Information technology is the in-depth study of various systems such as computers for the storage, retrieval, and sending of information. While the commercial use of information technology can involve telecommunications as well as computer technology, the IT that your startup will want to focus on will primarily involve computer technology.
In many cases, IT includes numerous layers of software, operating systems, automation tools, and hardware. Information technology is a critical component of the Medtech industry, which includes both medical and technology aspects. Some of the many technologies that are becoming more widespread within the medical industry include everything from telehealth services to electronic medical records.
When you’re taking the necessary steps towards creating a Medtech startup, information technology is a key factor to your future success. By understanding what IT is, you should be better prepared for the challenges that come with running a Medtech company.
The History of Information Technology in Medtech
While information technology has been around ever since humans were able to community with each other via pieces of technology, only the latest period of information technology affects us today, which is seen in the Medtech industry. The current electronic age of information technology began with the creation of the first digital computer for the purpose of performing calculations pertaining to artillery fire, which was used specifically by the U.S. Army. Since that time, computers and information technology have evolved significantly with the latest years of the electronic age bringing in the usage of central processing units that contain logic, memory, and control circuits in a single chip.
In the health care industry, information technology has proven to be vital for Medtech businesses. For instance, the creation of electronic medical record systems has helped doctors and other medical professionals provide their patients with safer and more efficient care. Patient data and medical records are also more private and much more secure when being placed within electronic systems. For hospitals and similar health care settings, the creation of electronic medical records has helped substantially with networking.
Along with more accurate and precise patient information, electronic medical records provide doctors with the ability to gain quick access to the patient records they’re looking for. When you change doctors, your records can be sent electronically to your new physician in a matter of moments, which helps to eliminate the errors that often occur with paper records.
Some additional examples of IT in the health care industry include electronic prescribing, computerized disease registries, clinical decision support, and telehealth, the latter of which allows certain patients to receive care remotely when they can’t visit a doctor in person.
Medtech businesses and startups are constantly using information technology to advance the health care industry. The new technologies that are made by Medtech businesses have helped to improve the overall quality of care while also making health care much more cost effective.
The advancement of information technology has provided Medtech companies with the capability to create advanced technology that wasn’t possible even five years. These technologies have been made possible via cloud computing, artificial intelligence, and similar efforts.
Such advancements have allowed for the creation of better monitoring systems, comfortable scanning equipment, and much less invasive surgeries, the latter of which allows for a shorter recovery time among patients. The continual changes that occur in the information technology industry directly benefit Medtech businesses that are looking to create the latest technologies for patient care.
Latest Technology Trends in Information Technology
The technological trends within the Medtech industry over the past decade have helped significantly to push the industry forward. Among the top technological trends that you should be aware of when getting started in this industry include:
- Artificial intelligence
- Cloud computing
- Quantum computing
- 3D printing
When looking specifically at artificial intelligence, this refers to the ability of a digital computer or a computer-controlled robot to perform a wide variety of tasks that are usually associated with humans and other intelligent beings. AI advancements occur rapidly with each passing year. Within the Medtech industry, artificial intelligence can effectively assist in the diagnosis of medical conditions and the identification of pathology via diagnostic scans. AI is also able to interpret copious amounts of electronic health data and medical records in a very short period of time.
As for quantum computing, this is considered to be the quickest form of computing because of the very different computation model that it uses when compared to conventional computers and even supercomputers. While quantum computing is still in its infancy, the industry believes that this form of computing is going to be very beneficial for all kinds of difficult computational problems that can’t be solved by other computers. Along with improving the speed and accuracy of MRI scans, quantum computing is going to be highly beneficial for pharmaceutical research, which will be very useful for Medtech startups in the coming years.
Medtech companies have already used 3D printing for the creation of prosthetics, airway stents, and implants, which makes for a much more efficient and cost effective solution to many of these issues. While the Medtech industry has been somewhat slow to adopt cloud computing when compared to other industries, the past few years have seen a rapid uptick in the adoption of this technology. When using wireless cloud technology, medical devices that are created by Medtech companies can quickly collect data for accessibility, storage, and sharing.
The use of information technology for the modernization of the health care system has allowed for significant improvements to be made with medical research that’s oftentimes performed by Medtech companies and startups. The health information systems mentioned previously provide medical researchers with the ability to ascertain the effectiveness of a specific treatment or to determine the side effects of a new medication, which is going to be very helpful to your startup if you intend to conduct medical research on a regular basis.
These are only a small number of the many ways in which information technology has benefited the Medtech industry and the companies within it. If you want to move your company forward and position yourself as a leader in the industry, you need to start exploring ways that you can integrate information technology into your Medtech startup.
The Future of Information Technology
The future of information technology is looking bright, which bodes well for the Medtech businesses. The growth and advancement of IT in recent years is steadily increasing and is now playing a factor in the business plans of Medtech startups. Whether you’re using cloud computing for the storage of your medical research or are looking to make use of artificial intelligence in the creation of a product or medical device that you want to develop, the continual advancements in information technology are certain to alter the way that you do business in the years to come.
At this moment, researchers at the Case Western Reserve University are pairing with Microsoft and their quantum computing algorithms in an attempt to improve the efficacy of MRI machines. If you want your Medtech startup to experience success, it’s essential that you make use of the advancements that occur with information technology in much the same way.
It’s very likely that your competition will be taking advantage of these same advancements to grow and better their business, which is why you must do the same. By staying up-to-date and being aware of these advancements, you’ll be able to improve both your research and your innovations.
While your research can be performed in a much more efficient manner with information technology, you’ll also notice benefits to the types of innovations you’re attempting to make. Some of the latest medical technology innovations like robotic check-ups and artificial heart valves were only possible with the modern advancements of information technology.
As a Medtech startup, the increasing role of information technology in the Medtech industry means that you’ll be using this technology almost constantly to develop your new products. To understand how important IT will be for your startup, the advent of remote patient monitoring via a patient data management system has improved patient outcomes for such chronic conditions as asthma, heart failure, and COPD.
Most of the latest advancements for medical devices have used cloud computing, robotics, and artificial intelligence as the basis for the technology. If you want your company to succeed, you’ll likely need to find a way to integrate information technology into your next product.
Among the many other factors that are necessary for the ongoing success of your startup business, information technology plays a key role in what your company does now and in the future. Understanding the main principles of information technology as well as the future of IT is important if you want to grow your startup business for years to come.
If you want your Medtech company to effectively develop new and beneficial technologies that are going to be used in the health care industry, the advancements in information technology will be vital to these plans. If you’re in the formative stages of your Medtech startup and are looking for a low-cost wet lab incubator space, contact University Lab Partners today to gain a better understanding of the lab space available to you and the amenities that come with it.