Imagine picking up the Wall Street Journal and reading one of these headlines:
Medtronic moves its headquarters Minneapolis to Beijing, or
Success of in-home treatment causes 20% of hospitals to shut down due to lack of patients
Each of these headlines captures, in a dramatic way, one possible resolution of a major trend affecting the industry today, such as: What will happen with emerging markets? What is the impact of information technology? It doesn’t matter whether you agree with the headline and its implications or not, but rather each headline is the starting point of a serious conversation for you and your business: What are the relevant headlines for us? Will we thrive or struggle if such a thing will come to pass?
At the 2011 Frost and Sullivan Medical Device Conference, executives from some 20 companies gathered and contributed their knowledge and perspectives to form a picture of the future of the industry. Participants ranged from companies like Abbot to Welch Allyn, from business in Hearing Aids to Insulin Pumps, from SVP level to Director Level, so we had a broad cross section of experience participants. None of us, of course, believes these headlines specifically will come to pass or that we can really predict the future. However, the trajectories of currently visible trends are visible –even if many are contradictory and confusing and they could unfold in significantly different ways. During the meeting, the group developed provocative headlines for a variety of scenarios so our companies are prepared to thrive, not just survive, no matter the outcome.