Beyond Trade-offs: How Medical Device Manufacturers can Balance Innovation, Quality and Compliance While Improving Profit
The medical device industry has always been dependent upon product innovation to drive growth. With today’s aging global population and expectations for living to an older age, the medical device industry is poised for a sustained period of extreme growth fueled by a level of innovation that is scheduled to accelerate.
Most companies are growing. Nearly all are innovating at an increasing pace. The common challenge is how medical device manufacturers and their suppliers can simultaneously improve their financial performance, product innovation and quality while growing at a significant speed.
Cambashi and its partners conducted a market study to address this challenge, with an objective to seek out what best practices could be followed to maximise the chance for success, improving profitability within an environment of accelerating new product introductions, while maintaining high-quality standards. Based on the survey results, only a quarter of the respondents are able to achieve this level of performance.
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