The Life Sciences Umbrella, MedTech And How Rhode Island Fits In
May 2, 2023
The Life Sciences Industry covers a wide range of technologies, from pharmaceuticals and stem cell therapies to MedTech and Digital Health. Over the years, a growing portion of the Life Sciences sector has been dominated by the latter.
Medical devices are used to diagnose, treat, and monitor a wide range of diseases and conditions. These devices include simple tools like thermometers and blood pressure monitors, to more complex devices like imaging equipment and surgical robots.
The Medical Device Industry is growing rapidly, driven by an aging population and an increasing demand for healthcare services. In fact, the global medical device market is expected to top $700 billion by 2027. This growth provides significant opportunities for medical device companies to develop new products and expand their businesses.
One of the advantages of innovation within MedTech is the speed to market.Medical products typically have a time-to-market of fewer than five years before becoming available versus the average lifecycle of drug development from discovery to approval, which is about 12 years. The cost of medical device development is also much less expensive, so the investment proposition is de-risked early if planned correctly.
Additionally, products emerging from medical device innovation are often less expensive and more widely available than biotechnology products. This is particularly important in developing countries and underserved communities, where access to healthcare is limited, and resources are scarce. Medical devices and Digital Health can help bridge the gap by providing affordable, effective healthcare solutions to people who might not otherwise have access to them. There exist tremendous opportunities within telehealth and digital therapeutics to promote these benefits.
Today, the Medical Device industry is a significant source of employment, with millions of people working in research & development, manufacturing, sales, and other related fields. In addition, many medical device companies are small businesses that are essential contributors to local economies.
Overall, medical devices are an essential component of the Life Sciences industry, playing a critical role in improving patient care, driving innovation, creating jobs, and contributing to economic growth.
So, how does this relate to Rhode Island? Rhode Island is perfectly positioned to become a center of excellence in Life Science, especially in the MedTech and HealthTech sectors. Here’s why:
SUBSTANTIAL ACADEMIC AND RESEARCH INSTITUTIONS:
Rhode Island is home to several top-tier academic and research institutions, including Brown University, its Warren Alpert Medical School, and the University of Rhode Island. These institutions have a long history of excellence in research and development in various areas, including biotechnology, biomedical engineering, and drug discovery. Colleges across RI have a focus on relevant areas such as engineering, public health, nursing, pharmacy, regulatory, and kinesiology.
SUPPORTIVE BUSINESS ENVIRONMENT:
Rhode Island has taken steps to create a supportive business environment for Life Sciences companies. It has created tax incentives and grant programs to support Life Sciences research and development; has several investment groups with an interest in HealthTech; and several organizations are working on building-out training to create a pipeline of skilled workers within the Life Sciences.
GROWING INDUSTRY:
Rhode Island's Life Sciences industry has been growing, with a number of new companies and startups emerging in the state. In Rhode Island, the Health and Life Sciences industry concentrations are 31% higher than the national average.
Rhode Island holds much promise as a hub for Life Sciences, especially for devices driven by strong academic and research institutions, a supportive business environment, and a strong talent pipeline within an already growing industry.
