Medical device manufacturers are facing continuing cost pressure. At the same time, regulatory complexity continues to increase. Reducing cost in that environment requires strong focus on working smarter in all phases of the product’s lifecycle. When product development and production is outsourced, this translates to more heavily leveraging your supplier’s ability to add value to every step of the process. In short, the supplier’s processes and expertise should take both measurable and hidden cost out of the overall product commercialization process.
The team at Forefront Medical Technology believe there are five key areas to focus on to achieve lowest total cost:
- Eliminate inefficiency in product development time
- Closely link product development and manufacturing teams
- Cut lead-time and achieve lower cost resource availability through strategic use of vertical integration
- Proactively manage quality and validation
- Apply continuous improvement disciplines to create a roadmap for cost reduction and/or product improvement opportunities long-term.
For more detail on Forefront’s processes in this area, read our white paper, “Keys to Achieving Lowest Total Cost When Outsourcing.”