Since the early 2000s, growth in the medical diagnostics sector — driven by technological advancements and innovation — has been impressive. As a result, medical devices and diagnostic companies have managed to maintain high profits over the past two decades. However, with increasing focus of healthcare providers and payers on quality and cost-efficiency, medical diagnostics companies are facing immense pressures to offer diagnostic tools and services that are more precise, accurate, and cost-effective.
In recent years, medical diagnostics have moved far beyond old-fashioned X-rays and urinalyses. Today, wearables and implantable devices deliver huge volumes of information that can help healthcare providers track the health of their patients, as well as assist researchers in determining the effectiveness of treatments. Currently, the benefits offered by these technologically advanced diagnostic tools outweigh concerns about privacy and data security. To address security threats, medical diagnostic companies must invest in new technologies and capabilities to ensure privacy and security of patient data.
Integration of patient data remains another insurmountable challenge for the medical diagnostics sector. Today, diagnostics is not just about performing blood analysis or collecting a patient’s medical history. Instead, diagnostics could be the information obtained from the wireless-enabled activity tracker that a patient wears. In order to intercept diseases early, and ideally, prevent them, medical diagnostics providers should work in collaboration with other healthcare players to integrate information from different sources, process it, and share it in such a way that it helps both patients and researchers.
In addition to technological evolution, the medical diagnostics sector has been experiencing a major shift from experience-based medicine to evidence-based medicine. The transformation is driven by precision diagnostics, a diagnostics model that proposes customization of healthcare services tailored to the needs of the individual patient. While precision diagnostics offers unparalleled opportunities, there has been much less focus by medical diagnostics companies on this technology. Growth-oriented diagnostics companies that aim to stand out as a market leader should invest in sophisticated data mining and machine learning technologies that can help them collect and analyze complex data to extract patterns and trends and aid the increasingly overwhelmed healthcare practitioners, researchers, and epidemiologists.
Significant changes in the business landscape call for medical diagnostic companies to determine how they contribute to the healthcare value chain, i.e., how they can differentiate their products or services from their competitors’, and then build their capabilities around that strategy.
At Allen Austin, we help medical diagnostic companies achieve this objective by enabling them to find leaders who have the right skills, experience, and attitude to drive their company’s success. Our objective is to deliver talent and leadership solutions that have been designed keeping the current and future needs of a company in consideration. To ensure this, we adopt a methodical approach towards the process, developing an understanding of the strategic goals and leadership needs of the client and then developing an executive search/leadership advisory solution around those needs.