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Electronics Production | October 19, 2010

Strategic Partnerships Crucial to Medical Device Success

Innovation is the key to success for medical device companies in today's economy. However, not only must companies produce superior products, but they must also effectively manage each product's entire lifecycle to achieve success.
This includes everything from R&D and regulatory through manufacturing and distribution. Strategic partners specializing in lifecycle management can provide the skills and resources that medical device companies need to keep up with the demand for efficiency and innovation.

"Medical device companies have traditionally viewed innovation in terms of product design and clinical research," states Frost & Sullivan's Director of Healthcare Consulting, Charlie Whelan. "However, companies in the industry are increasingly looking at innovation in terms of new business models that are more reliant on strategic supply chain partnerships in order to lower costs, gain access to skills and resources, and allow them to enter new markets faster."

A strategic product lifecycle partner (such as EMS-provider Celestica) can help companies maintain their focus on the capabilities that deliver competitive advantage, while outsourcing functions that are less critical to the value of the company. By outsourcing manufacturing and sustaining engineering functions, a company can focus on innovation and new product development.

Partnerships can be used as virtual extensions of R&D to help maintain strategic focus, operating flexibility and cost effectiveness across the portfolio. Partnerships can also enable the OEM to tap into skills they don't possess inside the four walls of their organization.

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