We surveyed 40 senior executives and representatives from medical device developers across Europe and the US to assess the critical success factors in developing innovative and compliant products quicker and more cheaply. The respondents came from organisations that produce Class I to Class III medical devices.
As our results show, organisations greatly underestimate the performance of their top competitors. And yet they don’t seek to outperform them – just match them – which is a cause for concern.
The reuse of technology is seen as the best way to avoid unnecessary development time and cost.
This can be addressed by:
- building on existing design and engineering solutions
- standardising parts and systems
- selecting components to minimise safety risks and reduce test loops
- reusing components to reduce the regulatory and validation burden.
Companies recognise that focusing on core competencies and managing suppliers is key for time and cost reduction. However, responses indicate organisations have not yet achieved an optimum mix between outsourcing and in-house activities. Value Analysis/Value Engineering, design-to-cost and integrating systems early on are not rated among the top five levers – however, we expect these activities to play a more important role in the future.
If you are keen to learn more about how you can reduce time- and cost-to-market in the medical device industry, we can benchmark your current capabilities and future strategies against those of your competitors. Using data gained from the results of our research and industry best practices, our medical device experts will guide you through our short benchmarking tool to discuss necessary steps targeting the specific challenges of your company.
To learn more about how your company can implement time and cost saving measures, please contact us.
Download the report here