Tag: Future of medical devices

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Trend Watch: What’s New in Medical Device Packaging?

Medical device packaging is certainly not easy. Poor medical device packaging can result in a host of problems for both customers as well as medical device companies. It must be ensured that every package that holds a sterile medical device not only arrives at the hospital or clinic free of wear and tear or broken seals, the packaging must also ensure a longer shelf-life, possibly for years, without breaking down. Furthermore, following the packaging guidelines and strict regulatory standards of the FDA is another hurdle faced by companies in the medical device market.

Learn more about the opportunities, trends, and challenges in the medical device packaging market.

As a result of such increasing complexities, players in the medical device packaging market are looking at the latest innovations and trends that meet their requirements while adhering to the FDA regulations. Our experts in the medical device packaging industry have listed some of the top trends that are shaping the future of medical device packaging.

Medical device packaging trends 2019

Green designs

Involving a medical device packaging partner at the earlier stages of product development allows to create a packaging that is innovative, serves the purpose, and is highly sustainable. Designers of medical device packaging are formulating new ways to reduce the material and energy required. In addition, they are aiming to reduce the number of components required in the overall package. The advent of tools such as design and package integrity simulation allows medical device packaging providers to make a well-informed prediction at the concept stage about how design choices such as downgauging materials or reducing the overall footprint will have an impact on the performance of the package. This gives higher confidence and ensures greater efficiency before moving into the prototyping and manufacturing stages.

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Recycling programs

There is a growing awareness around the recovery and reuse of materials. Several medical device packaging companies and OEMs are working with healthcare providers and recyclers to recover and use existing plastics. Once the most sustainable materials are chosen, the end-users are informed on how to reuse and later recycle the packaging. Furthermore, research and evaluations are being continuously conducted around new medical device packaging innovation that can offer better sustainability benefits.

Efficient and cost-saving transportation

Companies can perfect their transportation strategies via simulation tools in order to lower energy and cost. Several players take advantages of software that helps to optimize planning, maximize load, and minimize costs. This allows manufacturers to prevent obstacles by learning the outcomes and solutions ahead of time. Companies commonly focus on sustainability through bulk freight shipments that reduce packaging, impact on the environment, and transport/inventory expenses. Moreover, medical device manufacturers are working with CMOs (contract manufacturing organizations) that provide end-to-end services. Choosing a medical devices packaging partner that can perform everything from design and development, to prototyping, to tool building to manufacturing under one roof means components don’t need to be transported between various phases of the process.

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The US Medical Device Industry: How to devise a Market Entry Strategy

With an enormous market size of $156 billion, the medical device industry in the United States remains the largest in the world. Companies in the medical device industry consist of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health-related purpose. Although patients are the end-users of medical devices, manufacturers ideally focus their efforts towards selling their products to healthcare providers who in turn use them to serve the needs of patients.

Majority of the companies in the US medical device industry are concentrated in regions known for other high-technology industries, such as microelectronics and biotechnology. The states with the highest number of companies in the medical device industry include New York, California, Florida, Michigan, Pennsylvania, Massachusetts, Minnesota, Illinois, and Georgia. Compared to several other industries including telecommunications, automotive, and defense, the medical device industry invests a higher percentage of their yearly revenues into product innovation, reflecting the competitive nature of the industry and constant innovation and improvement requirements of existing technologies.

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The Medical Device Industry is Revamping Itself: Here’s Why!

The medical device industry is embarking on a new phase of change. In this blog, our industry experts discuss some of the key factors influencing transition in this sector.

The expectations of stakeholders in the medical device industry are changing over time. Patients expect superior service and care models, physicians require data from multiple sources to be brought together in one place, and payors seek lighter financial burdens and better real-world outcomes. Such mounting pressure is urging companies in the medical device industry to revamp their offerings and stand out in today’s increasingly crowded market.

