Behind the Stats: Expectations vs. Reality of Bringing a Device to Market
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Learn about what’s currently impacting the broader medical device industry. Our panelists will kick off the week by going over all the trends, statistics, and themes uncovered from the 2023 MedTech Industry Benchmark Survey. The session will uncover major shifts in industry goals, the use of modern Medtech software tools, major gaps in product lifecycle processes, and more. Discover how you can apply these findings as you make decisions within your organization in 2023 and beyond.
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Behind the Stats: Expectations vs. Reality of Bringing a Device to Market
- 1. 2023 MedTech Industry Report Expectations vs. Reality of Bringing Devices to Market
- 2. POLL!
- 3. 613 Medical Device Professionals Agenda ● 2023 Revenue Outlook & Business Objectives ● Roadblocks for Quality and Product Development ● Unpacking Compliance ● Expectations vs. Reality ● Investing in Software is the Value Multiplier
- 4. Overview of Study Demographics
- 5. Revenue Outlook & Business Goals
- 7. Effects of Financial Slowdown Downturns result in cost-cutting measures - Less investment of advanced technologies such as Bluetooth, AI/ML, 5G, remote monitoring, etc. YoY In 2022, 60% were looking to gain market approval In 2023, it dropped to 42%
- 9. Roadblocks and Opportunities for Quality and Product Development
- 10. Product Timelines by Class Body copy goes down here. Text Goes Here Body copy goes down here. Text Goes Here
- 12. Specifically for Pre-market Body copy goes down here. Text Goes Here Text Goes Here
- 13. Challenges with Risk Management Body copy goes down here. Text Goes Here Text Goes Here
- 14. Design Control Pains Text Goes Here
- 15. Scaling Manufacturing Text Goes Here
- 16. Unpacking Compliance #1 business goal across Quality, Product Development, and Executives
- 18. Major Concern: Lack of Knowledge Professionals from commercialized companies are only 11% more knowledgeable about regulatory compliance vs. pre-market
- 19. The Solution? Shift Your Mindset Regulatory Compliance → Quality Ethical Business
- 20. Filling the Gaps So how are companies and individuals addressing the compliance and regulatory issue? 1. In-House Training Programs 2. Consultants 3. Accredited courses and training 4. Unaccredited courses and training
- 21. Bringing Products to Market Expectations vs. Reality
- 22. 53% Pre-Market companies misjudge time to market by more than 50%
- 23. Add Headline In This Space Body copy goes down here. Pre-market companies underestimate engineering support, training, and hiring that goes into the scaling process.
- 24. Investing in Software, the Value Multiplier
- 25. 9 Medical Device companies use on average 9 software tools to manage their product lifecycle - including quality, product development, supplier, manufacturing, and clinical. “I wish we could use fewer tools interactively for several uses. We really need the ability to share and download - all while maintaining control documents.” - 2023 Survey Respondent
- 26. Many Still Use Paper/Spreadsheets Body copy goes down here. Body copy goes down here. Text Goes Here
- 27. POLL!
- 28. Invest In Your Business and Your People By Investing in Technology What’s the one thing that would make your job easier? Dynamic Technology “More than anything, I’d like a system that links everything - absolutely everything, like product documentation - together. It would transform my job” - 2023 Survey Respondent
- 29. Greenlight Guru’s Modern QMS Built for Medical Device Companies MAKE THE SWITCH TO BECOME A MARKET-LEADING ORGANIZATION GET YOUR PERSONALIZED DEMO TODAY →