Thank you for Subscribing to Med Tech Business Review Weekly Brief
Medtech Business Review | Thursday, April 13, 2023
OEMs can be put at a significant disadvantage if their supply chain is disrupted or delayed.
FREMONT, CA: Designing and producing a medical device is complex, and the difficulties may worsen as costs and quality standards rise. The medical device industry's one-stop shop must provide high-quality wire-based components and assemblies that fulfill all pertinent client criteria. This saves businesses all over the world time and money.
OEMs can rely on future developments to deliver the safety-critical components required for their cutting-edge medical devices while negotiating the difficulties of the sector and its supply chain.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Losses: Medical devices with poor quality can result in end-user injuries or worse. This is especially true for high-risk devices like pacemakers, coronary stents, and artificial heart valves. These products require rigorous regulatory review to ensure their safety and reliability. After a batch has been shipped, a product recall should be immediately issued if there is a problem with quality. Due to quality-related issues, the medical device industry is estimated to lose between USD 2.5 billion and USD 5 billion a year.
Technology: It is estimated that eight percent of all medical devices in circulation are counterfeit, a serious threat to patient safety. Counterfeit medical devices are on the rise, posing a serious threat to patient safety. However, recent figures are more challenging to obtain, but the current figure is expected to be much higher. There has been an increase in counterfeiting, fraud, and trafficking of medical devices. Among the product markets most affected are thermometers, personal protective equipment, orthodontics, test kits, and contact lenses. Fortunately, the industry can combat these counterfeit devices with the help of anti-counterfeiting technologies.
Meeting standards: There are multiple different standards that medical device companies must satisfy depending on where they intend to market their product. This is due to the risks associated with medical devices, which may compromise patient safety. Regulatory clearance is a long and tedious process, and manufacturers must maintain production standards throughout the product's lifespan to maintain post-market surveillance.
Data breaches: It is becoming increasingly common for bad actors to compromise IT systems with ransomware in medical facilities. Because medical equipment has traditionally lacked the security of other network devices, hackers can easily access the entire server through it. The risk of equipment outages and patient data breaches increases if a compromised device and a server are seized. It is, therefore, an important responsibility for medical device manufacturers to ensure that all new digital devices are equipped with the appropriate cybersecurity software.
Supply challenges: Unlike most other industries, the global medical device industry is susceptible to supply chain disruptions and stock shortages. In contrast, the sector often has difficulty finding quick solutions, such as finding a new supplier or slightly adjusting an existing manufacturing process. As soon as a medical device has been cleared, it must be manufactured following the regulatory submissions, and any changes to production must be re-qualified and validated. Medical device OEMs can be severely impacted by disruptions or delays in the supply chain.
More in News