The rapid technological growth rate in the medical device industry is undoubtedly the backbone of this sector. But not long ago, the industry was wrestling several challenges and struggling to implement and adopt advanced technologies. Some of the impediments leading up to this included the paucity of talent, incomprehensible technical complexities, constantly changing regulations, and limited leadership mind-share. In fact, just a decade ago, the integration of new and advanced technologies in the medical device industry was far behind when compared to other industries such as Telecom, Retail, and Automotive. The reality still remains that companies in the medical device industry still lag in tapping into customer and business model-led opportunities and adopting advanced technologies such as IoT, big data, artificial intelligence, augmented reality, and robotics. With only a handful of key players in this sector building sizeable businesses by leveraging the available opportunities and the upsurging competition from non-traditional players such as start-ups, players in the medical device industry are in the dire need to revamp their strategies.

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Change in customer expectations

Earlier, the delivery of digital healthcare had limited reach, was of low quality, and highly expensive. However, modern healthcare consumers are tech-savvy and expect the digital intervention to transform their healthcare experience. This shift in consumer behavior has elevated the focus on patient-centric health care and has become a major driver for the adoption of advanced technologies among OEMs. Players in the medical device industry are focusing on personalized healthcare solutions and devices to gain a bigger slice of the market.Get More Info

Shift in business models

The modern day medical device industry is going through a tectonic shift in business models. The increased connectivity between devices, physicians, and consumers are inflating the demand for high quality, personalized, and patient-centric care. Today, the volume-based fee-for-service models in the medical device industry are shifting to new incentive models that focus on value-based metrics. Though traditionally the OEMs have been able to compete with conventional business models without much differentiation, a long-term strategy would necessitate OEMs to create innovative and sustainable business models that will result in efficient healthcare delivery, reduced costs, and improved medical outcomes.

There is a colossal amount of patient and healthcare data being generated each day. This spawns fundamental questions about patient privacy and safety. Albeit the incrementally, regulatory authorities are still evaluating out the implications of new technologies on patient security and care. In reality, apart from becoming heavy on the pockets for healthcare companies, data breaches also give rise to serious concerns regarding patient safety. Therefore, the need to strike a balance between advancements and protecting patient security and safety is, therefore, paramount.


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3 Key Medical Device Reimbursement Challenges Manufacturers face Globally

Medical device reimbursement is the payment made by a third party private or public insurer to a health care provider in exchange for the costs or payments incurred by the provider for performing the required procedure or using a medical device. There are three goals for any medical device reimbursement strategy, universal coverage from all insurers in all patient care settings, adequate physician and institutional reimbursement, and unambiguous coding. Reimbursement is the primary issue on every investor’s mind, and it is one of the first things healthcare companies think about when developing new products or medical devices. If the coverage under medical device reimbursement has no certainties, it becomes very difficult for companies to analyze the return on investment. This obstructs venture funding and also limits innovation. Consequently, it pulls back the patients from leveraging the benefits of advanced and new technologies. Thus, medical device reimbursement and coverage of payers play a very important role in making or breaking a medical device. There are several challenges associated with medical device reimbursement for manufacturers, which varies from countries to countries. In this article, we hGet More Infoave listed down some of the most common challenges that every manufacturer faces in medical device reimbursement. Also, we have suggested a few solutions to deal with those challenges.

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Biggest Challenges in Medical Devices Packaging: What to Watch Out For

One of the essential milestones that can have an enormous impact on the time it takes the medical devices and other pharma products to get to a market is the packaging stage. There is more to medical devices and pharma packaging than merely creating a flashy package that grabs consumers’ attention. The medical device packaging industry involves many disciplines including material manufactures, device manufacturers, material converters, educational institutions, package testing facilities, and test equipment and medical packaging equipment manufacturers. Reducing hospital-acquired infections requires packaging that maintains its integrity, withstands sterilization, and protects expensive medical products from damage.  It is important for medical devices and pharma packaging companies to realize that the packaging is as important as the product. If the integrity of the package and sterility of the products are violated, they become completely useless.  Here are some eye-opening insights that will help you prepare for challenges in medical devices and pharma packaging:Request Proposal

Package development

Package development, especially for medical and pharma companies, is a highly time-consuming and difficult process. One of the major hurdle in this aspect include ensuring that the packaging is developed within the desired time frame and the budget is allotted. Sometimes due to the compliance requirements, there are chances of overshooting the budget. This can cause severe problems in the overall ROI of medical devices and pharmaceutical companies.

