MOUNTAIN VIEW, Calif., Oct. 18 /PRNewswire/ — Innovation is the
key to success for medical device companies in today’s economy.
However, not only must companies produce superior products, but
they must also effectively manage each product’s entire lifecycle
to achieve success. This includes everything from R&D and
regulatory through manufacturing and distribution. Strategic
partners specializing in lifecycle management can provide the
skills and resources that medical device companies need to keep up
with the demand for efficiency and innovation.
Frost & Sullivan recently published a whitepaper,
Strategic Product Lifecycle Management Partnerships as the New
Means of Competitive Advantage for Medical Technology
Companies, that describes the benefits of using outside
partners to successfully manage the lifecycle of medical
technologies. This whitepaper also provides advice for successfully
managing these partnerships to ensure the process is effective.
“Medical device companies have traditionally viewed innovation
in terms of product design and clinical research,” states Frost
& Sullivan’s Director of Healthcare Consulting, Charlie Whelan.
“However, companies in the industry are increasingly looking at
innovation in terms of new business models that are more
reliant on strategic supply chain partnerships in order to lower
costs, gain access to skills and resources, and allow them to enter
new markets faster.”
A strategic product lifecycle partner can help companies
maintain their focus on the capabilities that deliver competitive
advantage, while outsourcing functions that are less critical to
the value of the company. By outsourcing manufacturing and
sustaining engineering functions, a company can focus on