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Successfully Navigating the Challenges of Compliance
Successfully Navigating the Challenges of Compliance As a medical device manufacturer, you have one priority that takes precedence over all others: getting to market as quickly as possible to help patients—without, of course, sacrificing quality, safety, or outcomes. Actually getting to market quickly, though, is far from simple. What usually gets in the way? Regulatory compliance issues. We don’t have
Simplifying the Complexity of Rapid Growth
Simplifying the Complexity of Rapid Growth There was a time—not so long ago—in medical device manufacturing when the pursuit of topline revenue growth at almost any cost offered a sure path to success. To grow topline revenue, OEMs sometimes launched new products while legacy versions still flooded the market (some still do). Hungry to enter new categories and new markets,
Sustaining Velocity: Four Key Considerations for OEMs
Sustaining Velocity: Four Key Considerations for OEMs In highly competitive industries—like orthopedic device manufacturing—time to market matters. Often, victory goes to those who can launch, produce, and deliver innovative products the fastest while maintaining the highest level of quality possible. This pressure forces OEMs to create and sustain velocity. Yet that’s easier said than done. That’s because velocity is complex:
Top Ways to Free Working Capital to Invest in Innovation
Top Ways to Free Working Capital to Invest in Innovation Growing your business requires striking a careful balance between having access to free cash and optimally reinvesting resources in your future. Why? To answer that question simply and clearly, let’s look at the relationship between reinvestment, working capital, and growth. First, working capital is how a business manages its everyday
Four Ways to Counter the Pain of Rapid Growth
Four Ways to Counter the Pain of Rapid Growth James Cash Penney, who founded JCPenney in 1902, once said, “Growth is never by mere chance; it is the result of forces working together.” Though his quote comes from another time and sector, it’s as relevant today for the orthopedic medical device industry as it was decades ago in the then-fierce
The Tug-of-War Between Time to Market and Quality Processes
The Tug-of-War Between Time to Market and Quality Processes Let’s be honest: how much time are you factoring into your product launches for package design and validation? For manufacturers, success in launching new devices and product lines depends heavily on being fast (and sometimes first) to market. After all, even once product development is underway, it can take significant time
Three Reasons Validation Expertise Can Speed Time to Market Without Compromising Quality
Three Reasons Validation Expertise Can Speed Time to Market Without Compromising Quality Like a high-wire act, package design and validation can be fraught with risk. Not only does the process include multiple potential pitfalls, it can also involve setbacks that can continually push back market launch dates. Time to market, of course, is crucial to success in this competitive industry.
Control Costs by Reducing and Recouping Your Lost and Expired Inventory
Control Costs by Reducing and Recouping Your Lost and Expired Inventory How can you better control costs through inventory management? In the orthopedic medical device industry, as in every sector, a lot of attention is paid to costs. Labor, sales and marketing, product development, materials, and production are all cost centers to be analyzed and monitored when it comes to
Addressing the Consequences of High-Cost Labor
Addressing the Consequences of High-Cost Labor In any industry, a business’s greatest asset is its people. People advance innovation and drive productivity. And while of course talent and labor are essential to what you produce and how you do it, high costs can imperil your profitability and hinder your growth. That’s especially relevant in a market as competitive as the
Reclaim Inventory by Getting a Handle on Your Field Returns
Reclaim Inventory by Getting a Handle on Your Field Returns Do you have more inventory out in the field than in your finished goods warehouse? If you do, you’re not alone. If you’ve ever found yourself in this situation, you know it puts you in a bind. Maybe you can’t support a surgery scheduled for tomorrow or you’ve got a
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