can pass along some of the benefit in the form of more competitivepricing,helping providers to ease their margin pressuresand perhaps giving priority to rural or otherinstitutions that are in particular financial difficulty.Digital and AIGenerative AI is projected to grow faster in health care than

44、 in any other sector.In medtech,thetechnology can lead to more efficient processes,personalized customer interactions,greaterinnovation,and increased value.BCG has identified more than 60 use cases for GenAI in medtech,spanning the entire value chain.To capitalize,companies should identify and pilot

45、 priority use cases,incorporate GenAI into the broader enterprise strategy,and put the right policies and people in place.2023 Boston Consulting Group9Our cross-industry research shows,however,that many of the companies that have invested in AIbroadly have failed to unlock its full potential.Only 11

46、%of companies have released significant value,and the majority have failed to scale AI beyond pilots.One important reason is that they oen lack amature digital foundation.Leaders in scaling and generating value from AI do three things better thanother companies:Digital offerings and smart devices ex

47、pose medtech to cybersecurity risks.Companies that getcybersecurity right treat it not as an add-on but as something shaped byand aligned withbusinessstrategy.For these firms,cybersecurity and IT risk management are not technology projects.They arebusiness projects with strong tech components.Compan

48、ies that understand this dont pursue wide-rangingand oen impossible to implementcyber roadmaps.They focus on the relevant IT risksand capabilities.The array of challenges facing providers and medtech companies is such that the remainder of thisdecade may well separate medtech winners from losers,wit

49、h the latter encountering mountingdifficulties and forced to investigate strategic alternatives.The key to staying on the right side of thisequation is getting out in front of the issues now and working with customers to develop a mutuallybeneficial path forward.Winning medtech suppliers will help k

50、eep the health care sector focused onproviding top-quality care.They prioritize the highest-impact use cases and scale them quickly to maximize value.They make data and technology accessible across the organization,avoiding siloed andincompatible tech stacks and standalone databases that impede scal

51、ing.They recognize the importance of aligned leadership and of employees who build and leverage AI,and they support staff who promote collaboration and end-to-end agile product delivery.2023 Boston Consulting Group10AuthorsErik AdamsMANAGING DIRECTOR&PARTNERSan DiegoTyler HumphreyPROJECT LEADERSan D

52、iegoJade McAdamsASSOCIATESan DiegoABOUT BOSTON CONSULTING GROUPBoston Consulting Group partners with leaders in business and society to tackle their most importantchallenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it wasfounded in 1963.Today,we work clo

53、sely with clients to embrace a transformational approach aimed atbenefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives th

54、atquestion the status quo and spark change.BCG delivers solutions through leading-edge managementconsulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborativemodel across the firm and throughout all levels of the client organization,fueled by the goal of hel

55、ping ourclients thrive and enabling them to make the world a better place.Boston Consulting Group 2023.All rights reserved.For information or permission to reprint,please contact BCG at .To find the latestBCG content and register to receive e-alerts on this topic or others,please visit .Follow BostonConsulting Group on Facebook and Twitter.