The global giants believe the strategic moves will make their businesses stronger and more profitable long-term.
To achieve success, a medical device startup must build a sophisticated data architecture specifically designed to deliver maximum value for its customers’ use cases. However, it’s extremely difficult to build such an architecture—especially given early-stage budget constraints. That’s why startups must wisely synch their data architecture spending with their funding rounds.
Contract profitability requires real-time visibility into assets so manufacturers can make decisions proactively rather than reactively and maintain customer excellence.
Leveraging automation and data analytics can help facilitate innovation and financial stability.
Companies developing technologies that integrate AI need to consider regulatory concerns, community demographics, fitting into existing workflows, technical proficiency of both the hospital personnel and consumers.
While companies developing solutions that address the current pandemic may be receiving an influx of financial support, recovery for companies in other segments of the industry is slow.
As COVID-19 sweeps the globe, it’s becoming increasingly difficult for medical device leaders to navigate the arising challenges and prepare for the future.
Whatever the short- and longer-term fallout of COVID-19, organizations will need to come back fighting—with new tools at their disposal and ready to raise their game.
Being prepared significantly improves the odds that an organization will successfully manage and mitigate risk, sustain trust and loyalty, and protect and preserve their brand.
Although the medtech industry is expected to enjoy steady growth, device companies are still challenged to attract the skilled labor that manufacturing requires.