2023 AdvaMed CEO Summit

The Advanced Medical Technology Association, known as AdvaMed, organized its annual CEO Summit in Miami, Florida on the 21st of March. As an industry-leading association, AdvaMed brings together companies large and small from all over the world to advance medical technologies to achieve healthier lives and societies. Vamstar has recently become an AdvaMed member, and therefore, Shane Walker, our Director of MedTech Research traveled to Miami to participate in this event. 

The summit discussed challenges, opportunities, and insights from companies producing medical devices, diagnostic products, and digital health technologies extensively. 

The increasing healthcare workforce shortages were a central topic in one of the talks. It is estimated that by 2030 there will be a vacancy for 1 in 5 healthcare jobs. Growing and aging populations and the rise in chronic diseases increase the demand on healthcare institutions, while workload and an aging workforce decrease the relative amount of available healthcare professionals. These staff challenges require significant interventions from healthcare systems. Roger Ferguson, the former vice-chair of the Fed Reserve, and Richard Burr, former senator, discussed that this provides an opportunity for the MedTech industry to use continuous innovation to improve healthcare and increase efficiency across the sector. The work of healthcare professionals needs to be supported, elevated, and enhanced by MedTech solutions. This can be achieved by implementing digital health, artificial intelligence, and improved care planning.

In another fascinating talk, Gina Raimondo, U.S. Secretary of Commerce, and Micheal Mahoney, Boston Scientific CEO, discussed venture capital investment trends. Particular interest was paid to the fact that the venture capital share of investment allocations towards hardware has fallen from 20 percent to just 2 percent. Losing out on manufacturing could result in losing out on innovations in the future. Therefore, it was argued that the USA needs to set up more domestic manufacturing clusters. This could ensure less dependence on imports and increased exports. The Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act that came into law in August 2022 was designed to boost these domestic clusters. The panel elaborately discussed how this act could influence the MedTech industry in the future.

Artificial intelligence was making headlines with OpenAI’s ChatGPT-4 and Google’s Bard. The use of AI in medical devices, software, and healthcare systems is predicted to transform the MedTech industry. It is thought that well-implemented AI can create more equitable healthcare and make healthcare systems more efficient and future-proof. 

Those who use Artificial Intelligence as part of their tender process and pricing strategy quickly realize the power behind this innovative technology. Using Vamstar’s cutting-edge artificial intelligence technology, you can successfully optimize your tender performance and pricing, and achieve both process efficiencies and cost savings for your MedTech business.With our services, users experience faster turnaround times on tender processes and more accurate pricing strategies. If you’re ready to optimize your tender performance, pricing, and value-integrated procurement processes, then join us for a free demo today! Our devoted team is here to answer any questions and help you discover digital transformation success through AI. With advanced tools that ease the burden of managing international purchases, Vamstar is unlocking bold solutions on a global scale. Let’s take advantage of what AI can do together!

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