Mr. Schiestl's talk focused more on the process of innovation than the "what" in the future of medical devices, discussing the importance of a global approach to understanding markets & regulatory requirements, and collaboration being key to success. He provided a glowing testimony to the value of collaboration between industry and the U of MN, through the "Medical Device Innovation Consortium" which allows industry to fund research and contract for future royalty value of technology that is developed.
One technology he highlighted was 3D computational modeling, specifically a heart model that can be constructed via MRI and CAT-scan images, that allows for a detailed understanding of navigational opportunities within the heart. The work between BSC and the U of MN in this area was published in a recent IEEE article. Technologies such as these, he said, will advance both quality and speed of device development, and reduce costs.
Although the talk was light on the "what" of what the future of medical devices will bring, Mr. Schiestl concluded with an insightful recap of what's important in the conceptualization and development process:
- Follow the $ --> Know the Payers
- Connect with Big Data --> Hospital Networks
- Recognize the demographics --> Assess Worldwide Markets (people are different around the world)
- Collaborate --> Develop Global R&D and Operations capabilities
- Partner with Regulators --> Ensure a Global Approach
- Drive Quality, Speed, and Efficiency --> for a Winning Culture
We are lucky to be in a place where so much wisdom about medical devices exists. Thank you Randy Schiestl for sharing yours, and for doing so much to contribute to the community!
