Sustainably-led FIME to elevate Latin America's medical device businessSustainably-led FIME to elevate Latin America's medical device business

Improving the healthcare experience is one of Latin America’s top priorities as healthcare leaders and businesses seek ways to bring health equity, accessibility, coverage, and quality of care to the forefront.

Slowly but surely, changes are underway to dispel the negativity led by a labour shortage and inflation in recent times. According to a report by research leaders McKingsley Global Institute, healthcare profit pools are expected to rise to US$790 billion in 2026, up from US$654 billion in 2021 to mark a 4 per cent CAGR.

There are a number of segments expected to see growth in the coming years, namely emergency and ambulatory care, clinical decision support and patient engagement through software solutions, and speciality pharmacy. Another notable focus is the adoption of Medicare Advantage among payers, which is a health plan administrated by private organisations that are under contract with the Centers for Medicare & Medicaid Services, part of the US Department of Health and Human Services.

This is a crucial time for America as it seeks to bridge the gap between industry players and create opportunities to learn, explore and integrate state-of-the-art solutions to ensure that healthcare is accessible to its diverse population. The Florida International Medical Expo (FIME) that is set to take place in Miami from June 21 to June 23 this year acts as a catalyst to bring health leaders a step closer to these visionary goals.

Armed with a mission to connect the healthcare community in the US and Latin America, FIME plays an important role by providing an interactive platform for healthcare entities to meet on common ground, exchange ideas, and discover novel innovations from across the globe. This year, the edition packs in 12 live and online exhibitions alongside 110 carefully curated conferences led by internationally renowned experts from across the globe.

The Transformation Zone is a treasure trove for attendees that are on the lookout for the latest concepts and breakthroughs to drive their business forward. The zone is divided into easy-to-navigate sections that include a two-day themed Sterilization and Decontamination Conference with the Healthcare Sterile Processing Association (HSPA) and the Florida Intercoastal Reprocessing Educators (F.I.R.E) offering the latest insights, trends and developments in patient and staff safety, unique cutting-edge product showcases led by small and medium enterprises, as well as an interactive workshop, ‘Doing Business in the Americas’ that is specially designed for dealers and distributors involved in the import and export sector of the healthcare trade.

As of 2021, the US is ranked the top importer and exporter in the world for healthcare trade, according to global EDGE, a knowledge portal led by the International Business Center and the Eli Broad College of Business at Michigan State University, and partly funded by a US Department of Education Title VI B grant. In this context, the Transformation Zone is a not-to-be-missed area to stay ahead of the game in a competitive, fast-paced world of healthcare in the US and Latin America.

Start-ups in healthcare and healthtech are valuable players in the region, and FIME is not only a strong believer in nurturing talent but also equipping them with equal opportunities to thrive in a competitive market. Innov8 Talks, taking place under the Transformation Zone umbrella, is proof of this commitment and takes place in partnership with GEN Accelerates, experts in online and in-person global mentorship programmes designed to accelerate the growth of thousands of start-ups at every stage from the initial launch to US$50 million a year in sales.

Think boot camp for aspiring healthcare leaders as they showcase thought-provoking ideas and refine their mission to raise the quality of patient care in the US and Latin America.

According to Carlos Iñiguez, Director of GEN Accelerates, healthcare is a “very dynamic industry”.

“While much has been said about the tech sector as a whole and how it has felt some considerable pinches over the past several quarters – from fundraising opportunities to being able to aptly scale, the healthcare sector seems like a bright spot. Working with healthcare startups from around the world, we see the adoption of emerging tech such as AI, robotics, etc., into healthcare products and services, but most noteworthy is the defensible intellectual property built into these solutions,” he said.

With a mission to aid in business growth goals, GEN Accelerates, and the FIME team have curated an immersive experience in the form of Innov8 Talks, where participating start-up founders are introduced to a cast of experts and opportunities that could help unlock the path to long-term success.

“Innov8 keeps in mind that founders need support, and experts benefit from a platform to magnify their work and impact. Bringing those groups together is very powerful,” said Iñiguez.

“This is basically an event within an event, and its impact on the healthcare industry will certainly magnify. Whether you are a nascent innovator or already scaling your healthcare company, there is something here for you. It is a platform we hope many more founders will use to get closer to their target clients, partners, and contacts.”

Highlights at the Florida International Medical Expo 2023

The Florida International Medical Expo recognises the significance of incorporating sustainability practices into its own operations and has adopted ways to responsibly manage the global epidemic of trade show waste — from the implementation of reusable booths to providing exhibitors with eco-conscious stands to powering the three-day event by harnessing the power of renewable energy.

In addition to strategies aimed to encourage a greener future in the healthcare industry, FIME refines the concept of sustainability by hosting exclusive networking opportunities and specially designed programmes to share knowledge, raise awareness in healthcare sectors, and boost long-term business continuity.

Here are a few among many reasons Florida International Medical Expo remains a cut above the rest:

Symposium on Sustainability in Healthcare: The workshop, hosted within the Intelligent Health Pavilion, will showcase effective solutions to healthcare institutions on how to transform into eco-conscious entities, from reducing energy consumption and waste management to improving operational efficiency and sustainability of supply chains.

Women in focus:  Gender equity lies at the core of FIME and its sustainability goals. This year’s edition includes dedicated zones that put the spotlight on empowering women in healthcare, in addition to special conferences. One to note is Ida Tin’s session. The founder of Clue, an app-based menstruation tracker, is globally renowned for coining the term ‘femtech’ and will be in attendance to speak about the US$1 trillion-worth industry.

Driving diversity and inclusion:  Accessibility is the key to inclusion. To ensure no patient is left behind, health leaders themselves need the right support to identify opportunities and have access to the latest industry innovation and data. At FIME, attendees can tune in live to English to Spanish translations of content sessions at Transformation Talks and enjoy an immersive experience.

Enhancing trade with the right resources

The ‘Doing Business in Americas’ workshop is a not-to-be-missed event that takes place on all three days, featuring unique deep-dive sessions aimed to bridge the gap between Hispanic businesses and the US healthcare industry.

June 21: 11 Steps to Exporting: A Roadmap to Success

Learn about the process of exporting and distributing medical devices in the country, from creating a strong marketing plan to protecting intellectual property. The interactive session is set to feature experts from IBT Online, SBA, FDA (Diaz Trade Law), and Florida Export Finance.

June 22: Navigating FDA and US Customs Compliance Issues

Discover hassle-free ways to import medical devices into the US while becoming familiar with the rules and regulations of the FDA. The workshop also demonstrates effective ways to handle certain enforcement actions to avoid delays and loss of business.

June 23: Latin America: Open for Business

The import and export arm of healthcare is a two-way street, which is why it is important to know both sides of the coin. This expert-led session will cover the latest market trends in Latin America and offer valuable information to build resilient partnerships with distributors and tackle challenges in the supply chain, to name a few.

Don’t miss product showcases and exclusive networking opportunities at FIME 2023.

In-person dates: June 21 to 23, Online: June 7 to July 7, Venue: Miami Beach Convention Center. For more information and the latest updates, visit www.fimeshow.com

This article appears in Omnia Health magazine. Read the full issue online today.