| | DECEMBER 20168Consultants ReviewAccenture (NYSE: ACN) is a Fortune 500 company providing strategy, consulting, digital, technology and operations services with a net revenue of $32.9 billion and 384,000 employees. Vishwanath has 15 years of experience in Medical Devices, Industrial Automation, Instrumentation & Controlsnnovation in medical device industry means innovation in complete life cycle of the medical device from conceptualization to end of life of the device. Innovation can help in getting patients' needs right, connecting medical device to its users such as doctors, lab technicians and patients, leveraging latest technology and innovative and more efficient ways for compliance to various regulatory requirements.Last two decades have seen many disruptive technologies in various industries, but the highly regulated market of medical devices has been less impacted in comparison to other industries and this offers medical device industry the opportunity to leapfrog and make fundamental and sweeping changes that will sustain for years to come. As a sign of change, an unprecedented number of mergers and acquisitions have taken place recently in the pharmaceutical and medical device fields. Till now organizations worked on individual objectives- the product companies on product sales, service companies on providing service at right price point and somewhere in the mix, the common goal of achieving the best outcome for the patient and overall value for the healthcare system has been out of focus.The global healthcare industry is undergoing a profound and fundamental shift from rewarding volume of sales, procedures performed, and patients treated, towards a focus on improving overall health, patient outcomes and value for the health system. A health system is evolving which will be truly patient responsive, responsible and centric. This has opened the door to various low risk devices to enter in the field of medical devices for example wearable technologies and mobiles applications to track and store data. To speed up the process of integration and interoperability, most of the medical device organizations along with other services and connected industries, came together in defining standards and developing code base that can be used to develop systems and applications more efficiently, for example Continua Health Alliance.New business models are emerging and they are breaking old boundaries. Medical device companies are transforming into service entities, providing lab management services and focusing on the remote management of specific patient population. At the same time, we are seeing new types of IN MY OPINIONBy Vishwanath Pratap Singh, Innovation Lead for Medical Device Client, Accenture, IndiaIMPORTANCE OF INNOVATION IN MEDICAL DEVICES INDUSTRYI
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