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medical device sector

Transforming Marketing and Sales Capabilities in the Medical Device Sector

Medical device sectorThe recent trends and transformations are creating an inflection point for the global medical device sector. Medical device manufacturers are now gradually moving away from being aggressively product -focused to gauging opportunities and impact in device-adjacent value pools. Amidst major changes in the sector, experts at Infiniti Research posit that medical device companies that are experiencing declining growth or narrowing margins may have to rethink their commercial models. A commercial transformation can decisively move the competitive balance of power in the medical device industry. So, what does it take for companies in the medical device sector to seize the benefits of a commercial transformation? We have listed out are four core requirements for success.

Leading a commercial transformation requires true leadership and comprehensive knowledge about market changes. Request a free proposal to know how our medical device sector experts are helping companies across the globe to successfully drive change and commercial transformation.

Organize for the change

To enable transformation and to demonstrate investment and commitment it is essential for companies in the medical device sector to create a well-designed transformation team structure, clarify roles and responsibilities, and inject fresh talent into the system. These changes must be aimed at creating new and better growth opportunities for the best talent. This also encourages people to develop by working across functions in the organization.

Create a refined culture

Top performing organizations in the medical device sector that demonstrate strong commercial capabilities often provide increased customer focus and have a collaborative problem-solving mindset. Change leaders in the organization must be identified through network analysis to lead implementation teams in their respective areas of expertise. Leaders must act as role models to encourage team members to embrace change.

Successfully executing and scaling solutions will be challenging with rapid changes in the medical device sector. Get in touch with us to know how we can help your business strategize for change.

Acknowledge success

Companies in the medical device sector must ensure that their employees are aware in case of any breakthroughs and help them understand what exceptional commercial capabilities can produce when correctly applied. Medical device sector companies can establish a communication strategy to communicate success and galvanize change leaders in the organization to demonstrate commitment to the tasks that have been assigned.

Measure impact

Measuring the leading and lagging indicators are vital, given the longer lead time in delivering the marketing and sales impact. Leading indicators such as sales-pipeline health have the ability to provide an early window into a strategy’s effectiveness. Lagging indicators that include profit shares and revenue are the ultimate test of a transformation’s success for medical device companies.

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medical device industry

Navigating Through the Present and Future of Medical Device Industry: In Conversation with an Infiniti Research Thought Leader

Vivek Sikaria, AVP – Custom Research (Market and Competitive Intelligence) at Infiniti Research has over 10+ years of cumulative experience. He is a thought leader in strategy consulting, market intelligence, and competitive insights. He has extensively worked with Infiniti’s clients in the healthcare and medical devices domain, specifically on topics relating to market entry, market potential, and emerging opportunities assessment. Prior to joining Infiniti, Vivek has worked for McKinsey and Wipro.

The medical device industry is characterized by its heterogeneous, innovative, and dynamic nature. As digital technologies are majorly transforming the healthcare sector, a revolution is underway to disrupt the future of medical device industry. However, introducing a new medical device technology in the market can be highly complex, requiring a clear understanding of premarket preparation and approval to the Food and Drug Administration (FDA). Furthermore, with the advent of various micro and macro medical device industry trends including enhanced buying power of payers or providers, complex regulatory scrutiny, and the introduction of new healthcare delivery models, medical device manufacturers are now struggling to develop effective market entry strategies. The key to dealing with the dynamism of the medical device industry and thrive in the future of medical device industry is to become agile innovators.

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What are the market dynamics affecting the medical devices marketplace?

Vivek: Several market dynamics affect the performance of companies in the medical device industry. Let me list out a few, which according to me, have the biggest impact on companies in the sector. The level of scrutiny in regulations is seen to be increasing with each passing year. This often restricts the full flight of medical device companies. Also, emerging delivery models or business models introduced by competitors make the marketplace even more complex. For companies in the medical device industry, changing patient preferences and the emergence of new markets can undoubtedly create attractive opportunities, but they give birth to new market challenges. The future of companies in the medical device industry will largely depend on their ability to engage in constant innovations.

Although these dynamics often differ from one segment to another, collectively they lay the foundation of every medical device company’s strategy. It’s a no-brainer that every healthcare company needs to be on top of these developments so that they can better participate in this ever-changing market space. However, in my opinion, the biggest challenge is that it is not particularly easy to control or even respond to most of these factors that I have just mentioned. At a macro level, it appears that new product development is the most common response across companies and regions to deal with the market changes. No wonder R&D and new product development are top strategic priorities for most companies. Although innovations have made the medical space interesting, it has also made it extremely crowded. Several technologies are now being touted as the next best thing to hit the market and make it big in the future of medical device industry, but we will have to wait and see which of them will hit the mark.

Medical device companies that adapt to new market innovations will find enormous opportunities to grow and thrive. RFP to know how Infiniti’s solutions can help your business stay updated with the latest market trends and identify market opportunities before it’s too late!

Is it important for medical device manufacturers to track emerging technologies?

Vivek: Absolutely. I think it is vital for forward-thinking medical device companies to keep a keen watch on the developments in the sector. Tracking new or emerging technologies can aid in decision-making relating to organic expansion of existing markets, opening up of new markets, and can even help you identify M&A opportunities. Sometimes, promoters of smaller companies are often looking for cash outs because they lack the setup needed for blockbuster success. On the other hand, sometimes large companies own important innovations but in the areas that are not really important for them. Competitors are often on the hunt to grab such opportunities and the first mover wins. So, it is important to keep track of emerging technologies in the medical devices industry. It is also a fantastic way to identify adjacent categories in the market where you can operate and even supplement the current product lines. Moreover, analyzing emerging technologies can open up a completely new market where you are not present right now.

