EY on navigating the medical technology sector post-COVID-19
EY has led a study into the medtech sector, featured in the 17th annual Pulse of the Industry report, on how the industry has developed a COVID-19 reset, with its performance returning to pre-pandemic norms.
EY's insights on navigating post-pandemic medical technology
EY is a global professional services firm that ‘Exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets’. One way EY changes the world for the better is through its work in healthcare consulting, where it offers expertise in everything from operational improvement to risk management. The company featured in our ‘Top 10 healthcare consulting companies’.
Pulse of the Industry reviewed various elements of the US and European medtech sector:
- Financial performance
- Spending trends
- Mergers and acquisitions
- R&D
The report reviews how medtech executives can restore their growth trajectory, attract investors, invest in activities that will drive strategic growth and help to secure the future healthcare sector.
"The post-pandemic headwinds impacting medtech intensified in 2022 and the first half of 2023, with pressures coming from macro factors such as inflation, high cost of capital, market volatility, regulatory changes and a slow M&A environment," says Arda Ural, PhD, EY Americas Industry Markets Leader, Health Sciences and Wellness. "Once the macro environment stabilises, the breakthrough AI and digital technologies have the potential to dramatically revitalise and reshape the industry for years to come."
"Although med-techs have been grappling with a tumultuous global economy, they were able to deliver an impressive cash return to investors in 2022," says Jim Welch, EY Global MedTech Leader. "Even with looming questions on the impact of newer GLP-1 therapies, the industry has skillfully navigated macro supply chain challenges. I'm optimistic that med-techs are poised for growth, centred on a patient-centric healthcare ecosystem built on novel technologies that just a few years ago seemed too futuristic."
The transformative impact of connectivity and sustainability in the post-pandemic era
Healthcare Digital previously spoke to Aloha McBride, EY’s Global Health Leader, to discuss the impact the pandemic had on the healthcare sector.
“What COVID-19 did was to drive home the need for healthcare organisations to become more connected, intelligent and sustainable,” she said.
EY is helping health IT decision-makers to understand that as healthcare systems integrate, they have an opportunity to reimagine the health information infrastructure to allow for innovation and fluidity.
“Current health technology infrastructure doesn’t allow for easy connectivity,” says McBride. “Data is often siloed in systems that don’t easily connect, so it’s harder to deploy new technologies, to analyse data, and to bring new players into the ecosystem that serves the patient. We need an open architecture – one with agreed protocols and interfaces that help enable applications to talk to each other and share data.”
You can read her full interview here.
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