Top Challenges Facing Medical Devices Industry
The past few years have witnessed a myriad of changes in FDA-regulated sectors such as the medical device industry. Accountable care and value-based reimbursement models are causing a groundbreaking shift in the medical device industry. This means that now focusing on data and the value of the medical device is not enough to boost the ROI. Companies in the medical device industry need to begin their quest for new avenues of revenue and profitability. The radical shift towards value-based care demands solutions that can deliver actionable insights for use in existing electronic medical record systems. Here are some critical challenges that are pressuring the medical device industry:
Medical Device Industry Challenges
Complexity of new devices
The competition in the medical device industry is soaring to a whole new level, prompting players in this space to manufacture more complex and integrated products to stay ahead of their peers in the market. Consequently, this results in a rise in the cost of field service and repair processes. Moreover, this has also doubled the cost of training field service specialists and engineers. Quantzig’ s cost analytics solutions help medical devices companies identify and set the optimum price for their products and yield maximum ROI.
Meeting customer expectations
The advent of technology has given customers around the world access to the internet and smartphones. They now have numerous choices at their disposal and demand more from companies in the medical device industry, especially in terms of implementing more aggressive SLAs. The end-users of medical devices are demanding more incentives from their reduces capital. Quantzig’ s customer analytics solutions are designed to help healthcare device manufacturers gain glean customer insights to drive sales and improve revenues through acquisition, growth, and retention.
Shift towards home-based care
The popularity of home healthcare services and POC tests are skyrocketing, this means that players in the medical device industry need to follow suit and migrate towards the production of home-based health kits. This would pose as a threat in reducing the spend on capital programs for the development of new lab equipment.
Manufacturers in the medical device industry are gradually losing their ability to fund capital for their new devices primarily due to the implementation of new schemes to reduce reimbursements for medical assays by insurers. To add on, heightening competition from other emerging companies in the market will contribute to eroding customer loyalty and thereby reducing the profit margins of top medical device companies.
Healthcare professionals constantly encounter a seemingly impossible number of obstacles in their mission to deliver quality care at affordable prices to the patients. From rapidly skyrocketing pharmaceutical prices to needing to jump through hoops for treatment reimbursement, the tasks have been becoming more complex with time. Quantzig’ s analytics solutions for the healthcare industry help companies including pharma, medical devices, diagnostics, and healthcare delivery companies to address key challenges, reduce costs, increase margins, and gain a competitive market advantage.