Patent trolls curb medical innovation.

The U.S. healthcare sector is now also a technology sector. Every stage of our healthcare system is dependent on modern technologies, whether it be the development of new medicines and treatments, the tools that doctors utilize to treat patients, or how patients track and manage their own conditions. As the link between healthcare and technology grows stronger, however, there are also new obstacles that stand in the way of continued innovation. Among them are destructive patent infringement lawsuits.

Medical device industry continues to turn to AI

A report on the future of U.S. healthcare released by McKinsey & Company last year pointed to the COVID-19 pandemic as an accelerator of new healthcare technology solutions and cited “the potential for scaling up innovation that was prompted by pressure the pandemic put on the health care system” as a reason for optimism about the industry. This is an important silver lining surrounding a devastating global pandemic and federal policy and rules must be aligned to make sure groundbreaking medical advancements are realized.

Patent infringement litigation brought by shell companies called patent trolls is a drag on innovation across sectors, including healthcare. The federal agency charged with promoting effective intellectual property policy, the U.S. Patent and Trademark Office (USPTO), has a responsibility to prevent these frivolous legal challenges from impeding the development and implementation of new, promising healthcare technologies.

Wearables could be worth nearly $200 billion by 2030

Nowhere is the connection between health and technology more evident than in the proliferation of wearable medical devices. Exact projections of wearable medical device industry growth vary – $196.6 billion by 2027; $188.4 billion by 2030; $174.5 billion by 2030 – but the estimates all point toward rapid expansion. Devices ranging from fitness, heart rate, and sleep trackers to wearable ECG and blood pressure monitors are all indicative of the direction modern healthcare is headed. And as telehealth services become more common, so will new technologies that make these virtual interactions seamless.