Long lead time for approvals

Making the final decision on packaging includes the opinions and concerns of various stakeholders in the company. Often, there are chances of conflicts and difference in opinion regarding the proposed design of medical devices packaging materials. In this case, it would prove to be a time consuming and lengthy process to get all the parties involved to agree on a particular concept.

Replacement of old equipment

Most of the times, existing equipment that is used for medical devices and pharma packaging are not flexible enough. There are even chances of this equipment being shared for the production of other products. Moreover, they work at a limited speed and have less scope for innovation.  The major challenge here is that companies are reluctant to replace old equipment with new ones due to resistance to change and the high cost involved.

Sterilization challenges

Medical device manufacturers are sensitive to the fact that the package must be durable enough to prevent damage to an expensive medical device and be able to withstand the effects of sterilization, without degradation of the package. End users in a hospital setting also like to see the product through a clear rigid package before opening it. Therefore, the major challenge here is to ensure that the medical devices and pharma packaging live up to the expectations of manufacturers and are capable of protecting the final product from any contamination or damage.


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Advances in Medical Technology to Change the Future of Pharmacies

Medical technology has progressed leaps and bounds over the last few years with the help of big data, analytics, automation, medical innovation, and real-world evidence. However, a modern-day pharmacy hasn’t changed much over time. Pharmacies are still seen as an outlet to buy drugs mentioned IR_Brochureon the prescription.  But the future for pharmacies is set to change for good with developments in medical technology.

Pharmacies are trying to shift their focus away from a distributor of medicine to providing a broad range of services. In addition to that, they will also act as a consultant and exchange vital data with healthcare professionals and medical manufacturers to facilitate treatment.

Here are some of the possibilities on how medical technology can have an impact on pharmacies:

A Truly Digital Platform

The future of pharmacies like traditional brick and mortar store is gradually shifting to a digital platform. The pharmacies can directly capture the prescription from the doctor and delivered to the patient’s address on time. Not only that, but also it can send reminders to consume medicine on time, and forecast patient medication requirement.

On-Demand Medicine Personalization

Advances in medical technology have given rise to 3-D printers which can be used in creating the medicine on-demand. Such machines are capable of producing the medicine with exact doses with customized components at an affordable price range.

Transition from Drug Distribution to Health Management

Medical technology enables pharmacies to have access to patient data to help in filtering patients and manage their treatments. In addition, pharmacies would also be able to act as an advisor in recommending doses for people taking multiple medicines, advice for minor ailments, and deliver public health services.

Easy Access to Information

An average patient would not know the chemical composition or the properties of the drug being prescribed to them. Even looking at the information in the labels would not help the case. The medical technology has progressed vastly regarding maintaining data, traceability, and information dissemination. This could mean that by scanning a simple code on the label could provide information like place of origin, chemical components, mode of treatment, possible side effects, and recommended dosage on your smartphone.

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Future of Medical Devices – Technological Advances in Healthcare

With the rapid pace of technological advancements in the healthcare industry, the future of medical devices looks promising.

The new-age medical technology has transformed the way doctors and patients participate and interact with each other. Obtaining real-time information, tracking past health records, identifying potential health issues, and devising a treatment plan are allAsk an analyst signs of the gradual shift from traditional methods to smart medical devices. The future of medical devices is influenced by technological trends and opportunities that promise to revolutionize the operations of the healthcare providers and the medical technology companies. The medical device market space is driven by innovation, and the development of state-of-the-art medical devices and technologies has shown an unparalleled growth and advancement in the healthcare services industry.

