Three patient-centricity factors in neurotech device development
PA Consulting medtech innovation commercialization expert Valerie Phillips and PA medical technology expert Beatrix Thompson explain how organizations developing neurotech can build meaningful and commercially resilient solutions.
Neurological disorders are among the most frightening illnesses we face, yet there are very few effective disease-modifying therapies available. For some neurological issues, treatment involves lifestyle changes, physiotherapy, and pain management, with medication to prevent or slow worsening of the condition, though there is no cure.
In response to this, the emergent sector of neurotech has witnessed a convergence of therapy and technology to improve the diagnosis, treatment, monitoring, and management of patients with neurological disorders. Despite the advancements in neurotech evolving at a rapid pace, the sector has been hampered by suboptimal care pathways lacking adequate infrastructure, as well as ill-defined approaches to reimbursement that struggle to support innovation. New companies entering the sector must differentiate themselves to achieve commercial success, adoption in healthcare systems, and, above all, optimal patient outcomes.
We have identified three key factors that organizations developing neurotech should consider to build meaningful and commercially resilient solutions.