OBN BioTuesday: A Spotlight on Digital Transformation in MedTech Round-Up

Sensing AI innovation in MedTech: through eyes, ears and touch

The MedTech sector accounts for over half of the life sciences industry in the UK and its significance to the UK economy is well-recognised by government. In our BioTuesday Spotlight on Digital Transformation in MedTech event this week, we learnt industry-leading strategy and insights from expert business consultancies operating at the interface of digital and MedTech and from a few of the UK’s most innovative digital MedTech companies.

EY expert analysis showed that US MedTech Innovation incorporating Artificial Intelligence and Machine Learning has more than doubled since 2015, while IP approvals have slowed down 5-fold – a major bottleneck. Since 2020, start-ups have dominated MedTech transaction number and represent over half of deal value, though collaboration with Big Tech and large MedTech companies is proving key. Further, digital transformation is shaping customer practices, with a majority of doctors willingly engaging with industry digitally as often as face to face, creating efficiencies on both sides.

Syneos emphasised that despite the high MedTech activity, relatively few innovations are adopted and scaled, so it’s vital to start with the commercial end in mind. A holistic strategy should include regulatory planning, solid go-to-market strategy, as well as listening to customers, experts and patient groups for effective device and clinical trial implementation. Companion mobile apps can sometimes be a useful success factor.

Novai‘s ‘window to the brain’ eye-scanning DARC AI technology is seeing success through large Pharma-backed programmes in clinical trials for retinal disease, and being explored for dementia and neuropathies through non-dilutive financing. The biologic-based diagnostic coupled with AI-driven data analysis could save up to 2 years in clinical decision-making to determine best patient treatment (example for wet AMD).

With R&D completed Glyconics is poised to bring a waste-free medical device to full commercialisation. This game-changing diabetes patient-screening device is non-invasive, fast and with accuracy equivalent to a blood test. Measuring biomarkers in a person’s finger by infrared spectroscopy, it is also racially inclusive.

EarSwitch described their racially inclusive in-ear monitoring technology (EarMetrics) to measure multiple physiological parameters over time, such as oxygen levels, by pulse oximetry. Multiple partnerships with industry leaders are planned to drive this new global standard-setting technology forward, including development of a digital twin with AI.

Selected additional take-home messages:

For early-stage MedTech companies the importance of PARTNERSHIPS to achieve goals can’t be overstated.

Building QUALITY management systems and REGULATORY STRATEGY early is vital, and an investment selling point.

There is PROMISE that the UK’s strict regulatory environment may become more streamlined after the Innovative Devices Access Pathway (IDAP) pilot.

Thanks to speakers: Sesh Thirumalai (EY-Parthenon), Alex Hay (EY), Nadja Ulrich (Syneos Health Consulting), Francesca Cordeiro (Novai), Kam Pooni (Glyconics), David Browning (EarSwitch), and host Laura Letts (EY).