Medical device companies are in the business of making people’s lives better. This broad industry develops all manner of devices from diagnostics and medical imaging machines to surgical instruments and orthopedics. With the high level of technological advancement over recent years, sub-sectors such as health technology – where medical devices meet innovative software technology – have grown exponentially. Nevertheless, medical device manufacturers realize that future profits depend on their ability to evolve with the market, and many have begun their metamorphoses, whether it be through acquisition partnerships restructuring or redefining innovation. But disruptive change is underway. Companies no longer will be able to earn premium margins by simply selling clinical features and new devices into established market spaces. Rather, they will need to look at new segments, challenges, and particularly, new end-to-end solutions to secure additional revenue and maintain margins.
There are many common challenges that most medical device companies face. The increasing cost of compliance is a common top challenge. Tracking and managing the ever-increasing number of regulations and standards can be difficult. Further, the time and cost associated with the documentation required for compliance is significant and takes resources away from tasks that could add more value to the device. Reducing time-to-market is another challenge medical device companies face. Long regulatory approval cycles delay time to market, which means it takes medical device companies even longer to recoup the investment in development. When selecting a technology solution, vendors need to ensure that they are able to support the complete lifecycle of their device. Quality issues can occur at any point along the lifecycle so it is important that no part of it is overlooked.
Medical device companies who adopt practices focused on high-quality devices can expect greater patient satisfaction, improved competitiveness, and higher profits. To achieve this, companies need to be empowered to shift from a document-centric process to one that focuses on high quality, innovative products that meet patient needs. With investments in the right technology, this is possible. Technology can reduce manual, time-intensive reporting processes to a push of a button. Rather than structuring processes around documentation, technology can allow focussing on developing the right products and services that will meet patient needs.
Perhaps the true measure of a forward-thinking industry is its ability to evolve to meet new market challenges, demands and opportunities. The medical device industry not only has adeptly changed to meet new clinical demands but also has, as part of that process, reshaped its manufacturing models to better respond to shifting economic realities. Medical device manufacturers have moved from being simply hospital equipment suppliers to creating a niche as a supply chain and healthcare solutions providers.
This edition of MedTech Outlook features companies that are at the forefront of offering medical manufacturing solutions. To assist Medical Officers in identifying the most reliable companies to partner with, a distinguished panel and MedTech Outlook’s editorial board has assessed and shortlisted some of the most prominent organizations in the industry. We present to you – “Top 10 Medical Device Manufacturing Solution Providers – 2019”.