During a fireside chat at LSI USA ‘24, industry veteran Dave Hickey provided a wealth of insights into the dynamic and evolving medtech market. With over 40 years of experience, Hickey discussed transformative medtech trends, strategic partnerships, and the essential role of innovation in healthcare. Here are five key points from his talk, along with an overarching look at the medtech market's future.

Embracing Smart Connected Care

One of the foremost medtech trends highlighted by Dave Hickey is the increasing integration of automation, digitalization, and AI in healthcare. This trend aims to create more efficient "lights out" laboratories, where automated systems routine tasks, allowing medical staff to focus on more complex and value-added tasks.

“The demand is high for automation, track-based automation, and artificial intelligence to look at rules-based algorithms to disposition results and things of that nature. We see that trend for smart connected care as a big driver,” Hickey noted. He also emphasized, “Many of the labs that I deal with have this concept of what they call a lights-out laboratory, meaning they run the work they need to run with as few staff members as possible.”

Migration to New Care Settings

Hickey pointed out the significant shift in healthcare delivery from traditional hospital settings to home-based and point-of-care environments. This transition has been accelerated by the COVID-19 pandemic, which forced healthcare systems to adapt quickly to new models of care.

“We're very much focused on the hospital at home,” said Hickey. “Since 2020, there's been a fivefold increase in the number of Medicare-approved hospitals driving hospital home strategies.” He also mentioned the growing role of retail pharmacies and other non-traditional settings in providing point-of-care services.

Addressing Chronic Disease Outcomes

Improving outcomes for chronic diseases remains a critical focus. Hickey emphasized the importance of early detection and intervention to reduce the long-term costs and health impacts of chronic conditions like cancer and diabetes.

“Anything that we can do to detect, treat, and diagnose chronic diseases earlier can only be for the better,” he stated. This approach not only improves patient outcomes but also significantly reduces healthcare costs.

Strategic Use of Innovation Dollars

BD is strategically allocating its resources to maximize impact in high-growth areas. Hickey explained how BD prioritizes its innovation and acquisition efforts to stay ahead in the competitive medtech market.

“We're starting to over-index where we want to put our innovation dollars,” Hickey said. He highlighted that BD focuses on areas with high single-digit or low double-digit growth rates, aligning with the broader transformative medtech trends in healthcare.

Partnering with Large Corporations

Hickey also provided valuable advice for startups seeking to partner with large corporations like BD. He emphasized the importance of understanding the strategic focus of potential partners and presenting meaningful data to demonstrate the value and feasibility of their innovations.

“Take time to understand our areas of strategic focus,” Hickey advised. “Presenting meaningful data and demonstrating that the technology has been de-risked heightens the attractiveness of that technology for coming into BD.”

Medtech Trends Summarized

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

• Fireside Chat with Dave Hickey, EVP & President at BD Life Sciences

During the fireside chat at LSI USA ‘24, Dave Hickey, EVP & President at BD Life Sciences, shared valuable insights into current medtech trends. These included the growing integration of automation, digitalization, and AI in healthcare, driving the shift toward smart connected care. Hickey also highlighted the migration of healthcare delivery to home-based and point-of-care settings, accelerated by the COVID-19 pandemic. 

The discussion emphasized the importance of improving chronic disease outcomes through early detection and intervention. Additionally, Hickey outlined BD’s strategic allocation of innovation resources, focusing on high-growth areas and efficient integration of new technologies. Finally, he stressed the significance of meaningful partnerships with startups, advising that startups align with strategic focuses and present robust data to attract large corporations like BD.