The medical devices industry is undergoing transformational changes due to a growing and ageing world population, emergence of new growth markets, reduced R&D budgets, pricing pressures, complex and changing regulatory frameworks, ongoing healthcare reforms, increased involvement of patients in healthcare delivery and technological advancements. The greying population and increasing prevalence of chronic diseases are expected to enhance the demand for medical devices.
The medical devices industry has to take advantage of revolutionary technologies like cloud and mobility to address opportunities arising out of changed customer attitudes and emerging markets.
To succeed device manufacturers need to focus on:
New technologies and personalized healthcare: Healthcare delivery is undergoing a seismic shift across the globe with patients increasingly taking greater control over the process. Device development strategies need to take cognizance of the penetration of enabling technologies like cloud, mobility and analytics to address this change in dynamics. Convergence of drugs, devices and diagnostics is leading to a whole new suite of advanced combination products. Trends also reveal a changing pattern of patients exploring self-administered home based care in place of traditional physician provided care which call for intuitive and intelligent devices.
R&D productivity Vs. R&D budget: Due to increased tax and regulatory mechanisms in mature markets, device manufacturers are unable to enhance their R&D spend. The need of the hour is to rethink on innovation strategy and to improve R&D productivity drastically.
Regulatory compliance and Time to Market: Compliance and regulatory issues often derail development cycles and time to market resulting in cost escalation and loss of opportunities. Regulatory agencies need to be engaged early on in the product development lifecycle to avoid disappointments.
Emerging markets and localization: Manufacturers are looking at emerging markets for the next wave of growth. This requires them to develop world class products and customize them to meet local needs. Managing customer preferences, regulatory requirements and new business models will decide who succeeds.
Medical Devices engineering is a dedicated practice of L&T Technology Services that is revolutionizing delivery of healthcare by providing end-to-end product development solutions across a variety of Class I, II and III devices, with concept design, embedded systems, hardware and software, mechanical engineering services, application software, value analysis and value engineering, manufacturing engineering and regulatory compliance.