Singapore may be known for its smart innovations and emerging tech, but it is also taking strides to be a leading country for MedTech companies, with over 400 now in the island-nation, 25 research and development centres and 50 MedTech regional HQs. It is embracing technology and innovation with the need for preventative care for an ageing population, in the form of wearable health monitors to AI-driven diagnostic tools.
Europe continues to hold its place on the world stage as home to companies leading the MedTech advancements. Philips, for example, was the second largest application in the EPO’s Patent Index 2023 in the field of medical technology, with 607 MedTech patent applications. Reports have shown that the MedTech sector in particular is capitalising on emerging tech such as AI. The importance of strong patent filing strategies and FTO searches continue to safeguard the rapid innovation cycle. The panel will consider the potential challenges that this industry could face in the EU with the recent introduction of the EU AI Act.
In the US, the MedTech sector has successfully converted innovation into steady growth over the last 10 years, achieving at least 4% revenue growth per annum. Like in APAC and Europe, the rise of AI is shifting the landscape to help deliver operational efficiencies. The growth of consumer interest in health and wellness is also providing opportunities for MedTech companies to sell products direct to consumers, providing new revenue streams. This means they must have a keen eye on their IP, with protection for both the product and its technology, and the brand as a whole.
With rapid growth comes the need for careful IP management to protect these advancements and ensure competitive advantage, and strategies may differ depending on the region or market a company is operating in. The panel will emphasise the importance of brand protection strategies to maintain credibility and differentiation in a crowded marketplace, as well as how to avoid costly litigation, and will bring a global perspective to the discussion.
