Medical devices have long life cycles, and in the medical device industry, Original Equipment Manufacturers (OEM) have to balance investment across products, from New Product Introduction (NPI) to very mature products. While the growth and success of a medical device business may rely on innovation that transforms the marketplace, the company’s mature products form the cornerstone of the financial future of the company. Medtech companies can also demand the bandwidth of highly qualified resources, about 20 percent of the research and development (R&D) team. Let’s see how this can be approached by Medtech firms.
What is sustaining engineering?
The technological support of goods as they progress through the latter or mature stages of their lifecycle is sustained engineering. Products do not require revolutionary, transformational innovation at the latter or mature level, but rather gradual innovation and standard product maintenance. Popular sustaining activities are activities such as obsolescence management, restricted software release support, and regulatory updates.
Engineering retention and the bottom line
Help engineering is rapidly becoming a requirement in order to sustain sustainability in the medical device industry. Based on a comparative study of both the safety and effectiveness of cost-saving procedures as a single main objective, larger organisations make decisions. Owing to hospital consolidation, decision-making on procurement is centralised. The move to cost-centric purchase decisions gives current devices an advantage over newly created ones.