Economies are tanking, markets are shrinking, R&D funding is drying up. Add to that continuing regulatory challenges and the impending impact of new healthcare legislation, and the hurdles faced by US medtech companies in 2012 will be steeper than ever. Innovation remains the key and, increasingly, this will mean working with international, as well as national, partners.
Companies are finding it harder and harder to rely exclusively on their own R&D activities to generate commercial success. Establishing partnerships (sometimes even with competitors) in open innovation in international markets is becoming an increasingly popular and feasible way for companies to remain competitive and at the same time contain costs. Collaborating with partners outside of your own organization speeds up the transfer – inwards and outwards – of ideas and knowledge that you can use to support your own innovation and new product development.
Despite its current difficulties, Europe remains a major market for medical devices and has a well-developed medtech industry and innovation infrastructure, with one new patent being issued every 38 minutes. The European Commission recently made innovation a priority under the ‘Europe 2020 Strategy’, with a significant focus on health, given the possibilities that exist for further innovation to meet the demands of the sector in future years. Read more about the 4 steps you can take to help you keep abreast of innovation activity in Europe and to find key contacts and potential partners.
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