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Shaping a Futureproof Business Strategy in the Fast-Moving Medical Equipment Technology Industry
Business strategies in the Medical Equipment Technology (MET) industry: After several years of consistently strong and steady growth, the medical equipment technology industry is now facing more challenging times. A combination of economic uncertainty and intensifying competitive pressures is forcing MET companies to revise their strategies, go-to-market approaches and service/product portfolios. Traditionally, success in the MET marketplace was driven mainly by product innovation. This is no longer. To succeed in the future, market players will need to refocus their strategies on developing cost-effective solutions tailored to the changing need of their customers.
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This paper aims to show how Accenture can help medical equipment technology (MET) manufacturers to develop business strategies that reflect and capitalize on the prevailing macro and industry trends. First, we discuss the trends now reshaping the industry and the capabilities needed for high performance in the evolving industry landscape. Then we go on to map out a healthcare vision for the year 2020+, complete with possible future scenarios, highlighting the key focus areas for developing medical equipment technology business strategies based on Accenture’s three-phase approach.
Accenture’s research has identified six capabilities that are especially important for success in today’s Medical Equipment Technology (MET) marketplace.
Accenture’s research reveals that most MET companies do not yet possess these capabilities. For example, several market players have encountered severe problems with integrating acquisitions. At the same time, many MET companies are finding it increasingly difficult to maintain their profitability, as they rely solely on traditional product innovation. Given these factors, it will be crucial for businesses to continue to cultivate the capabilities for high performance described in this paper, if they are to succeed in the rapidly-evolving MET marketplace.
As a result of a changing macro and industry environment, strategic repositioning will become very important in the medical equipment technology (MET) domain over the next few years. This paper provides a brief overview on the megatrends affecting the industry and from that deduces a healthcare vision including the potential areas of likely opportunity for innovation and experimentation.
August 28, 2012
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