The Future of Medical Devices Impacted by the Changing Market Dynamics

A medical device is an apparatus that helps prevent, diagnose, detect, restore, or treat diseases. According to our specialists, the future of medical devices is affected and influenced by the ever-changing market dynamics and other factors such as innovation, growth of emerging markets, advent of new business models, evolving healthcare delivery models, health information technology (HIT), and rapidly changing regulations and compliance standards.

future of medical devices

 

Today, the medical device market is driven by innovation, which has coerced the medical device manufacturers to invest in research and development. As a result, the medical device manufacturing companies are contemplating new business models and market expansion strategies in emerging markets such as the APAC, Africa, and LATAM. With the technological advancements and revolutionary changes in the medical device market, manufacturers and healthcare service providers have started offering personalized patient care and access to complete end-to-end medical device products and services. Med-tech companies are also focusing on new medical device development and are expected to invest a significant amount of the organization’s revenue on research and development. However, the future of medical devices looks interesting but crowded as manufacturers and med-tech companies are launching several new technologies and products.

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Medical Device Manufacturers and Emerging Technologies

Medical device manufacturers are seeking to develop and enhance product prototyping, minimize operation costs, and be responsive to product developments and latest market trends. Emerging technologies in the medical device space have revolutionized the way surgical tools and medical equipment is formulated, improved, and manufactured to cater to the demands of the healthcare service industry. Why should medical device manufacturers track the development of emerging technologies, you ask? Here’s why:

  • By tracking the development of emerging technologies, med-device manufacturers can enhance existing product lines or create adjacent product categories, thereby offsetting the potential impact on existing product lines and categoriesmedical device manufacturers
  • Targeting new markets is the future of medical devices and manufacturing that allows companies to expand market and devise market entry strategies for emerging markets. A medical device manufacturer can either enter a new product category or a new region. Companies can leverage the benefits of low-cost country sourcing and manufacturing, thereby reducing operational costs and providing the highest quality products at the best possible price
  • The emerging technology market space has witnessed a surge in M&A activities over the past years. Med-tech companies are participating in mergers and acquisitions to gain market shares and acquire patented medical technology. This allows companies to gain the first mover advantage and operate in new areas.

Emerging medical device technologies are driven by the internet of things (IoT) and are equipped with wireless communication technologies such as the Bluetooth and internet connectivity to facilitate machine-to-machine communication. Interconnectivity between these tools and equipment with cloud-based platforms that capture, store, and analyze patient data and health information is the next step in the future of medical devices. These systems will enable remote patient monitoring, tracking of previous medical prescriptions and patient locations, monitoring patient progress, and providing access to caregivers.

Tracking The Potential of Emerging Technologies

To stay ahead in the market, it is essential for med-tech companies to track the potential of emerging technologies at an early stage. Traditionally, medical device companies relied on internal intelligence and syndicated research reports that provide insufficient data, invalid assumption, and offer findings that often misleads the organization. Besides these, companies scan the web and media such as magazines, trade journals, industry published reports and brochures that provide limited, outdated, and biased information. Organizations who follow the traditional way of assessing emerging technologies and their potential face the following three issues,

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Assessing The Future of Medical Devices, The Infiniti Way

Infiniti’s team of expert analysts understand the shortfalls of the traditional method of assessing the potential of emerging technologies and present new market models that are fine-tuned to track the latest developments and emerging technologies in the medical device market space. The Infiniti market assessment model categorizes product into three categories namely very new, moderately new, and existing products. The process entails extracting real time data, building realistic market models, and validating the models, framework, and assumption with physicians, patients and others in the med-tech industry to provide accurate and relevant actionable insights.

future of medical devices

We assist healthcare service providers and med-tech companies by providing actionable insights that help them in strategic decision making and assess the future of medical devices. These insights enable the companies to answer the following questions,

future of medical devices

 

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Top 5 Challenges for Medical Device Manufacturers in Emerging Markets

medical devicesAs we look to the future, medical device manufacturers face a new world that’s full of opportunities. However, uncertainty lies ahead as well. New standards and regulations are emerging, reimbursement rules are becoming more complex, healthcare dynamics are evolving, and companies are facing an increasingly competitive scenario. This challenging environment requires that medical devices companies reduce costs, streamline their operations, and innovate more quickly. Additionally, medical device manufacturers are set to witness growth opportunities in emerging markets with the increasing importance of medical devices and surgical equipment in modern healthcare.Get More Info

Medical devices industry overview

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