HealthHow Can a Medical Device Company Stay Competitive

How Can a Medical Device Company Stay Competitive

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Competitive analysis consulting firms evaluate the current lifesciene competitive landscape for medical device developers. The developer can make informed-decisions and drive accelerated adoption. Medical device competitive analysis determines the scope of competition in the current and future markets. With timely competitive analysis, a medical device developer identifies a niche market opening and optimizes adoption potential. Competitive analysis consulting firms assess target market space, strategic product positioning and/or product line extension. Medical device competition analysis is critical as it supports internal decision-making and also helps in attracting investment.

Competitive analysis consulting firms tailor competitive analysis deliverables. These deliverables may include:

●        Competitive landscape

●        Competitive pricing

●        Competitor corporate deep dive

●        Product positioning analysis

●        Competitive product and company documentation

Medical device competitive market analysis achieves accurate intelligence in the early development stage. Competitive analysis consulting firms perform rigorous market research using a range of sources including industry contacts and reports, direct one on one interviews, key opinion leaders with aligned expertise and many more.

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In the product positioning analysis, consulting firms examine product literature to reveal the positioning of each competing technology. It delivers a clear, detailed competitive positioning landscape overview. This overview helps in a strategic potential feature positioning development in the target market. Including a competitor corporate ‘deep dive’ identifies the most competitive threats.     

Timely competitive analysis is not the only driver that gives a competitive advantage to a medical device developer.   

With competition-driven innovation and strategic consulting services, a medical device developer develops more complex product designs. Consulting firms also help in building and managing relationships with key opinion leaders. The developer can control rising development and product costs.

Consulting firms assess the critical success factors for innovative and compliant product development. The medical device company can develop the product quicker and at reduced cost. The company can outperform its competitors.

Reduce time-to-market

This is one of the critical drivers to stay competitive. Product innovation and efficient product development help in reducing time-to-market.

Cut Time and Cost-to-Market by 25%

Most medical device companies are targeting to reduce medical device development time and costs by 25% to remain competitive. The medical device company can reduce development time between three to fifteen months. Therefore, the company should attempt to accelerate the time-to-market. By reducing costs by 25%, a medical device company can save more than $1 million.

Reuse Technology

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Reusing technologies helps in reducing time and cost-to-market. The medical device company can avoid unnecessary development time and cost. The medical device developer can address this by:

  • Using existing engineering solutions and designs
  • Standardizing systems
  • Minimizing safety risks
  • Reducing test loops
  • Reducing the validation and regulatory burden

The company should focus on core competencies and manage suppliers to reduce time and cost. It should achieve an optimum mix of inhouse activities and strategic consulting services by a medical device consulting firm. The medical device developer can rely on a medical device consulting firm for the following:

  • Voice of the customer analysis
  • Market analysis
  • Value analysis
  • Key opinion leader analysis
  • Risk analysis
  • Competitive analysis
  • positioning analysis
  • Financial valuation
  • Exit strategy
  • Business plan
  • Portfolio analysis

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