The LSI USA ‘24 Emerging Medtech Summit brought together leading minds in the industry to discuss the transformative power of data in healthcare. With the participation of industry leaders like Caitlin Morse, CEO of BrainSpace, and Peter Vranes, CEO of Nutromics, the panel provided valuable insights into how data can drive innovation and improve patient outcomes. The discussions also highlighted the perspectives of medical device investors like David Kereiakes and David Cubbins, who offered their views on the economic aspects and investment potential of data-driven healthcare solutions.

The Cornerstone of Data-Driven Healthcare Solutions: Actionable Data

The panelists emphasized that for data to be valuable in the medtech market, it must drive actionable outcomes. As Peter Vranes aptly said, “Data for data's sake is useless; it is a backward step. If we are going to go through the trouble of building a device that generates data, it has to change an action that a clinician is going to perform and improve the outcome.” This sentiment underscores the need for medtech innovations to focus on producing data that directly informs and enhances clinical decision-making processes.

Enhancing Clinical Decision-Making with Data

The ability to fill specific gaps in clinical decision-making with targeted data was a recurrent theme. Vranes highlighted this by saying, “We have to get really good at thinking through, What's number one? What's number two? What's number three? Then, what are the criteria upon which we make those decisions?” This approach ensures that data collected by medtech devices is relevant and impactful, ultimately improving patient care and outcomes.

Monetizing Data: Challenges and Opportunities

The discussion also delved into the complexities of monetizing data within the medtech industry. David Cubbins pointed out the necessity of demonstrating clear ROI, particularly in markets with diverse healthcare systems like the United States. He noted, “In many countries, if you can break even, you can get to profitability once you've reached scale. However, the United States is a different beast—every hospital and healthcare system is different. We have been able to get into U.S. hospitals because of our ability to demonstrate that ROI. ” This highlights the importance of scalability and demonstrating economic value to secure investment from medical device investors.

Peter Vranes added another dimension to this discussion by exploring how pharmaceutical companies could benefit from continuous, real-time data. He explained, “One of the reasons drug development is so expensive is the large number of participants going through trials. Currently, they have to do standard blood draws to measure drug levels and safety markets. What's a way that we can radically reduce those costs? We can develop a sensor, which we have, that can measure the drug and safety markers. Then, participants can wear it at home and don’t have to go in to get their blood drawn for one data point.” Such innovations could streamline drug development processes, providing a compelling case for investment in data-driven healthcare solutions.

Building Trust Through Data Security

Trust and security emerged as critical factors in managing healthcare data. Vranes stressed, “The most important priority of all of this, in my view, is not actionable insights, although that's critically important, it's trust. The day we lose that, it's game over.” Ensuring robust cybersecurity measures is essential for maintaining the trust of patients and healthcare providers, which in turn supports the broader adoption of data-driven technologies.

The Role of AI and Structured Data

The panelists also discussed the importance of structuring data to leverage AI effectively. Caitlin Morse noted, “Being able to provide that structure is something that, as device companies, the more that we can create those datasets in a way that they're AI-ready, whatever that looks like in your context, the more valuable they can be.” Structured, annotated, and integrated datasets enable AI to function more efficiently, making data more actionable and valuable.

Looking Ahead: The Future of Data in MedTech

The future of data utilization in the medtech market looks promising, with a focus on quality and structured data over sheer volume. Morse suggested, “Both mountains and oceans are the wrong types of analogy; what we actually need are cities, streets, skyscrapers, traffic lights, and roundabouts. We need structure to the data.” This structured approach can facilitate better decision-making and more precise medical interventions.

Conclusion

The full recording of the panel can be found in LSI’s resource hub at the link below:

• The Future of Device-Driven Data: Delivering Real Insights and Outcomes from Mountains of Information

The LSI USA '24 Emerging Medtech Summit underscored the transformative potential of data-driven healthcare solutions, emphasizing the need for actionable insights, effective monetization strategies, and robust data security. As the industry evolves, the focus shifts from quantity to quality, with structured datasets becoming essential for AI integration and enhancing clinical decision-making.

The success of device-driven data will depend on collaboration among technology innovators, healthcare providers, and investors. By prioritizing solutions that generate valuable data while demonstrating clear ROI and maintaining trust, the medtech industry can significantly improve patient outcomes and operational efficiency. This journey toward a more effective healthcare system is complex but holds great promise for all stakeholders involved.