The US market for medical device manufacturers represents approximately 43% of the global market share and roughly accounts to nearly $155 billion. The US medical devices market has been flourishing due to the growth in the number of hospitals and healthcare institutions and the overall consolidation of the industry due to the Affordable Care Act (ACA).
The aging population in all the developed countries, coupled with an extended life expectancy creates a perfect ground for a sustainable demand for medical devices both for hospitals and for home health care. Tremendous opportunities bring fierce competition to gain market share, to improve profit margins while complying with continually-changing (and stringent) government regulations.
Optimize the New Product Introduction & the Supply Chain Processes
“The medical device industry has experienced unprecedented technology advancement, leading to the birth of new therapies and growth in overall healthcare industry”. Still there is a consistent pressure from the markets to enhance and develop new products and to maintain a high standard of quality while keeping costs low . Larger players partner with smaller companies or acquire them to enhance increase their product offering.
Ensure Supply Chain Stability
Some medical device manufacturers struggle to keep up with the constant rise in demand. Especially smaller and medium enterprises have difficulties in optimizing the output of their supply chain, eliminating disruptions and improving the speed of manufacturing. . The key to gain efficiency in the supply chain and optimizing inventory lies in effectively maintaining a trusted single source of data also known as “Master Data”.
Master Data extends through the entire data supply chain from onboarding vendor data, improving the new product introduction process and syndicating to distributors and healthcare service providers using the global data standards.
Compliance with Regulations & User Security
Medical device manufacturers must ensure that their products meet all the specifications required by the FDA and the FD&C Act. On a global scale, regulatory convergence is still in its infancy (IMDRF initiatives). Still, medical manufacturers have to overcome the regulatory barriers to entry (like foreign national regulatory demands, additional clinical trials, and user fees) and the trade tariffs imposed by foreign governments. Governing and regulating user access to systems, processes, features and connected devices is essential for business. By adopting an MDM platform, companies will be able to automate the internal processes of compliance to various rules, regulations, and policies. Data governance and user access level protocols of an MDM solution ensures that medical manufacturers’ maintain strong user security.
An MDM platform with associated apps to manage product, customer, vendor information and content allows medical device manufacturers to manage, govern and analyze data across their data supply chain. Enterprises can realize a reduction in inefficiencies associated with the manufacturing processes, and grow their top line and market share by putting the right product in front of the right customer at the right time.
Learn how Riversand MDMCenter provided a Trusted Source of Data for better Information Governance and Reporting and improved Data Analytics across the supply chain.