4 Reasons Outsourcing Medical Device Development Makes Sense. #MedicalDevice #Development #Innovation #BioTech
Developing a medical device is no easy feat. No matter what the specific device, there is always a series of complicated steps from the time the idea is generated to when the product hits the market. While many companies chose to keep this function in-house, there is an increasing trend towards outsourcing - with good reason. Companies stand to gain significantly from using a third-party for medical device development, including:
Keeping overhead low. Whether you’re a startup or a large organization, keeping overhead low has big benefits. Outsourcing development means not having to establish and maintain an extensive engineering team, which can be very resource-consuming, both time and money. Costs such as salaries and benefits are just the beginning. You also have to consider the cost to hire and train, as well as turnover costs, including lost productivity. These can have a significant impact on your bottom line, and are particularly significant if development is project based or seasonal and doesn’t happen all-day, everyday.
Getting a bigger bang for your buck. Along the same lines as keeping your overhead low, outsourcing device development almost always means getting a “bigger bang for your buck.” In other words, when you factor all the costs associated with an engineer employee and compare that to the cost of the third-party, and then compare levels of expertise, you’ll often find you will get a higher level of expertise with the third-party for the same or less money.
But, especially in medical device development, it’s not all about the money. To stay competitive, you need to be ahead of the curve, develop new and effective products and get them to market quickly. Outsourcing developments helps there as well.
Increased innovation. Remaining innovative in the medical device space is critical for continued success; however, it can also be challenging. As organizations develop processes and ways of doing things, it is very easy to fall into a “this is how we do things” approach. In many cases, this happens subconsciously. Bringing a third-party or “outsider” into your organization can have a significant impact on innovation. We bring different approaches to problem-solving, new ideas, and refreshing methods of product development, which in turn can help your company create innovative, impactful new devices.
Faster time to market. There are quite a few reasons why outsourcing for medical device development would lead to getting your product to market faster. Unlike employees, we are able to remain totally focused on the project at hand. Employees, despite best-efforts, are often distracted from working on projects because they are put on another project or are dealing with something else internally. Another reason is that we do this all the time. We’re experts at bringing products to market in a timely manner and sticking to or beating deadlines. We know what typically sets a project off schedule and many times can anticipate and avoid detractors. We also know the supply chain intimately which helps us pick the right partners and also avoid delays. And, that’s just to name a few. Ultimately, hiring a third-party usually means your product is in the market, generating revenue for your business faster.
The medical device industry is one of the most dynamic and fastest growing around the world. Competition is fierce. Continuing to develop effective and innovative products in timely manner, while also managing and reducing costs is becoming increasingly important to success, and outsourcing development could be key to that.
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