The Healthcare industry is witnessing unsustainable Healthcare costs coupled with high medical spending by Healthcare service providers in order to deliver quality Healthcare. In addition to containing costs, medical device vendors have to contend with numerous other issues such as meeting device regulatory requirements, developing new technology products, remaining competitive by effectively addressing issues of time-to-market, component/technology obsolescence, and addressing requirements of interoperability of devices with Information systems.
With a view to addressing the concern of reducing Healthcare costs and the ever-increasing burden on Healthcare service providers, medical device manufacturers are involved in designing products for burgeoning home Healthcare & Personal care/testing devices, which are wireless-enabled devices. Vendors are also focusing on their core competency of developing new IP & outsourcing other non-critical functions to other companies.
These activities are influencing a number of trends in the Healthcare industry, namely:
- Digitization, networking and IT enabling of Healthcare processes
- e-Health Initiatives such as Electronic Medical Records
- Wireless enablement
- Device-Enterprise integration
- Growth in consumer-directed Healthcare
- Increased emphasis on efficient innovation
- Reengineering products to make them more competitive, address component obsolescence and address needs of low-cost emerging markets
- Global sourcing of medical product engineering/re-engineering, product verification & validation, manufacturing and ensuring regulatory compliance for both developed and emerging markets.