Outlook 2023: Firms Prepare For 'World Where Health Care Has No Limits'

…ramped-up, creative and inclusive global health efforts; greater investments in preparedness and surveillance that prioritize prevention as much as treatment and cure – and, I hope, an end to lethal brutal aggression by autocratic regimes.

This past year, like the previous two, has offered more harsh lessons about how we must live through times of increasing uncertainty. Health challenges from Mpox, RSV, flu and Ebola added to those from COVID-19 and longtime killers like TB – even more stark illustrations of the stresses that epidemics and pandemics can inflict on our societies and healthcare systems. At the same time, it was a year of inspiring advances – important developments in life sciences and molecular medicine, for instance around liquid biopsies and TTR-associated disorders, and continued, productive public-private partnerships forged in response to infectious disease threats.

… growth of artificial intelligence across industries. There is no question that people are receptive to AI-driven technology in their lives, and we expect it to continue to take off in healthcare, as it really allows people to be in control of their own therapy.

… More non-native healthcare companies releasing devices and digital health services that are more affordable and accessible, cutting the fat in healthcare by going directly to consumers. The amount we spend on healthcare in the United States, and what we get in return for those dollars, is not sustainable. With tech companies entering the space, they are providing products and services that consumers can afford without jumping through the various health insurance hoops. Yet, at the same time, many companies that have entered the space in the past few years are finding their promises hard to keep. In 2022, we have seen some big names fold on their healthcare ventures and we assume that we will see continued challenges. But the net-net is expected to remain positive.

… a theme of access to care. Take robotic-assisted surgery (RAS), for example. While it’s shown to improve patient outcomes, it isn’t always accessible to patients, due in part to the large size, logistical needs and capital cost of traditional mainframes.

... proactive, resilient, and competitive strategies to future-proof against macroeconomic uncertainties and supply chain disruptions. Innovations focused on transitioning care from inpatient to outpatient or home, commercial models targeting long-term contracts with providers and payers, investments enabling a post-pandemic pipeline, and supplier diversification to guarantee quality and delivery will shape 2023 to be a year of sustainable growth for the medtech industry.

… increasing use of data and analytics in multiple formats. We will see an expansion of artificial intelligence incorporated into the delivery of treatments. AI will be a key aspect of many new technologies developed, more impactful than the introduction of the devices in themselves.

I expect digital therapeutics to have significant expansion in several chronic conditions with greater investor interest as well. New commercial models with tech enabled customer, clinical and patient engagement has become tested through the pandemic and will significantly change medtech. The challenges will continue to be demonstrated improvement in both clinical and health economic outcomes.

… the start of a new era of structural heart innovation for Edwards. I am proud we were able to maintain significant investments in our R&D and clinical trials throughout the pandemic. We believe that as global conditions improve, this continued work will benefit patients with advancements in life-saving and life-enhancing therapies. We will also have a planful transition for Edwards as Mike retires from the role as CEO, and I look forward to working closely with Mike in the first months of 2023 on this transition. Edwards is strong in its patient-focused innovation strategy and culture, and I am excited to engage our talented and passionate employees in the promising work that lies ahead.