Building tomorrow’s medical devices enterprise
Shrinking revenues in developed markets, an uncertain healthcare regulatory environment, and a volatile macroeconomic scenario have made make it imperative for medical device companies to focus on improving health outcomes, improving execution, and accelerating globalization.
To drive the next wave of growth, medical device companies need a renewed focus on innovation — not only in research and development, but with an all-encompassing approach to how (and where) they do business. The medical device industry today is characterized by changing markets, consumers and technology. Enterprises can adapt to this dramatically changing landscape, but success depends on how fast and how accurately they are able to anticipate and prepare for the change. Infosys helps enhance your capabilities to transform, manage, innovate and forge ahead. We call it building tomorrow's enterprise.
Challenges and opportunities
Realizing the potential of global markets: As medical device companies grow, the focus is to expand into markets geographically, primarily emerging markets. Entering and operating in emerging markets have their own set of challenges — uncertain regulatory environment; setting up distribution, sales and service networks; and creating new pricing strategies for existing products. Besides operational challenges, concerns include a lack of awareness of product-based treatments and affordability of treatments. Crossing these hurdles is critical to achieving sustained long-term growth.
Reducing cost of treatment: With payers and governments looking to reduce healthcare spend, the industry is facing greater pressure to deliver increased value. Medical device companies have to balance investment in R&D and an investment in future growth with cost containment initiatives that enable medical devices to be offered at lower prices. The need of the hour is value-driven R&D, underpinned by a shift in mindset from simple product development to clinically relevant and economically valuable solutions for customers.
Navigating increased regulatory compliance: Device manufacturers find it cumbersome and expensive to navigate through the maze of government protocols and increasingly varying regulatory compliance standards across regions and device classes, which eventually affect their development cycle time and profitability.
How Infosys delivers business value
We blend our expertise in consulting, technology and sourcing to help our clients solve complex business and engineering challenges by creating breakthrough outcomes in three key areas: business transformation, accelerating innovation and efficient operations.