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Medical Devices

Staying competitive in the fast-changing medical devices sector.

The medical devices industry is one of the most rapidly growing sectors within healthcare. The industry includes instruments, machines and devices that can be used in treatment, prevention and diagnosis. With an ageing population globally and the emergence of some chronic diseases, the demand for medical devices is growing. Recent studies have estimated that the market is valued at over €550 billion and is expected to increase to over €800 billion by 2032.


Let’s look at some of the key issues facing the industry today and tomorrow and look at what you need to do as a manager in the industry.

Increased global competition

The industry is becoming more and more competitive and it is no longer just about the traditional medical device manufacturing companies. There is now more and more competition from tech giants like Apple and Google as well as Samsung. In a recent article Forbes talked about Google becoming rapidly a healthcare powerhouse. Combine this with competition from different regions around the world and you have a very difficult business landscape. How can you cope with more competition? How can you stand out from the crowd? And how can you continue to grow?

Cost
management

With rising costs in market analysis, certification and evaluations in the clinical environment costs are growing. But it is important to keep those costs under control to maintain profitability and continued growth. How can you manage costs? What are the risks?

Supply Chain and raw materials

With more and more competition for basic raw materials, there are sometimes shortages and delays. Making sure that your supply chain is resilient is key in meeting the demands of your clients. How can you ensure that your supply chain is under control? How should you communicate potential issues to your clients?

Environmental issues

Many medical devices are disposable and this can have an impact on the environment. What can you do in your role to communicate best practise? How can you communicate effectively with your environmental partners?

Innovation

The industry is now highly regulated throughout the world but you need to balance that with innovation to ensure that you can grow and develop in a competitive market. How can you ensure that you and your people keep an innovative mindset? How can people stay motivated to grow?

Cybersecurity

With more and more medical devices being connected cybersecurity threats are now a real issue. You need to ensure that your patient data add functionality are secure. What do you need to do? How can you incorporate AI into your plans?

MCE Recommends

MCE works with many companies in the medical devices industry and helps their people develop the skills and behaviours they need to deal with the day-to-day challenges. Let’s look at some of the recommended solutions for you and your people.

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