Re-engineering Medical Devices to Stay Competitive

Medical device products nearing the end of their lifecycle pose unique challenges to original equipment manufacturers (OEMs). Products with still-proven value to end-users and patients can be vulnerable to market forces. An upcoming patent expiration, in particular, can result in loss of market share for OEMs because of increased competition from competitors looking to replicate a successful design at a lower price point. But a looming patent expiration can also be an opportunity for OEMs to re-evaluate and enhance their product offerings and market value. Our company has been involved in projects where a patent expiration was the impetus for a product redesign that met continued market success. In one case, we were able to re-engineer a device on behalf of an OEM to accomplish the same functional result but at a significantly lower price. The result was a major win for this customer—a device that looked, felt, and functioned like the original at a fraction of the cost. Medical device companies are often met with challenges in their drive to cost-effectively design devices that respond to market dynamics or solve unmet medical needs for patients. It’s critical to have a contract manufacturing partner that can successfully counsel and support OEMs when a device requires a redesign or design alteration. In the example above, our company was tasked with re-engineering a wound closure device coming off patent in order to block future competitio...
Source: MDDI - Category: Medical Devices Authors: Tags: MD & M Minneapolis Contract Manufacturing Source Type: news