‘Data-driven decision making’ has become a buzzword in policy discussions throughout the past years. On one hand, from a supply point of view, with the digital revolution we generate and have access to an ever-growing pool of data. We continuously collect and analyse information about every aspect of our life, whether personal or professional. On the other hand, from a demand point of view, data gained more and more on importance, being one of the main building blocks when it comes to data-informed strategy building. In an ideal world through collecting data and reporting facts, we can raise awareness, spread knowledge and build successful strategies which help us address crisis situations, avoid misinformation and the spread of fake news, and prevent decisions based on false or lacking information.
In the activities of MedTech Europe data collection and analysis play a vital role. Our organisation has a dedicated Market Data Team in charge of various market and industry analyses. We have a long-standing collaboration with our members to accurately monitor the latest market developments and business trends in the medical devices and in-vitro diagnostics field. Furthermore, when it comes to policymaking, we must base our position on accurate data from real sources. Therefore, every year our Facts and Figures publication delivers the most relevant industry insights for every stakeholder in the medical technology sector.
The publication is an annually updated report which demonstrates the significance of our industry, and our contribution to sustainable healthcare systems, economic growth, and European competitiveness on a global scale. Based on the annual data collection of the MedTech Europe Market Data Team, it presents the key indicators of our industry: market size, innovation intensity, economic impact from job creation to trade capacity, etc. In the Facts & Figures 2020, for example, you can find out that the European medical technology industry directly employs more than 730,000 people and that there are more than 32,000 medical technology companies in Europe!
The report provides robust industry intelligence compiled from multiple sources. Apart from thoroughly analysing publicly available information (EPO, WHO, Eurostat, ITC), we also rely on the knowledge and expertise of our members to gather robust information and reliable data regarding those aspects where public sources are not available. In cooperation with experts inside and outside MedTech Europe, we continuously strive to improve the scope of the publication.
As in many other areas of our lives, the COVID-19 pandemic has also fast-forwarded processes related to data collection and data sharing. The medical technology industry, being in the forefront of the fight against the Coronavirus pandemic has also experienced growing demand to collectively gather information on medical technology supplies crucial to the fight: personal protective equipment (PPE), respiratory support equipment and COVID-19 diagnostic tests.
In order to best support the medical technology sector and to meet the needs of patients and health systems, we have been also working on further improving our industry intelligence services. We will soon launch an interactive data-hub providing the most relevant and up-to-date insights regarding the state of the industry.
I personally hope that this project will bring us one step closer to that ideal world where all stakeholders collaborate in sharing information and effectively implement data-informed strategies which can not only resolve but also prevent future crises.