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Recall Processing: How to Contain Risks and Costs in Voluntary and Mandatory Recalls
Recall Processing: How to Contain Risks and Costs in Voluntary and Mandatory Recalls This topic is the one that no manufacturer ever wants to talk about. No OEM wants to be subject to a federally mandated recall or undertake a voluntary recall. Recalls of any kind are bad for patients, for reputations, for marketing, and for a business’s bottom line.
Solving the Complexity of Package Validation for the High-Growth Firm
Solving the Complexity of Package Validation for the High-Growth Firm Complexity. It’s a topic of continual interest to us, as well as to firms in the orthopedic device industry. This year alone, we’ve looked at it from several angles: from what drives orthopedic-specific complexity to how tier 1 services can effectively counter it and four key ways to fuel velocity
Boosting Velocity with Just In Time Supply Chain Management and Faster Inspection
Boosting Velocity with Just In Time Supply Chain Management and Faster Inspection In any business dependent on its supply chain, the goal is to deliver the products your customers need when they need them—as cost-effectively as possible. For many OEMs, especially in medical device manufacturing, that goal is elusive. Why? The answer comes down to two interconnected factors: unpredictability in
Optimizing Inventory Management with the ‘Circle of Life’ Approach
Optimizing Inventory Management with the ‘Circle of Life’ Approach Most medical device manufacturers are already great at shipping high volumes of inventory. By that, we mean assembling finished goods and pushing them out to the field. Shipping inventory out, though, is just one aspect of a strategic, full “circle of life” approach to inventory management—and the reality is that many
The Challenge and Risk of Continual Sourcing: Why Squeezing Your Supply Chain Can Cost You More
The Challenge and Risk of Continual Sourcing: Why Squeezing Your Supply Chain Can Cost You More Looking to save costs? Of course—all businesses are. That’s because there are two sides to profitability: driving topline revenue growth and ensuring your operations are as efficient as possible. In recent years, seeking this efficiency, many OEMs have sought to squeeze all potential cost
Two Strategies to Free Capital Captured in Consignment Inventory
Two Strategies to Free Capital Captured in Consignment Inventory No doubt you know about the La Brea Tar Pits, the gooey natural asphalt in present-day Los Angeles that trapped over three million animals during and since the last Ice Age. What captures our collective imagination is the idea that so many animals went in—and never came out. In a way,
Three Ways to Reduce the Effects of Orthopedic-Specific Complexity
Three Ways to Reduce the Effects of Orthopedic-Specific Complexity Often the result of rapid growth, complexity can bring complications to your business, and it can imperil your growth and profitability. You’ve heard it before—from us, as well as from other professional sources that carry weight. Despite the challenges it brings, complexity isn’t all bad. In fact, some of the factors
A Closer Look at the Importance of Quality Critical Inspection
A Closer Look at the Importance of Quality Critical Inspection Take a moment to imagine the idea-to-market development process for one of your devices. Starting at the concept phase, you move through design iterations, which culminate in final specifications. Your new product is then manufactured for the first time using component parts developed for this specific purpose. Assuming it passes
The Key to Finding Synergies in Mergers and Acquisitions
The Key to Finding Synergies in Mergers and Acquisitions If you are pursuing growth through strategic merger and acquisition activity, ask yourself: what is the best way to realize the full potential of operational synergies? Taking a close look at how—and why it matters—is crucial to success. Mergers and acquisitions offer the promise of a quantum capture of market share but
Fuel Growth with a Strategic Move to Reduce Complexity, Manage Risk, and Maximize Liquidity
Fuel Growth with a Strategic Move to Reduce Complexity, Manage Risk, and Maximize Liquidity Any truly successful business focused on profitability recognizes that more revenue and greater efficiency together will improve the bottom line like nothing else. Hungry for that improved bottom line, medical device manufacturers pursue the capture of more market share, often through strategic acquisition. These acquisitions frequently
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