Q: The mantra of today’s medical device development environment is to “cut costs.” What is your suggestion to help achieve this goal?

Healthcare reforms are driving Medtech companies to re-evaluate how they go to market and, at the same time, protect their heavy investment in current architecture. In the regulated Medtech industry, manufacturers must ensure products are safe, effective and fully compliant through all phases of development and production. In any phase, the key to streamlining costs is working with an experienced broad-based supplier as early in the project as possible. Due diligence in key areas; statement of work, risk assessment, design for manufacturability, “what if” cost estimates, regulatory requirements et al. are vital for a successful cost reduction initiative. The key to sustainability of the activity long-term is based on making cooperative decisions that provide incentives for all parties involved. Additionally as the Medtech industry evolves, there is the opportunity to reduce costs by taking advantage of products and service that may be commercial-off-the-shelf in other industry sectors. One example is the convergence of mHealth into patient monitoring, whereas the portable monitor is essentially a smart phone. A supplier that has experience in several industries can offer a broad scope of choices and assist in the risk/benefit analysis for using commercial products in Medtech applications providing for the opportunity for reducing costs.

For more information, please visit Molex.com and Molex medical industry page.

(Originally published on mdtmag.com by Advantage Business Media)