The global medical device industry has experienced a significant growth over the last five years and will continue to grow at least until 2019, according to research firms. This has been largely due to changes in technology, policies, regulations, and product advancements.
Imagine your smart devices doubling up as a medical advisor and a health monitor which constantly tracks your vitals and health round the clock. Such innovations are changing the way health organizations interact with patients and are driving new business models for healthcare and medical devices companies. Hospitals are going paperless; patient records are being shared digitally, enabling doctors to access patient data and recommend treatment options on the go. These trends are compelling medical device companies to create a seamless patient ecosystem across hospitals, devices and platforms.
In a constantly changing business environment, healthcare systems worldwide are increasingly in need of improved patient outcomes, greater efficiency, and reduced costs. Amongst stiff competition, manufacturers have to be compliant with stringent regulatory, customs, excise, and security regulations. To succeed in this challenging environment, medical device companies must streamline their internal processes. Device manufacturers will have to revisit their business model - constantly innovate, diminish their go-to-market timelines, increase efficiency and continue to reduce costs. This will ensure a loyal customer base which is of paramount importance, as buyers today have more product choices than ever.
These challenges can be better tackled with a single, easy to access integrated enterprise software system that allows seamless information exchange across the organization and with the outside world. To meet customer expectations and level competition, medical device manufactures have started to consolidate their CRM systems, decommission legacy applications and gradually move to cloud with a focus at processes harmonization and simplification. These new CRM systems are able to create a better understanding of customers and generate adequate customer intelligence to cross-sell and upsell.
SMAC (Social, Mobile, Analytics and Cloud) technologies are proving to be the game-changers in the medical device industry. These have helped early adopters capitalize and deliver products to market faster, allowing them to capture a large chunk of the market.
What if there were process maps to depict how best in class players are optimizing their processes? What if we could leverage tried and tested pre-packaged plugins around the new technologies? Is there a framework which is specific to Medical Devices industry and can help expedite the Cloud transformation journey?
In the era of SMAC, there is ample room for innovation and incremental business value. How will you capitalize on these trends? Leave your comments here.