SAN FRANCISCO – The med-tech industry understands the power of scale. This fueled med-tech M&A last year, bringing it to new heights that outstripped its biopharma peers. And innovation is more and more the purview of med tech, with PMA approvals and early venture capital investment increasingly flourishing. That's according to the latest report released by consultancy Ernst & Young on the life sciences industry, timed to come out at during the J.P. Morgan Healthcare Conference, which started here yesterday.