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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

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.Contact US

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.

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Cut-throat competition

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.

Quantzig advantage

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.

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Supply and Demand Planning: How Demand Planning Methods Can Help Top Medical Device Companies

What the Client Wanted

Identify and implement demand planning strategies to drive market growth and make their supply chain more streamlined. Also, the client was looking for an effective way to enhance revenue forecast, improve profitability, and align inventory levels with the peaks and troughs in demand.

The OutcomeRequest Proposal

Quantzig was approached by the medical device manufacturer to help them fine-tune their forecasting and demand planning methods. Our analytics experts helped the medical device company identify and implement the requisite improvements in their demand planning methods with a quick turnaround time of about four weeks.

This enabled the client to improve forecast accuracy, user productivity, and improve utilization. Quantzig aimed to assist the client to achieve its organizational objectives for operational efficiencies, enhances brand growth, and market excellence.

Market Overview for Top Medical Device Companies

The MedTech market changes constantly with new advancements and innovations in medical devices, IoT, medical IT, and healthcare technology. This has prompted top medical device companies to collaborate and develop medical devices that help save lives while meeting the regulatory requirements along with the industry standards.

The more you face supply and demand volatility, the more critical it is for you to interpret their impact and respond accordingly – and this is what top medical device companies have been facing for the past few years. However, effective demand planning is not an easy task, it requires organizations to admit their mistakes and move forward by implementing incessant improvement strategies to enhance business efficiency.

Though not utilized to its full impact, the use of analytics in demand planning is definitely the future worth investing in. Therefore, it is essential to leverage analytic solutions to be a part of a developing medical device industry by seeking an experienced company such as ours to assist you in your future endeavors.


Medical Device Industry Challenges

  • Increasing complexity of medical devices: The complexity of medical devices is gradually increasing owing to the proliferation of advanced healthcare technologies in the field of wearable medical devices. The complexities of medical devices also complicated the diagnosis and repair process, which, in turn, results in an increase in the cost of field service.Request Solution Demo
  • Growing competition: Globally, the competition from startups and spin-offs in the medical device industry has increased drastically, over the past few years. This has resulted in a decreased profit margin for manufacturers of medical devices. To tackle this, top medical device companies are now focusing on leveraging demand planning methods to fine-tune their strategies.

About the Client

One of the top medical device companies in the world. 

Client’s Challenge

Owing to the increasingly complex nature of businesses today, supply chain management methods are no longer adequate enough to make sense of data and help organizations adapt to the changes in demand volatility. The high promotional dependency of medical devices caused the demand to wax and wane by region and by market segment. The client – one of the top medical device companies – approached Quantzig to leverage its expertise in demand planning and devise demand planning strategies to increase sales and overcome wax and wane situations.


Demand Planning Benefits

Demand planning

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Business Impact

The shortcomings of the traditional supply chain management systems are compelling top medical device companies to realize the importance of incorporating demand planning to predict future demand patterns and respond quickly to the changing customer needs and preferences. The recommended demand planning strategy enabled the client to respond proactively to market demand by transforming the requirements into actions.

Demand Planning Solution Insights

An efficient system that integrates the best supply and demand planning strategies means a radical departure from the traditional demand planning methods. This requires companies to redesign their entire system including the demand management strategies and demand forecasting methodologies to optimize and actively keep track of demands by integrating analytic methodologies to drive intelligent responses.


To know more about how demand planning can help top medical device companies

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