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Historically, an evolution toward high-value services has been a natural part of the development of hardware tech companies. Hospital systems in the U.S. and other developed markets are looking to centralize and coordinate supply chains more effectively. This increasing demand from customers—as well as competitive pressure from low-cost Asian device companies—will force established MedTechs to introduce ancillary service offerings around their core hardware products.
Several MedTechs are already developing broader solutions, but the shift doesn’t come naturally to many companies that traditionally put “product excellence” above “customer excellence.”
This Executive Insights discusses the need for innovation in a shifting healthcare landscape. Like hospital systems, consolidation among MedTechs will almost certainly happen, and survivorship in this area will be determined by innovative services and solutions.