Digital MedTech: Unlocking New Revenue Streams for Hospitals

By Rajiv Nath, Forum Coordinator, AIMED (Association of Indian Medical Devices Industry)

Traditional hospital revenue is challenged by lower reimbursements, rising costs, shifting patient expectations, and competition. CEOs are increasingly concerned about shrinking profits.

Opportunities with Digital MedTech

Digital MedTech creates new income through services like telemedicine, remote monitoring, device integration, AI applications, and personalized medicine, which boost efficiency and competitiveness.

The MedTech industry is transforming healthcare with digital technologies. Innovations such as smart medical devices, diagnostic consumables, and POCT Devices; including intelligent syringes, digital contact lenses, portable blood analysers, and smartphone-integrated diagnostics, are driving efficiency and improved patient outcomes.

Wearable technology has emerged as a powerful tool in the prevention and management of infectious diseases. Examples include wearable patches, smart bandages, and disposable wearable sensors that monitor vital signs, track medication adherence, detect falls, and track wound healing.

Growth in India’s Medical Device Industry

Industry growth is propelled by policy initiatives “Make in India” responsible manufacturing, and member support, benefiting over 1,500 manufacturers. Several Indian companies have developed cost-effective medical devices and digital health solutions. Examples include Agatas’ Software’s low-cost ECG machine, GOQ’s wearable devices, Mfine’s AI-powered platform, and Forus’s portable retinal camera Companies like HCL Technologies and Cyient have led the development of portable defibrillators, cloud-based platforms for remote patient monitoring, telemedicine solutions, predictive analytics platforms, and AI-powered healthcare solutions.

Challenges & Barriers

Despite significant advancements in digital technology for disease prevention, several challenges and barriers remain. These include technological and infrastructure challenges, regulatory challenges, adoption and engagement challenges, and financial challenges.

Technological and Infrastructure Challenges are one of the primary challenges in the adoption of digital health technologies due to their technological and infrastructure limitations. Many healthcare facilities, especially in rural and underserved areas, lack the necessary infrastructure to support advanced digital health solutions.

This includes inadequate internet connectivity, lack of access to modern medical devices, and insufficient technical support. Additionally, the integration of new technologies with existing systems can be complex and costly, requiring significant investment in both time and resources,

Regulatory Challenges

Adoption & Engagement Challenges

Another significant barrier is the adoption and engagement of digital health technologies by both healthcare providers and patients. Healthcare providers may be resistant to change due to concerns about the reliability and effectiveness of new technologies, as well as the potential disruption to their established workflows. On the other hand, patients may be hesitant to adopt digital health solutions due to a lack of awareness, trust, or digital literacy. Overcoming these challenges requires targeted education and training programs, as well as efforts to build trust and demonstrate the value of digital health technologies.

Financial Challenges

Financial constraints are a major barrier to the widespread adoption of digital health technologies. The initial costs of implementing new technologies, including purchasing equipment, training staff, and upgrading infrastructure, can be prohibitive for many healthcare facilities. Additionally, the ongoing costs of maintaining and updating these technologies can strain already limited budgets. Securing funding and demonstrating the long-term cost-effectiveness of digital health solutions are critical steps in addressing these financial challenges.

Policy Implementation

Successful policies include Singapore’s Healthcare Transformation Map, the FDA’s Digital Health Innovation Plan, and the EU’s MDR.

Conclusion

Digital MedTech enables new revenue streams and transforms healthcare delivery. Strategic adoption supports growth, efficiency, and patient-centred care, making it essential for the future of healthcare.

[Disclaimer: This is an authored article; DHN is not liable for the claims made in the same.]

The regulatory landscape for digital health technologies is constantly evolving, and navigating these regulations can be challenging for healthcare providers and technology developers. Ensuring compliance with various national and international regulations, such as data privacy laws and medical device regulations, can be a complex and time-consuming process.

Moreover, the lack of standardized regulations across different regions can create additional hurdles for companies looking to expand their digital health solutions globally.