Tag: Medical device companies

medical device packaging

Debunking Three Common Myths About Medical Device Packaging

The lifecycle of launching a new medical device into the market includes a significant number of milestones that can either facilitate or hinder the launch date of the product. One of these milestones that has a critical impact on the time-to-market strategy is medical device packaging. Although it may seem that medical device packaging is the last thing on the mind of manufacturers, this is not the case. Packaging is a highly crucial element of the final output of medical devices. This is largely because the packaging not only ensures that the medical device is protected from any external damage, but it also plays a vital role in upholding the quality standard of the product till the time they are put to use.

In this article, we put some common misconceptions about medical device packaging to rest and also explain the key best practices involved in an ideal medical device packaging.

Request a free brochure to know more about our solutions for the medical device industry.

Medical device packaging only needs to be tested once

If a particular medical device packaging pouch or box is already in use, there are chances that you tend to ignore testing this packaging again. Although it might be possible to leverage the previous testing results partly, it is important to re-perform these tests. This is because there is more to testing medical device packaging than merely testing whether the pouch seals meet a minimum peel strength requirement.  It is also vital to test the chances of the device puncturing the pouch or whether the packaging can damage the medical device. In addition, while undertaking transit testing, if your device is sterile, it must be proved that the device packaging will maintain sterility for the shelf-life of the device.

Medical device packaging is easy

It is a common misconception that medical device packaging is easy and does not require a lot of thought. But the truth is, if medical device companies wait till the end to decide on their packaging strategy, chances are that their time-to-market is going to be delayed. Medical device manufacturers must understand that packaging it is critical to keep the device sterile and functional, and packaging plays the most important role here. The first design drafted for the medical device packaging might not pass testing or may be cost-prohibitive. It may require several complex iterations.

Medical device packaging decisions can wait until the end

It is a common misconception that since packaging is one of the last stages before launching the product, the decisions relating to packaging can wait till the end. However, as mentioned earlier, medical device packaging decisions might not be as easy as you expect it to be. Pushing these decisions to the last minute could delay the product launch. Furthermore, for the US as well as the European market it is imperative for medical device packaging to adhere to ISO 11607-1 and ISO 11607-2 standards.

Facing difficulties in identifying a good packaging strategy and meeting packaging standards in the industry? Request a free proposal to know how our solutions can help you solve such roadblocks.

Medical device packaging best practices

medical device packaging

GET MORE INFO on our solutions for business

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.

(more…)

Global-Meetings-and-Events-Market_CMST31

5 Challenges Faced by Medical Device Companies in 2018

Over the past couple of years, FDA-regulated industries such as the medical devices industry have witnessed a myriad of changes. The advent of value-based reimbursement models and accountable care has resulted in a seismic shift in the way top medical device companies operate. In the wake of this new era, focusing on data and the value of medical devices will notAsk An Analyst be enough to boost ROI. This has forced medical device companies to look for new avenues to boost revenues and profitability.  Today, buyers expect medical device companies to offer solutions that bundle device, data, and analytics for improved decision making. And with the shift towards value-based care, medical device companies must offer solutions that can deliver actionable insights for use in existing electronic medical record systems. Our analysis of the global market landscape shows that the medical device companies are facing challenges in terms of:

  1. Adapting to the shift towards value-based models
  2. Maintaining profit margins with products that elude commoditization

Meeting such challenges can be made simple if medical companies leverage an interoperability platform to devise solutions with excellent data integration and aggregation capabilities. Apart from the challenges mentioned above, here are some of the other challenges faced by top medical device companies.

  • Increasing standards and overheads

Recently, there has been a drastic increase in the number of medical devices that are being manufactured and sent for approvals to the FDA. Studies indicate that the time taken for processing has increased by more than 55% in a span of five years. This poses a major challenge for medical device companies who are looking to outperform their competitors by launching more innovative products in the market.

  • Complexity of new medical devices

To stay on top of the competition, top medical device companies have started manufacturing products that are more complex and integrated when compared to their predecessors. This increase in the complexity results in a rise in the cost of field service and repair processes. Another point to note here is the fact that due to the increasing complexity of devices, the cost of training field service specialists and engineers has doubled.Ask An Analyst

  • Meeting customers’ expectations

Today, people all around the globe have access to the Internet and smartphones. Customers, therefore, have numerous choices and demand more from medical device companies, especially in terms of implementing more aggressive SLAs. The end-users of medical devices are also demanding more from their reduced capital and are now asking for better incentives.

  • Shift towards home-based care

With the growing popularity of home health care services and POC tests, medical device companies have had to migrate towards the production of home-based health kits. This threatens to reduce the spend on capital programs for developing new lab equipment.

  • Reimbursement reductions and rising competition

The implementation of new schemes to reduce reimbursements for medical assays by insurers is reducing manufacturers’ ability to fund capital for their new devices. In addition, high competition from emerging companies, such as start-ups, will reduce the profit margins of top medical device companies and erode customer loyalty.


