How Outsourcing Impacts Medical Device Innovation....#Tech #Medical
In our ever-changing and evolving world, innovation has become essential to surviving and thriving amongst the competition. It’s a topic of constant conversation and is at the top of all executives’ minds - what it means for their organization and how best to achieve it.
Recently, more and more companies, large and small, in all industries have been turning to outsourcing as part of the answer those questions. Proctor & Gamble is one example. Currently, the company relies on outsourcing for about half of its innovation in light of the success it had when it first began outsourcing R&D years ago - a move decision that increased innovation productivity by 60%, generating more than $10 billion in revenue from more than 400 new products. It’s hard to argue with results like these - no wonder outsourcing has become an increasingly popular choice in nearly every industry, including the medical device.
We’re confident that as outsourcing in the medical device industry increases, so too will the pace of innovation. But why?
Fresh set of eyes and new perspective
Innovating internally can be a challenge for a number of reasons, particularly in companies with high employee retention rates. Don’t get us wrong. High employee retention rates can be great and be a signal that the company is doing something very right, but it’s not always great for innovation. The longer an employee stays, the easier it is for them to fall prey to the “this is how we do things” mentality. It can strike even the greatest employees, at the progressive of companies in any departments, and be very damaging to innovation. Hiring a third-party to assist in research and development reduces the risk of this.
Coming into your organization as an “outsider,” with a fresh set of eyes and no company-specific biases as to how a project should be managed, we approach your organization with a clean slate and a big part of our job will be to learn about you and what you’re looking to achieve. Ultimately, this will lead to a higher degree of innovation.
Diversity of ideas
A significant benefit to outsourcing medical device development is the broad base of experience and level of knowledge third-party providers bring to the table. While your employees may have spent years (or even their entire careers) focused on devices that address a certain issue or perhaps area of the body, we’ve spent our careers working on various projects in different areas of the medical device, and also in a number of other industries. The benefits of this type of diversity are enormous, add tremendous value, and lead to meaningful innovation.
At the end of the day, the more efficient your processes, the more you can innovate. We’re experts when it comes to medical device development and what it takes to get a product to market and in the hands of physicians. The goal is by no means to rush to the finish line so the next project can begin - that’s not innovation. We know innovation doesn’t stop at idea generation but should be present throughout the process, but over time, we’ve been able to work out the kinks in each and every step of the process making it more efficient overall. Higher efficiency means more time and resources available to innovate.
With competition ever-increasing, companies can’t afford to innovate. Over time, we will see more and more companies recognize the value of and begin to turn to outsourcing development to keep up, resulting in a significant increase in innovation throughout the industry.