More companies than ever before are embracing the digital transformation due to the pandemic and its effects on the economy over the past two years - and the medical device industry is not immune.
 
Manufacturers are embracing the digital transformation and triggering it in the clouds of industry

Industrial clouds provide a shared platform (as in some cases two or more interconnected platforms) with integrated data, enterprise-wide workflow automation, and comprehensive customized business intelligence to meet the needs of a particular sector. Creating better responsiveness, visibility and collaboration across the value chain enables the latest generation of industrial clouds to accelerate time to market, improve customer satisfaction and reduce costs - these are all important values for buyers. Google and Microsoft recently announced their industry authoring solutions, deploying them with established cloud providers such as Salesforce, SAP and Oracle - and that's just the beginning.

Converge with Tech and High Tech and deliver quality products to a faster market

High-tech manufacturers, especially those focusing on consumer-friendly devices, are turning to medical devices and Software as Medical Device (SaMD). At the same time, more and more medical devices are being connected and providing patients with new care that was not available a few years ago. High-tech manufacturers accept the need and cost to combine quality and compliance with their design process, while technology companies require more efficient and faster product development processes.

Necessary for product development to integrate quality and compliance early in the life cycle

Quality and compliance as an essential part of the product improvement process speed up marketing time, reduce costs and increase quality in the long run. Most manufacturers focus on quality and conformity, starting with the production phase and maintaining product life. Finding and resolving quality issues after a product has been manufactured or even shipped is only half the battle. By 2022, competitive medical device manufacturers who care about the quality and adherence to their product development process will reap the benefits of an improved range while increasing long-term customer satisfaction.

The market lacks an overall picture of the long-term shift in the supply chain, which will have a significant impact in the coming years

This is just the beginning of a long shift in the supply chain, and the medical device industry must plan whether to rely on offshore resources as an offshore / near-shore mobility strategy. . The long disconnection between China and the US will completely change the supply chain model and focus on the global low-cost resource that has evolved over the last 30 years. China's supply chain will not disappear, if at all, it will gain global interest - but for some manufacturers, it may be a challenge to reduce business risk in countries like China. If it's you, it's time "yesterday" to start creating a new supply chain strategy.

Inflation will continue to rise

The US inflation rate will rise to 6.8% in 2021, the highest level since 1982, and this trend is likely to continue. Unfortunately, the medical device industry may face rising costs for raw materials, commodities, additives and so on. they increase the cost of goods sold to medical device manufacturers and increase incremental costs because their products must be manufactured.

Digitally capable manufacturers can reduce costs by having full visibility across multiple suppliers so that they can easily adapt to lower costs and less risky components of the same or higher quality. However, most medical device manufacturers are slow in this area, so any disruption of the supply chain will force a hand on suppliers with higher prices and pass on to consumers in the form of higher prices. .
 
There is no doubt that market conditions, such as the supply chain disruption that occurred in our lives at the beginning of a pandemic, will remain for a while and are likely to worsen before they improve. Unanswered demand is rather difficult, hampering growth and new business opportunities, but adopting some of these technological trends for 2022 will help your business stay competitive.