Building a successful OEM-CMO partnership.
In today’s cost-conscious environment, medical device companies must continually seek ways to efficiently produce high quality products that meet and exceed market needs and have proven value to end users—physicians and patients.
Devices and components for use in healthcare delivery today are more sophisticated and complex than ever before, as advances in materials and technology give rise to new ways of improving surgical outcomes and patient care. Original equipment manufacturers (OEMs) operating in an increasingly complex environment face considerable hurdles in outpacing the competition while simultaneously keeping costs down. A result of the dynamic nature of the healthcare marketplace is that speed to market is now essential for success. Shorter design and production cycles require manufacturers to optimize every opportunity to improve efficiencies across the product development continuum, while simultaneously ensuring products meet safety and quality standards and increasingly complex regulatory requirements.
Given the economic, technological, and regulatory pressures of today’s medtech market, OEMs understandably look for ways to decrease development cycles, production time, and costs to maximize value and profitability. Outsourcing is one viable option, as it allows companies to focus on core competencies internally and free up resources that fall outside their core competencies for maximum competitive advantage.