Many companies in the medical device industry rely heavily on market research reports to study an innovative technology in the market. How reliable is it as a source of data and decision-making?

Vivek: As rightly pointed out, most companies tend to rely on published information, market research reports or internal market intelligence data to gather information on new products or technologies in the medical device industry.

There is nothing wrong in this approach, but mostly, the information attained through these sources can prove to be insufficient and misleading. Often published resources are voiced out to what the technology owner chooses to publish outside mandatory filing. Here, the information is often scattered in bits and pieces and insufficient to deliver a complete picture. Furthermore, this data often fails to provide a country level data distillation. A common misconception is that market research reports cover all the info relating to most of the tech innovations but if u dig slightly deeper, it appears that quality of data is sometimes questionable. As we are part of the market research industry, we are aware that a lot of these reports are an outcome of market models that aim to cover several things at the same time.

Get in touch with our experts to know how we help the C-suite to keep track of emerging opportunities and secure additional revenue growth for their business.

webinar (2)In that case, what is the best way to study the market for a new technology in the medical device industry?

Vivek: When starting the study of the market for an innovative technology that has the potential to disrupt the future of the medical device industry, the very first step should be to understand the lifecycle stage of the technology. It could be a very new technology that has been just been commercialized, or a more mature but recent technology which off late has started seeing some tailwinds. This categorization is important to plan the analysis, methodology, and information sources. It also helps understand the different variables that need to be studied, the kind of questions that need to be answered, and several more other areas. In the case of a new product that has only been partially commercialized, real data that has been reported in public or private domains must be collected. This data can be in the form of patient/disease data from public registries, data from physicians’ practices, or even microdata published by global health ministries. Inputs from MedTech companies can also be collected to get supply-side information.

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medical device packaging

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.

Is your business equipped to meet the dynamic market trends and challenges? We have helped several healthcare and pharma companies around the world to stay abreast of the changes in their market and formulate strategies to adapt. Submit an RFP o know how our tailor-made solutions can help your business.

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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Answers to the questions

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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Market Entry Strategies

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,

future of medical devices

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

 

Read this success story to know how our competitive intelligence solution will help companies in the medical device industry.

Enhancing Sales Rate by 33% for a Company in the Medical Device Industry | Infiniti’s Latest Success Story on Competitive Intelligence Solution

 

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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.

Medical devices industry overview

Globally, the medical device manufacturers are shifting from a transaction-based approach to an approach that involves focusing on creating value for providers, practitioners, payers, and patients by providing surgical instruments and medical tools that are highly cost-efficient, innovative, and speak volumes about the product quality. The medical device manufacturing industry is expected to grow by leaps and bounds owing to the rising aging population, increasing health concerns, and sky-rocketing health care costs. As a result, medical device manufacturers are undertaking new product development projects at breakneck speed, especially in the emerging markets such as China and India. However, a key point to remember here is that the medical equipment manufacturing companies would require a proper execution strategy to address the needs and concerns of the key stakeholders in the market.

In the emerging markets, medical devices and surgical equipment are often looked at as cost drivers for limited budget hospitals, although they offer long-term cost-saving opportunities, create effective healthcare practices and offer improved patient outcomes. Despite the trends and developments, medical device companies must take the necessary steps to overcome the challenges pertaining to product quality, regulatory compliance, and data security among several others. Let’s look at the top 5 challenges faced by medical device manufacturers in the emerging markets: 

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#1 Ensuring Product Quality

Medical device manufacturers must warrant top-notch product quality to avoid product recalls. For a medical equipment manufacturer, product recall negatively impacts its brand reputation and the company’s bottom line. Thus, ensuring adequate product safety, security and reliability are extremely crucial to survive the competition in the emerging markets.

#2 Regulatory Compliance and Government Support

Medical device manufacturers must ensure adherence to product safety standards and regulatory compliance. Medical devices include every equipment right from thermometers to magnetic resonance imaging machines. Medical equipment manufacturing companies must pay attention to compliance and regulatory standards that differ from country to country. Besides this, garnering government support in the form of subsidized research and development, expediting approvals, tax and financial support, and offering favorable tax reimbursements are some of the major challenges for medical device manufacturers.

 

#3 Localization of Medical Devices 

In the emerging markets, local medical device manufacturers are more successful as compared to their multinational counterparts. This is possible because the local players offer tailor-made products aimed at resolving local needs and constraints. The local medical equipment manufacturers often indulge in market research and leverage the benefits of local operations and a domestic sales force to bridge the gaps in the market.

#4 I-o-T Integration and Data Security

Internet-of-Things (IoT) enabled medical devices and surgical instruments that are high on innovation pose as a technical challenge for medical devices companies. The growing concern of medical equipment manufacturing companies is to collect, secure, and manage vast amounts of sensitive data that is stored in a cloud-based infrastructure to prevent data theft and breaches.

#5 Cost of Product Development

The major challenge for medical device manufacturers is to overcome the burgeoning cost of product development as a result of the challenges mentioned above. Besides technology and government regulations, medical service providers evaluate new products based on their price as against factors like patient experience.


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