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Compliance In Focus
Posted by John Lehmann on Fri, Dec 28, 2012

5 Resolutions for the Medical Device Industry

5 Resolutions for the Medical Device IndustryAs we embrace the coming year, many implore to make resolutions for the coming year in hopes to make 2013 an even more prosperous year then the previous. A recent article published in MedCity News points out the “Top 5 New Year’s Resolutions for the Medical Device Industry for 2013 and beyond.” With out doubt the industry has been through a rollercoaster of events in 2012, especially concerning the medical device tax; how can the industry set up for a thriving year?

The article points out that the industry should “make operational and cultural changes to stabilize.” From the article, the top 5 resolutions for the industry include:

1- Accept Comparative Effectiveness

“Device companies must show that not only are their new devices safe and clinically effective, they are better than standard methods of care. Comparative effectiveness will help device firms define the value they bring to the table.”

2- Increase Globalization

“Medical device companies haven’t done much with international markets. In fact, medical device companies are a decade behind their counterparts in pharma in terms of globalizing, both from a market perspective as well as in terms of building up a manufacturing base.”

3- Have a Mix of Products for Local Markets

“Medical device companies are slowly recognizing that the products that work in the U.S. markets do not necessarily work in overseas markets. Markets require medical device firms to be innovative about their product mix.”

4- Use Medical Economists

“Currently device firms have no talent within their organizations that can help them understand what is the true value of their products.”

5- Patients First!

“The savvy medical device company will recognize that ignoring patients may mean building products that fail to take into account the impact on patient lives.” Consider the consumer!

Keeping the focus on patients should always be a driving force. After all, they are the driving force for all in this industry. Taking steps to better the medical device industry will not only help the manufactures, and CROs, but also those waiting for a break through treatment or innovative device.

How do you think the medical device industry will fare with the upcoming New Year?  Are there any new resolutions you would add to the list? Feel free to leave your comments below.

Photo Credit: evalottchen

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Topics: Top 5 Resolutions, Medical Device Industry, MedCity News

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