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MDDI Featured Article: Opening the Doors to India: Off-shoring Medical Devices

MDDI Featured Article: Opening the Doors to India: Off-shoring Medical Devices

Abstract

Many consider India to be an excellent outsourcing destination. With more than 380 universities, 11,200 colleges, and 1500 research institutions, India has the second-largest pool of scientists and engineers in the world. More than 2.5 million graduates are added to the workforce every year, including 300,000 engineers and 150,000 information technology (IT) professionals. India’s workforce is also one of the world’s youngest. Among Brazil, Russia, India, and China, India is expected to stay the youngest. Its working-age population is estimated to represent 70% of the total population by 2030—the largest in the world. By then, the country is expected to have an additional 200 million people entering the job market.

Excerpts from the Paper
The  U.S.  market  for  medical devices  is  expected to  reach $89 billion in 2007, representing a promising opportunity for manufacturers  and  service providers. But with this opportunity comes the added pressure  for  medical  device companies  to  stay  ahead  of the  competition. To  gain  a  competitive  edge,  medical  device companies  are  faced  with  the  challenge  of  developing  new, innovative products. Alternatively, they can create new versions of existing products that adopt the latest methods of treatment and conform to the highest quality standards. Either way, firms are pushed to accomplish their goals at a reduced cost.

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