Do you have a need for speed when producing your next innovative medical device? In today’s fast-paced, competitive market, finding even a small edge can be the difference between success and failure. However, while speed to market is important, it’s not the only consideration when developing your medical device manufacturing strategy.
Benefits of speed in medical device manufacturing
As the saying goes, “Time is money.” The sooner you can get your medical device to market, the sooner the product goes from being a development expense to a revenue source. Of course, there are several other reasons why it’s beneficial to speed up manufacturing.
For one, customers seek innovation and expect the latest and greatest. As medicine and technology continue to converge, health providers and consumers demand innovative medical devices that can improve care, communication, convenience, and more. Along these lines, there are increasing opportunities for partnerships and incorporating new technologies into medical devices.
There’s also the motivation to be the first to market with a new medical device. Or looking at it from the other side – the fear of getting beat to the punch by a competitor. Accelerating manufacturing can keep you a step ahead and help you build a reputation as the innovation leader.
Finally, there can be a supply chain risk of being too conservative with your product cycle. For example, over time, materials or parts of your design may become outdated, leading to a limited supply and longer lead times. On the other hand, evolving with current technology can ensure your supply chain is more reliable. Similarly, having an agile manufacturing process can allow you to scale production to demand and reduce inventory risk.
Downsides of accelerated manufacturing
All that being said, it is possible for your manufacturing to be too fast – when the risks outweigh the benefits. Being in a highly regulated industry, medical device OEMs must make sure any new product is high-quality, functional, and (most importantly) safe. Unlike other industries such as software development, a medical device can’t be easily patched or rereleased. A hastily produced medical device can put lives in jeopardy and be a major liability for your company.
Ways to speed up manufacturing responsibly
Medical device OEMs must walk a fine line between speed and control. There are several strategies for streamlining manufacturing while maintaining consistency, quality control, and costs – from adopting a modular product architecture to aligning with an experienced manufacturing partner.
At Tapecon, improving speed to market is just one way we help our customers. We do this in various ways, including design consulting with a focus on manufacturability, rapid prototyping, and much more. We also keep your project on track by utilizing the proven Manufacturing Readiness Level (MRLs) system.
Let’s make something great
With over 100 years of manufacturing experience, Tapecon works with product teams to solve challenges, create products, and enhance lives. Learn more about our contract manufacturing services.