Recalls for failure are chronic in the medical device industry. The sources of those failures could originate anywhere in the supply chain. Fixing supply chain issues is ultimately the responsibility of the instrument’s maker.
Cost justification and lack of material compatibility continue to create hurdles, but industry stakeholders have been coming together to help drive innovation.
Improving healthcare cost, quality and outcomes through analytics: Perspectives from key stakeholders.
As medical device costs continue to be a growing area of hospital expenditures, many hospitals control the savings through device reprocessing programs. The shift toward planned obsolescence is especially troubling given the financial challenges many hospitals face.
The booming industry is creating new opportunities for medtech manufacturers.
As medical device companies move technology concepts into the commercialization stage, collaborating with outside partners is crucial.
Dozens of factors contribute to the cost of developing a medical device and every project is different. The rigor required to meet standards in the medical industry plays a huge part, but based on my experience in medical device development, several other issues often influence a project’s bottom line.