How might new players disrupt the business of traditional providers?

Fuád Abuschuscha

The increasing use of so-called digital biomarkers opens up many possibilities. Digital biomarkers are information that exists in digital form and is related to health in some way. This may be, for example, a person’s voice, the nature of which indicates that something is wrong or a risk factor for certain diseases.

In the future, we will be able to use this data, as well as pattern and correlation detection, on the side and at very low cost. For example, you buy a watch and decide to buy a smartwatch. They have thus created the possibility of drawing conclusions about your health from data. The clock provides the system for this, although you have not paid anything extra for it.

As a result, this market, which is very concerned with quality and effectiveness and also often involves high costs, may function in a completely different way. This is because manufacturers who produce such smart devices will manage to develop and produce these systems “good enough”, i.e. just as good as necessary, with very simple means. At some point, these systems will then be good enough to actually compete with products from manufacturers in the diagnostics sector. At this point, new players are serious competitors, which can be very disruptive for the respective market. Every player in the medical technology market must ask themselves whether they can simply wait until this happens. The alternative would be to weatherproof your business today and develop your own opportunities in the digital market of the future.

Follow these links as well:

► The Future Strategy Program for SMEs

► Free video crash course THE FUTURE OF YOUR BUSINESS
► BUSINESS WARGAMING for robust business and future opportunities
► KEYNOTES by Pero Mićić for your employees and customers

Have a bright future!