How Can Medical Device Technology Boost Productivity And Lower Costs?
Despite a lot of less-than-stellar news for the medical device industry with layoffs and the medical device tax, the good news is the industry is still projected to experience very good growth over the next five years.
In fact, a new report shows that the implantable medical device market is expected to grow 8 percent between 2011 and 2018, according to an article on the MedCity News website. With growth comes the opportunity to improve the way things are done operationally.
Medical device technology and software applications in particular are a good investment to help boost productivity, improve efficiency and lower costs. With technology, medical device companies can gain better visibility into sales opportunities, guide sales teams to improved performance, provide better customer service, and help the marketing department take advantage of the rapidly expanding channels of information available to interact with and engage influencers. Plus, when it comes to social media, new mobile technologies allow for enhanced productivity and quicker responses to customer inquiries.
Traditionally, medical device companies have not been on the leading edge of technology. It has ranked last among the life sciences teams in adopting technological innovations. But companies can?t keep operating the same old way. They need to replace legacy systems and move away from managing their businesses with spreadsheets.
Implantable medical devices will be a $73.9 billion industry in 2018, up from $43.1 billion in 2011, according to projections from the Transparency Market Research report. Medical device sales teams must be able to stake their claim in the market, which includes reconstructive joint implants, dental implants and breast implants.
?All segments are expected to see growth because of the increasing prevalence of chronic disease and an aging population,? the MedCity News article reports, but notes the orthopedic implant segment will continue to dominate market value and growth.
Source: MedCity News, January 2013