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Envisioning the Medical Device Company of the future - Weighing the Risks and Benefits of Outsourcing

Envisioning the Medical Device Company of the future - Weighing the Risks and Benefits of Outsourcing

Abstract
The U.S. market for medical devices is expected to reach $89 billion this year. But with this promising opportunity comes the added pressure for medical device companies to stay ahead of the competition through innovation at a reduced cost. According to an online survey conducted by Knowledge@Wharton and HCL Technologies, industry  respondents see outsourcing as a potential solution to this challenge, and yet they are aware that this new set of tools brings with it new risks. Although the best ways to mitigate those risks may seem unclear, interviews with experts from Wharton, HCL and medical device firms indicate that a particular set of best practices may make success more likely.

Excerpts from the Paper
An  aging  world.  Fast-growing markets. New life-extending technology developing at an incredible pace.  It sounds like the recipe for a booming industry, and in fact, medical device manufacturing is one of healthcare’s fastest growing segments. But medical device manufacturers also face huge challenges in  trying to manage that growth. Competition is tough. Infrastructure and clinical practice may differ considerably from market to market. Device development costs  are  high. Margins are shrinking. To complicate matters, the fastest-growing markets are going to be accessible only to companies  that  learn  to  make  the  same equipment for a fraction of the cost and at the same time launch new, cutting-edge products faster than their competition.

 

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