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Medical Devices: How to Achieve Zero Failure with 100% Cost Control
May 27, 2020 @ 8:00 am - 9:00 am
Zero failure with 100% cost control has become a necessity for medical devices and medical technology. Why’s that?
Due to its critical application, ‘zero failure’ of medical devices during operation is expected. To minimize the risks, the medical technology and medical device industry is bound with tough quality and regulatory hurdles. These hurdles along with the globalization has put enormous cost pressure.
To balance between innovation, product development, quality and profit, ‘100% cost control’ throughout the product cycle is the necessity. Comprehensive cost management that delivers strategic insights for decisions in every step of the calculation process and throughout the product life cycle is becoming the critical success factors.
Like other industries, BME (biomedical engineering) and the medical device industry also need to pay attention to the detailed design of their product ranges, looking for opportunities to eliminate excess cost to gain flexibility to sell profitably in price-conscious markets. Medical device makers need to rethink their product development process in terms of better cost, better transparency between supplier and device maker and effective cost tracking for OpEx, CapEx and regulatory investments are key.