To know more about the major challenges faced by top medical device companies:

competitive pricing

Surviving in the Medical Devices Market: 4 Tips for a Good Marketing Strategy

An excellent and detailed marketing strategy is the key for modern companies to succeed in the highly competitive marketplace today. Every marketing plan is different depending on the product, the company, and the situation existing in the market. Medical device marketing strategy mainly includes functions such as product positioning, portfolio differentiation, competitive assessments, market segmentation, customer awareness, and loyalty-building programs. Although the medical devices market continues to be strong, the demand for these products are expected to soar higher in the years to come; more obstacles seem to be rising on the marketing front. From communicating to hospitals and physicians, or directly to end-consumer patients, it is getting harder than ever to locate the target audience, present a compelling message, and motivate a buying-oriented action. So how can companies in the medical devices market make themselves stand out from competitors and garner market attention without busting the budget? A good marketing strategy might be the answer. Here are four tips for companies in this sector for crafting an ideal marketing strategy:Request Free Proposal

Know your audience

Defining your target market is one of the first steps involved in efficiently marketing anything. Moreover, the complex and sensitive nature of medical devices makes it extremely important to get to know the target audience better. Firstly, decide whether to focus on medical professionals and facilities, or end users. Developers of large medical equipment or commercial equipment normally appeal to physicians and facilities. Even though patients are the end users, buy-in from practitioners is vital. They prescribe or recommend treatments for their patients. For smaller devices, it makes sense to concentrate on reaching out to consumers or adding this market segment to your marketing strategy. 

Build relationships in the industry

Building professional relationships in the healthcare industry is a very subtle marketing strategy that medical devices companies can follow. Personal visits to medical offices and trade shows are common places, where the sales representatives of medical devices often connect with practitioners or facility reps. At these events, sales personnel get the opportunity to discuss the benefits of the equipment and demonstrate how it works to the medical practitioners. Most importantly, building relationships with prominent practitioners help develop peer influencer programs. This can also result in repeat sales in the long run.

medical devices

Embrace digital technology

Going digital is the new normal in the healthcare industry and so is the case for companies in the medical devices market. When it comes to building a good marketing strategy a mere face to face sales attempt might prove insufficient or in some cases unsuccessful. So what next? Today savvy marketers are relying on creative direct email pieces to alert professionals about innovations in medical devices and the types of medical issues they resolve. Social selling, including LinkedIn, Twitter and Facebook, are additional platforms to create awareness. Once the interest of the prospects is captured, the next step is to drive the recipient to your website. On-site, companies can present their products through landing pages by discussing the benefits of the devices offered by your company. Videos, including demonstrations and testimonials, also help prove the value of your offering.

Employ content marketing

An efficient content marketing strategy will turn out to be a great plus point in attracting end users. It can be done through writing articles and incorporating images and videos that relate to the problems your targeted consumers experience. Integrate search engine marketing strategies as well, to drive traffic from potential customers. After you drive traffic to the website, present your solutions and the benefits they offer in resolving their pain points or medical problems. Even if you sell commercially, demand from end users sparks demand among facilities and medical practitioners.


To know more about the apt marketing strategy to choose for your business

Ask an analyst


Related Posts

IR22

What Are the Reimbursement Challenges Faced by Medical Device Companies?

The medical device manufacturing industry is witnessing growth due to the rise in aging population, growing health concerns, and burgeoning health care costs. However, medical device companies face several medical device reimbursement challenges such as payer coverage related issues and reimbursement setbacks. IR_BrochureMedical device companies are now willing to create value for various stakeholders in the healthcare industry such as providers, payers, patients, and practitioners by offering surgical devices and medical tools that are cost effective and score high on innovation and quality. With the presence of a saturated medical device landscape in developed countries, medical device companies have started devising effective market entry strategies to tap the growth opportunities in emerging markets.

Medical Device Reimbursement Challenges in The Healthcare Industry

Medical device companies require a proper go-to-market and execution strategy to address the stakeholder’s demands. But before devising these market entry strategies, the medical device companies must identify the reimbursement challenges related to the medical device manufacturing industry by leveraging effective market assessment services. While designing products, the device manufacturers usually make efforts to retrofit the technology to suit the medical need. Moreover, healthcare industry players are constantly on the lookout for cost effective treatments or diagnostic methods and their real life applications, which result in numerous medical device reimbursement challenges for the manufacturers as they struggle to get a proper coverage for their medical devices. Another reimbursement challenge for the medical device companies is that they invest a lot in product development and clinical trials. How to solve medical device reimbursement challenges, you ask? Here’s how.

  • Medical device manufacturers must identify the medical problem first, leverage insights from reimbursement assessment, and then design products accordingly
  • Leverage cost effectiveness and market assessment studies to analyze the economic advantage of the new medical devices and their market viability
  • Understand the perspective of the healthcare payers, identify the healthcare delivery related issues, and devise marketing strategies to attract coverage for the medical tools and surgical devices

 

To know more about the medical device reimbursement challenges faced by medical device manufacturers

Ask an analyst

Related Articles: