Medical Technology Industry
Overview
The Medical Technology industry is one of the fastest growing industries in the world. With a worldwide need to develop more effective therapies and products to combat cancer, coronary artery disease, congestive heart failure, diabetes, emphysema, hepatic and renal organ failure, and Alzheimer's disease, and more common maladies and diseases, this industry will continue to see strong growth. Market forecasters are predicting this increased growth, especially in emerging markets where the needs for higher-quality healthcare are greater than ever. Additionally, the industry will become even more focused on its effort to cut manufacturing costs and bring products to market faster.
Companies in this category are witnessing the following trends:
- Focus on biotechnology to develop new methods of treating disease
- Focus on outsourcing of key services such as Machining, Product Development & Rapid Prototyping, Molding, Surface Treatment and Sterilization.
- Industry consolidation
- Continued significant capital investment
- Additional product demand due to an aging baby boomer generation
To work with companies in this industry requires a true understanding of its unique processing needs, including its unique FDA compliance requirements and the ability to meet rigid design and manufacturing specifications in a clean operations environment.
Key Industry Business Drivers and Complex Requirements
Following are characteristics common to companies in this industry:
- Rigid quality control requirements
- Configure To Order Medical Products and Devices
- Complex forecasting models
- System FDA Compliance
- Supply Chain Management
- Service Support Management
- Return Material Authorization Management
- Complete Product Traceability
Our Experience
Logan Consulting has solid experience working with medical technology and manufacturing companies, including implementing ERP systems and managing and executing IT strategy and selection projects.
Specific Clients: