Medical device manufacturing companies face a lot of product safety and economical challenges with outsourcing and the global economy while still trying to maintain a reasonable return on investment (ROI). The goal of any medical device company is to manufacture safe and effective devices that help patients in need while ensuring a decent ROI. It’s important to know how to increase productivity while making sure all quality standards are met here and abroad. In this post we’ll talk about how to achieve your medical device manufacturing goals in the global economy.
1. Compliance challenges
There are regulatory standards that are imposed by different countries, which makes it difficult for companies to be compliant in all of them. Medical device manufacturers can use technological solutions to ensure that they are meeting current good manufacturing processes.
2. Manual or automated processes
Tracking inventory and other data through spreadsheets is extremely inefficient and is susceptible to human error. A much more efficient way to approach modern day production standards is by using a cloud-based, integrated enterprise resource planning system.
3. Cost versus risk
One of the key ways to ensure reasonable ROI is determining how much cost is required to mitigate risk. Determining the most optimal point where cost and risk intersect is crucial to production planning and strategy.
4. FDA analysis
The FDA recently analyzed medical device manufacturers and found that companies who manage risk by pushing quality across the organization were more productive and had much fewer complaints. This means that quality is no longer a burden associated with higher costs – it’s an advantage.
At Keystone Solutions Group in Southwest Michigan, we have worked with our clients from the concept stage to the distribution stage of medical device design, development, and manufacturing for almost 20 years. No matter what stage you’re at in the process, we can help. Get in touch today to see how we can partner with you!