Healthtech vs Medtech: the same or different? – Healthcare

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.