2018 was a blockbuster growth year for medtech. The industry initiated critical research and testing on a record number of future innovations. In fact, registered trials on ClinicalTrials.gov reached an all-time high of 290,012. The medical community also introduced a number of breakthrough procedures. More than 40 medical technology devices were approved by the FDA since January, including an ophthalmic surgical laser, an artificial heart valve, a magnetic localization system to treat breast cancer and a glucose monitoring system.
Next year presents the opportunity to build on this momentum. With new technology to work with and more data than ever before, 2019 will be the year of application. We will integrate these new medtech tools into clinical practice and create more effective and safe procedures globally. But doing these successfully requires the medtech industry to address certain acute healthcare issues in 2019.
- Caring for Boomers
Each day, 10,000 people turn 65-years-old, and this historic baby boomer population is poised to outlive previous generations. But with the aging of this massive generation comes new medical needs. Common chronic diseases impacting Boomers include Alzheimer’s, Parkinson’s and essential tremor, among others. Cost of care is an enormous burden; the cumulative cost of Alzheimer’s alone is $605 billion, which represents one percent of the global GDP.
Generation X and millennials are stepping up to take care of their parents and grandparents and technology is providing supportive solutions. For example, telemedicine is giving patients immediate access to care without the need for transportation.
On a large scale we need to expedite necessary approvals for safe and effective treatments that will address this demographic. Less invasive procedures, like focused ultrasound for treating essential tremor, demonstrates reduced hospital stays and minimization of post-operative issues including infection, pain, and prolonged recovery times. If we do not place enough emphasis, resources, and talent to develop economically viable solutions, treatment of these chronic diseases could bankrupt our healthcare system and many patients will unnecessarily go without treatment for diseases that have solutions. That’s why we it’s important to work with CMS and key stakeholders on issues like insurance reimbursement for novel treatments, to ensure as many people as possible have access to the care they need.
- Less is More
Although traditional wisdom may influence someone to seek aggressive treatment, new medical innovations and growing evidence-based data are helping patients and clinicians pursue treatments where, “less is more.”
Invasive procedures like deep brain stimulation, along with complex, high-risk surgeries and intensive drug regimens often carry co-morbidities and potentially serious side effects, leaving patients to seek and consider additional options. The decision process can be overwhelming, causing a patient to delay or even forgo care.
We’ve moved from traditional open surgery to minimally invasive surgeries and, in some cases, the use of robotics. The next frontier could be incisionless surgery. “Less is more” carries major implications for reducing the financial burden on the healthcare industry as well as improving the overall health of the population.
- Addressing the Opioid Epidemic
Opioid addiction and overdoses are the cause of approximately 60,000 deaths annually according to the Center for Disease Control and Prevention. The U.S. government, along with the medical community, are focused on how to confront this crisis. For example, a recent survey by the Physicians Foundation found that 69 percent of physicians are prescribing fewer pain medications in light of the opioid crisis.
But we need more physicians in that category. Across the country, pioneering neurosurgeons are looking at neurological pathways to more accurately define chemical dependence. One example of this is Dr. Ali Rezai, Director, Rockefeller Neuroscience Institute, West Virginia University. He and his team are studying new technologies to see if they can help prevent and treat addiction using micro-implants to curb chronic pain, without the need for opioids.
- Continuing Research of Future Tools
It’s no surprise that with the record number of clinical trials this year, R&D is poised for continued growth in 2019. PwC found that by next year, healthcare will pass computing and electronics to become the industry with the largest R&D spending. This surge in R&D spending means more resources are available for device and drug innovations. These innovations hold the promise of changing how medical procedures have traditionally been performed. For example, focused ultrasound uses sound instead of a scalpel to treat deep in the brain. The medical technology industry will continue to invest heavily in clinical research in order to bring effective treatments to patients.
It is my hope that the year ahead will bring groundbreaking advancements for treating the diseases plaguing our country so that people can live healthier lives.
Photo: klenger, Getty Images
