medtechnet: Exclusive Insights from our Thought Lead and 5 reasons why you should become a member

PwC states that the medtech industry recorded a revenue growth of 16% in 2021 with R&D spending in double-digits. According to a report by statista, it is estimated that, in 2023, the Medical Technology sector will generate a revenue of approximately USD 570 Ann. The largest segment within this market is expected to be Medical Devices, which is projected to reach a market volume of USD 719 Bn in the same year. Over the period from 2023 to 2028, the revenue is anticipated to grow at a compound annual growth rate (CAGR) of 4.73%, leading to a market volume of around US$719 bn by 2028. Such estimates display a healthy confidence, but breakthrough growth is possible when there is a neutral platform, with pharma and life sciences companies from across the globe, including USA networking to find new solutions and sharing insights.

The lack of such a platform and the need for cross-network collaboration that could help revolutionize device safety processes and organizations laid the foundation for medtechnet in 2021. Our industry leading networks have supported multiple sectors within the life sciences and pharma industry, with the establishment of medtechnet being the latest addition to our portfolio. Built upon core principles of strategic thinking and peer exchange, medtechnet provides a neutral platform for Heads and expert practitioners in Safety, Regulatory, Labeling, and Quality across the pharmaceutical and medical technology sectors. With a focus on deploying Safety, Vigilance, and Regulatory strategy within their respective organizations, medtechnet empowers members to collaborate and influence the future of NextGen Device and Combination Product safety.

Led by our PV and MedTech Networks Thought Lead, Dr Latika Sharma, MBBS, MD, we are delighted to have embedded this new network into our portfolio and to have enabled cross-pollination across our existing membership of Pharmacovigilance and Regulatory professionals. Having now successfully delivered five roundtable events, we know that the future is bright! We met with Dr Latika to find out more about medtechnet and to explore what it has to offer members.

Dr Latika Sharma, MBBS, MD

PV and MedTech
Networks Thought Lead,

Navitas Life Sciences

What is medtechnet and how is it different from the other networks?

medtechnet is a unique network focusing on safety and regulatory aspects of medical devices and combination products. Unlike other networks, medtechnet provides a specialized platform dedicated to addressing the specific challenges and opportunities in this domain.

Who would benefit from joining medtechnet?

medtechnet was built to support PV and Regulatory professionals dealing with medical devices and combination products for their organizations. We aspire to do this by providing valuable insights and exclusive case studies so they can move with speed and confidence towards finding unique solutions.

Please tell us more about what medtechnet provides its members?

Like all other Navitas networks, medtechnet is also an entirely member driven, industry neutral network. Insightful topical content on upcoming regulations, case studies depicting challenges in implementation and organizational best practices/lessons learnt helps the participating members adapt and adopt the learnings in their own organizations.

What are some of the insights and discussions that were a part of past medtechnet roundtables?

We have focused on various safety related aspects of : Combination products across geographies, EU MDR, Post market surveillance for devices, SaMD (software as a medical device), analytics and visualization in device surveillance, Organizational models

Focussing on Adding Value to our Members - Round up of Past medtechnet

• Past Roundtable Meetings: 5
• Expert Speakers: Alkermes, Alexion, AstraZeneca, Eli Lilly, Sidley Austin LLP, and Takeda
• March 2023 Event Metrics: 50+ members representing 20+ companies.
• Members: Top and mid-sized pharma

How does medtechnet foster collaboration and knowledge sharing among its members?

medtechnet fosters collaboration and knowledge sharing through open discussions, sharing of case studies, and gathering survey responses from members. These interactions create a vibrant community where peer to peer network opportunities are plentiful. There is exchange of ideas, insights, and experiences to collectively advance the field of medical devices and combination products.

How does medtechnet ensure the privacy of its members' data and discussions?

As with all of our networks, medtechnet adheres to the Navitas Life Sciences’ Code of Conduct, which includes strict guidelines for maintaining appropriate confidentiality measures. These measures are in place to safeguard the privacy and security of members' data and discussions, providing a safe and trusted environment for collaboration.

5 Reasons why you Should Become a Member of medtechnet Today

Growth in the medical tech and medical device sectors is driven by multiple factors, including design and suitability. Achieving a prominent position in the industry requires iterative processes and establishing connections with peers and industry experts. There are multiple factors and insights that are imperative to continuing the cycle of innovation, which is why medtechnet has already gained significance .

Here are 5 reasons why you should join medtechnet and benefit from the value created for every member.

• Leveraging 20 years of experience : Our Industry leading networks was first started 20 years ago and this vast experience and expertise has been leveraged to develop an exclusive platform for device and combination product safety. There are multiple in-depth assessments of current industry trends, case studies best practices, and detailed discussions on the ever changing landscape, designed to help leaders unlock value.
• Empowering Safety Leaders with Knowledge Sharing Sessions : We recognize the pivotal role that Safety, Regulatory, Labeling, and Quality professionals play in ensuring the highest standards of device and combination product safety. Our latest network is exclusively designed for Heads and expert practitioners in these domains, offering them an exclusive space to connect, engage, and learn from each other. By fostering collaboration among these industry experts, medtechnet facilitates the sharing of best practices, insights, and knowledge and, as a result, empowers safety leaders to make informed decisions that help shape the future of their organizations.
• Fostering Discussions Among Industry Peers : medtechnet provides a neutral platform that encourages strategic alliances and partnerships. By facilitating cross-network collaboration, we bring together professionals from different sectors, including pharmaceuticals and medical technology, fostering an environment where unique insights and expertise can be exchanged. As we look forward to delivering our sixth roundtable on 13 July, we have already seen how, through a range of platforms and channels, members are able to share their experiences, insights, and challenges. Through interactive and expert-led panel discussions and dedicated forums, medtechnet is already cultivating an environment of continuous learning and growth. By leveraging the diverse perspectives of safety professionals from various organizations, medtechnet enables the development of innovative strategies that address industry-wide challenges and ensure the highest level of safety for patients and users.
• Staying Abreast with Evolving NextGen Device and Combination Product Safety : The field of medical technology is evolving at an unprecedented pace, with NextGen devices and combination products pushing the boundaries of innovation. We see medtechnet serving as a catalyst in this process by enabling members to actively participate in shaping the future of device safety. By leveraging the collective expertise of its members, the global safety network for medical devices serves as a think tank where strategic discussions and the formation of new ideas take place. Together, we envision a future where cutting-edge technology is seamlessly integrated with robust safety measures, resulting in devices and combination products that are both ground-breaking and safe.
• Enhanced understanding of regulations : The primary aim of the Safe Medical Devices Act (SMDA) is to ensure safety and effectiveness of medical devices that are made available in the market. FDA medical device safety requirements necessitate that adverse events related to medical devices are reported, with defective products removed from the market to safeguard public health and safety. Stay informed about these and the latest regulations and compliance requirements to ensure the safety and effectiveness of medical devices.

We truly believe that medtechnet stands as a testament to our commitment to driving excellence in device and combination product safety. As the healthcare industry continues to evolve, platforms like medtechnet facilitate collaboration, knowledge exchange, and innovation. Through our conversation with Dr Latika Sharma, we gained valuable insights into medtechnet's purpose, the benefits it offers, and the type of discussions and resources members can expect. Joining medtechnet can empower professionals to shape the future of the industry by leveraging a vibrant community of experts and thought leaders. So, become a member and embark on a transformative journey today!

We hope to see you at our next roundtable event!

To learn more about medtechnet please visit: https://www.navitaslifesciences.com/medtechnet

If you would like further information about medtechnet please reach out to us at medtechnet@navitaslifesciences.com