Peter Derycz, CEO of Derycz Scientific published an article in MD+DI that caught our attention. Derycz indicates that with financial pressures continuing to rise in the medical device industry, one key area that should be looked it is content management. He indicates that the expenses happen in both the research and marketing phases, and suggest partnering with content technology company is a possible solution.
He defines content management as the cost of locating, verifying, checking for compliance, formatting, updating, and translating or localizing device-related published content in the clinical and regulatory arenas. Derycz also indicates that a separate challenge involves managing the published content that is used by sales and marketing teams to help promote the product.
During the R&D phase, a company often sifts through numerous journal articles to help support their scientific process. The publication process accelerates during the clinical trial phase and once published, they become a significant part of a company’s 510(k) premarket notification or a PMA submitted to the FDA.
Derycz notes that for a medical device manufacturer to assemble, send, and manage this mass of materials is time consuming and quite an investment. Companies should look to reduce cost and avoid unnecessary duplication of materials or preparation errors that could lead to submission delays or rejections that ultimately have a financial impact.
All medical device companies continue to look at ways to reduce costs and one approach is to look at outsourcing areas of need. Can you cite examples where this strategy has worked or failed? Share your thoughts with us.
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