Istanbul Roadshow: Retrospective – Part 1

The latest instalment of the highly anticipated Med-Tech Roadshow was hosted with great success on the 20th of June, 2023 at the Ferko Signature Assembly in Istanbul’s Şişli district.

New regulations for remote treatments and payments for medical care have recently been introduced to the Turkish market, hopefully curbing the historically high demand, making the storied city the perfect location for the latest edition of the Malta Enterprise-backed event.

Sponsored by 2C Proje Evi, Arven Pharmaceuticals, and CSA Group, the Meetup succeeded in bringing the international roadshow to communities across the region, promoting collaboration and celebrating advancements.

Mr Walter Mallia, Consul General Malta in Istanbul, gave his opening remarks, setting the tone to focus on innovation and advancements in the sector of Medical Technology.

Global Trends in Med-tech, Wellness and Healthcare

Erman Turan, the Founder and Managing Director of Addwise and the Founding CEO and Partner at Join Venture opened the conference with his insightful keynote.

The accomplished entrepreneur focused on global trends and the subsequent opportunities derived from medical technology. He took a particular interest in the certification of medical devices and the market implications these will hold.

He spoke about the Turkish people’s tendency to frequent the hospitals, even for minor issues, highlighting a few direct solutions emerging from the health tech sphere.

These included telehealth and telemedicine, which have now been regulated in Turkey, allowing online treatment and even the charging of patients remotely through these systems. Digital therapeutics, such as game prescriptions, have also gained notoriety and FDA approval from bases throughout Turkey.

Turan then shifted his attention to an issue that could well affect such success going forward. This being the EU’s increasingly stringent regulation, challenging Med-Tech and digital health companies in their bids to gain approval for numerous innovations.

Having worked as an entrepreneur and a consultant in the field of medical technology, at entities such as BioMedLife and Addwise respectively, Turan is uniquely placed to understand the trends and objectives organisations in the market must consider.

In light of this shift in regulatory circumstances, Turan highlighted the great importance of initiatives such as the United States Food and Drug Administration (FDA)’s Breakthrough Device Program, which is a highly efficient means for entrepreneurs to gain legitimate approval in this climate and have the development of their devices expedited.

Impactful initiatives such as this could lead to more entrepreneurs prioritising FDA approval for the US market over European Conformity (CE) certifications, predicting a tangible shift from the European Economic Area (EEA) towards a now far more competitive and significant market in North America.

The impact of the COVID-19 pandemic on this situation must also be considered, with individual investors becoming increasingly interested in Med-Tech which can create impactful healthcare opportunities.

Turan believes that this could see a tremendous rise in venture capital and health-focused companies across the Western world as the sector continues to maintain such a magnetism.

These EEA circumstances mean Malta has also been able to position itself as an attractive destination for Med-Tech and pharmaceutical companies.

Despite being a participant in the EEA, Malta boasts a far more supportive ecosystem consisting of funding programmes, coupled with valuable access to the European market, a privilege that Turan notes as being an obstacle to nations such as Turkey and even the UK.

All these factors bode extremely well for the Med-Tech industry at large. However, Turan warns of current EU and EEA regulations that threaten a shift to competing markets which could spell a change in dynamic the EU can ill afford.

The London Roadshow

A terrific addition to the series of Med-Tech events being held this year, the success of Med Tech in Istanbul follows the most notable achievements of the meetup hosted in London earlier this May.

Malta Enterprise also supported the London venture, along with the significant backing and participation of YouTube Health and Start-up Health.

The Med-Tech Roadshow is committed to opening doors and catalysing new connections within the healthcare industry and will continue doing so as the team gears up to the Med-Tech World Summit in Malta this October.

Med-Tech World Summit in Malta: Join us

Be sure to mark your calendars for the upcoming Med-Tech World Summit on October 19th and 20th at the Mediterranean Conference Centre, Malta. This highly anticipated summit will offer a platform for further exploration and discussion of cutting-edge advancements in the field of medical technology, fostering collaboration and shaping the future of healthcare.