Australia: Healthtech vs Medtech: the same or different?

Are HealthTech and MedTech the same or different?

HealthTech and MedTech are two distinct fields within the broader umbrella of healthcare technology. While the two fields share some similarities, they also have some key differences in terms of focus, application, and scope.

HEALTHTECH = DIGITAL HEALTH OR E-HEALTH

HealthTech, also known as digital health or e-health, is a relatively new and rapidly growing field that focuses on the use of technology to support healthcare delivery and management. Health tech solutions can be found in a variety of settings, including hospitals, clinics, homes, and workplaces. The main goal of health tech is to improve patient outcomes, enhance the efficiency of healthcare delivery, and lower costs. Some common examples of health tech include electronic health records (EHRs), telemedicine, mobile health (mHealth) apps, wearable health monitoring devices, and personalised medicine tools.

MEDTECH = MEDICAL TECHNOLOGY AND MEDICAL DEVICES

MedTech, on the other hand, refers to medical technology or medical devices. This field has been around for much longer than HealthTech and is more focused on the development and commercialisation of medical products and devices. MedTech encompasses a wide range of technologies, from surgical instruments and imaging equipment to diagnostic tests and implants. The main goal of med tech is to improve patient health and well-being by developing innovative and effective medical devices and technologies.

Break it down, and tell me the differences.

One of the main differences between HealthTech and MedTech is their focus. HealthTech is more focused on the use of technology to support healthcare delivery and management, while MedTech is focused on the development and commercialisation of medical products and devices. This means that while HealthTech may involve the use of medical devices, it also encompasses a much broader range of technologies that support healthcare delivery and management, such as EHRs, telemedicine, and mHealth apps.

Another key difference between HealthTech and MedTech is their application. HealthTech is often used in non-clinical settings, such as homes and workplaces, as well as in clinical settings, such as hospitals and clinics. In contrast, MedTech is primarily used in clinical settings, such as hospitals, clinics, and medical laboratories.

Scope

The scope of HealthTech and med tech also differs. HealthTech encompasses a broad range of technologies and solutions that support healthcare delivery and management, while MedTech is more focused on specific medical devices and technologies. MedTech products are often subject to rigorous testing and regulatory approval before they can be brought to market due to the potential risks associated with their use.

Similarities

Despite these differences, HealthTech and MedTech are closely related fields that share some common goals and challenges. Both fields are focused on improving patient outcomes and enhancing the efficiency of healthcare delivery, and both are subject to regulatory oversight and scrutiny. Both fields also face challenges related to data privacy, interoperability, and patient engagement.

Legal and Corporate Governance Issues

Due to the similarities between HealthTech and MedTech, the legal and corporate governance issues that arise can be similar. My article on what Australian start-ups can learn from the experience of Theranos and Elizabeth Holmes highlights a number of the issues, despite Theranos being a US example.

As a highly regulated space, understanding the legal and regulatory environment is critical and seeking advice early can help avoid pitfalls. Being risk aware and nurturing a positive culture will help your MedTech or HealthTech organisation thrive.

An area of keen interest for MedTech and HealthTech directors and boards is privacy, data and cyber security. These are areas where the Agreements and processes you have in place will be critical.

Leverage an Expert

HealthTech and MedTech are two distinct fields within healthcare technology that differ in terms of focus, application, and scope. HealthTech is more focused on the use of technology to support healthcare delivery and management, while MedTech is more focused on the development and commercialisation of medical products and devices. While the two fields share some similarities, they also have some key differences that set them apart from each other.