How medical-device CEOs can navigate digital disruption in healthcare (McKinsey & Company)
Medical-device companies will need to reinvent themselves to stay competitive. Now’s the time to craft a strategy and scale a transformation.
Digital has already disrupted major sectors of the economy, and a revolution is underway in healthcare. As in other industries, battlegrounds are emerging, and there will be clear winners and losers. Medical-device players, facing unique opportunities and headwinds, will need to reinvent themselves as digital health companies to remain relevant and win in this fast-evolving market. Recognizing the urgency, almost all of the industry’s CEOs have declared digital health a top priority.
An earlier article, “Four keys to successful digital transformations in healthcare,” discussed broad trends and emerging battlegrounds—building direct relationships with consumers, finding new sources of value, collaborating for complementary capabilities, and contributing to burgeoning industry standards. Building on that work, this piece outlines how medical-device companies can define a winning strategy and design an at-scale digital transformation.
Where to start: U...
