As the Covid-19 is turning up the heat all over the world, a pressing need to advance the different sectors is in trend. And the healthcare industry is not an exclusion.
If I sum up in a line, then “change” is the solution to improve the clinical outcomes with a focus on cost-effectiveness.
There is an urgent need to shift the focus from traditional approaches to embracing the model that uses data & analytics to refine the sales strategy.
Data & Analytics is one of the powerful tools that enable the sales and operation team to determine the market size by disease and geography.
This gives potential leverage to businesses easily understand the potential of a product and its financial outcomes.
And by delivering the data-driven and reliable value proposition, businesses can satisfy the customers who rather than purchasing based on price alone, look for the best outcome for the patient and the economic value of the company.
Above all, data & analytics equip the business to target their marketing effort with precision and also bridge the gap between customer and companies.
But before implementing an infrastructure database that could transform the medical device industry, it’s vital to keep an eye on the current trends.
The latest Insight of Medical Device Industry in the US
The US medical device industry is one of the largest device markets in the world. It is estimated to be valued at more than $140 billion that accounts for approximately 45% of the global market.
Moreover, it is expected to reach $612.7 million, growing at a CAGR of 5.4% by 2025. Typically, the medical device industry consists of articles, instruments, apparatus that are widely used in detecting, measuring, and modifying the body function for health purposes.
For instance, as per the USFDA database around 27-54 new medical devices were cleared and approved by FDA in 2018.
And since the outbreak of Covid-19, consumable medical devices such as PPE kits, thermometers, and pulse oximeter have observed a sudden upsurge.
As per the data, the US industry includes almost 2 million jobs in both direct and indirect employment.
But rising demand for innovative therapies has anticipated being faster due to increasing per capita income, aging population, and improving health infrastructure.
And compared to several other industries, the medical device industry is the one that invests a higher percentage of yearly revenues into product innovation. This rising trend is likely to boost the medical device industry shortly.
With technological advancement, every sector and business is becoming more integrated. And the same is needed to transform the medical device industry to enhance innovation and product development.
Key Pain points and Challenges in Medical Device Manufacturing
Medical device manufacturing solely not only depends on innovation and precise components but also on outside IT hardware and software that needs to be integrated and connected for a better product life cycle.
However, the opportunity for technological advancement in the medical device industry is vast but many challenges need urgent attention such as-
- Manual documentation process- Even with technological advancement, many manufacturers are still relying on old tools like Word and Excel sheets to manage the documentation. Manual documentation is not only error-prone and incomplete but also time-consuming to trace the individual documents.
- Cost Control & Profit Margin- Building a specialized product with innovative capability likely to involve high manufacturing costs. And maintaining accuracy, consistent performance, and extreme quality care is another pressure that the medical device industry is burdened with. And this extreme burden creates downward pressure on the price and profit margin.
- Product Commoditization- In the medical device industry, differentiation of competitive marketing products is critical. A recent survey by EY stated that many MedTech products are judged primarily based on price rather than the ability to improve the outcome. Hence, to achieve meaningful differentiation in sales, firms have to design and demonstrate the product that improves outcomes and also cost-saving.
Data integration & analytics is the first step in healing the pain points faced by the medical device industry. By employing clinical trials in sensor data, clinical monitoring, and intercommunication devices firms can deliver a highly specialized low-cost product with the efficient capability to generate higher revenue.
But integrating data to foster the growth of product development comes with several challenges such as-
- Incomplete & inaccurate data is the first concern in leveraging the benefits of data integration. Most of the data is unstructured and there is a pressing need to convert it into structured data for integration and analysis. And without a reliable tool, the whole work needs to be done manually which might be error-prone and time-consuming.
- Consolidating data from the various platform and sites are extensive research prone, costly and laborious. And these errors can cause frustration, loss of data, and compliance issues. Hence, to get a novel insight it is crucial to integrate the data from disparate datasets.
- As the data is often accessed by a multitude of data scientists, data breaches and privacy is another concern that needs proper redressal. Generally, each individual is concerned about the implication of data analytics and transparency. And these risks must be managed by the medical service company.
Overall, curbing these challenges to advance the growth of healthcare needs proper implementation of data & analytics in the medical device industry.
Key Benefits of Healthcare Data & Analytics in the Medical Device Industry
Healthcare Data & Analytics allow the medical device industry to derive precise projections of the demand for its products.
Besides, medical device company considering an investment that creates an impact on the two areas of operations- IT & Sales. Let’s have a look at how medical device companies can avail the benefit of healthcare data & Analytics for its sales growth-
- Robust sales operations With limited budgets and resources, it’s challenging for firms to perform analytics themselves. Having a cloud-based SaaS model reduces the impact on sales and the IT team. These platforms provide supports remote selling, calculate the demand of the product with high accuracy, real-time data access accuracy, and deploy sale with maximum efficiency. Above all, data & analytics allow staff to focus on core activities and rules out the need for manual working.
- Compelling Value Proposition
Value proposition requires proof such as workflow efficiency, improved outcome, and reduced readmission. And in meeting these goals of commitment, data & analytics could be a great help. Through data & analytics, firms can provide proof that how far you are going to develop a product as per the population’s health needs and how much you value the supplier’s product delivered.
- Optimize Medical device utilization
By using special analytics software, the medical device industry can determine utilization rates as per location and units. This type of factual forecasting helps the device industry to help their customer, identify at-risk patients and where immediate intervention is needed. That’s how it transforms the message of the device industry out of “price-competitor position” to “value enabler”.
Real-Time Data access helps the medical device industry to deploy, size, and compensate the sales team efficiently.
And Ampliz, is serving the business through exceptional technology and extraordinary solutions . Therefore, it will help your company to thrive in this new trend with an effective sales message.
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