INNOVATION will become increasingly necessary for medical technology companies in five years, an area in which they find themselves trailing telecommunications and pharmaceutical firms.
As high as 81 percent of medical technology company executives said innovation is necessary in five years, up from 64 percent that consider it necessary today, a PricewaterhouseCoopers survey showed.
But just 17 percent of the companies do any innovation, compared with 21 percent in telecom and 24 percent in pharmaceutical, according to the PwC survey of executives from 35 medical technology companies.
The medical technology companies have also been relatively slow to adopt new social, mobile, analytic, and cloud-computing technologies that other industries have used successfully.
They also face intense competition from new players eager to wrest a share of the US$349 billion global market.
*This article was first published in Shanghai Daily on 17 April 2015