According
to QMED, besides
regulatory complexity and the challenges of handling large companies,
healthcare firms' profit margins are falling leading medtech companies to rely
more heavily on contract manufacturers – which, in these days, quickly turns
into contract development: from early product design to the manufacture of
finished products.
Source: QMED
Since
companies are looking for assistance with product development, working with
contract firms often signifies cost savings in the long run. “Decisions made
early in the design cycle typically end up driving a majority of a finished
product’s ultimate cost”. “The earlier you can look at a design, the earlier
you can optimize it for manufacturing,” says Tim Hopper, CMO at EG-GILERO.
Such partnerships, between a design and a
manufacturing company, bring together the theoretical and practical, according
to Betten. “The merger gives the organization the ability to go from A to Z,”
Betten said Wednesday at MD&M Philadelphia.
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