Medical device and medtech companies are challenged to introduce new and increasingly sophisticated devices at a pace never seen before. Today’s devices are more complex than previous generations, containing multiple systems and subsystems, electronics and digital connectivity. At the same time, the industry is experiencing heightened recalls, impacting both the bottom line and shareholder value.
Pressures from budget constraints, supply chain disruptions and regulatory requirements are pushing companies to prioritize part standardization and supply chain agility. Frequent mergers and acquisitions can create data siloes, making the shift towards component and supplier standardization essential to remain competitive. Manufacturers can not only ensure regulatory compliance but also enhance overall efficiency by better managing the reuse, purchasing and development of their components. Significant cost and time savings can be realized by capitalizing on the benefits of seamless interoperability between different systems.