January 22, 2024

Weekly Business Insights 01/22/2024

AI: Opportunities, threats meet, tease healthcare supply chain. From AI to drones: The future of hospital supply chain. Three considerations for reshoring your medical device components and assemblies.

© Beacon MedTech Solutions

AI: Opportunities, threats meet, tease healthcare supply chain

Recently, the U.S. Food and Drug Administration jumped into the frenzy by creating a new Digital Health Advisory Committee “to explore the complex, scientific and technical issues related to digital health technologies, such as artificial intelligence.” At least one study posits that AI likely will reach a half-a-trillion-dollar industry by 2027, giving additional meaning to “generative” AI. That’s within three years and represents a faster market stickiness.

“Artificial intelligence will be able to make use of large amounts of data to make accurate predictions around usage and supply availability, It can also comb through data from different sources, such as clinical systems and business systems, to create insights that we have not been able to process at scale in the past. This is one of the most exciting applications of artificial intelligence. As we move into a clinically integrated supply chain, we have many small, manual models that indicate we could see significant improvement if we could just get through all the data that is available at our fingertips.”


From AI to drones: The future of hospital supply chain

Artificial intelligence, 3D printing, and drone delivery are a few of the things supply chain leaders predict are going to change the field. Hospital supply chains in 50 years will be much more integrated, both internally and externally, and will leverage automation well beyond what we see today.

The hospital supply chain in 50 years could be characterized by advanced automation and predictive analytics that would enhance the availability of critical medical supplies, enabling quicker response to patient needs and reducing treatment delays. On-demand 3D printing and point-of-care manufacturing would facilitate personalized tailored treatments and reduction of extensive external supply chains.

Engagement in sustainable practices would contribute to environmental well-being, indirectly benefiting public health. Global collaboration and resilient supply chains would ensure equitable access to medical resources during emergencies, safeguarding vulnerable populations. These changes will be influenced by technological innovations, environmental concerns, regulatory shifts, and the need for efficient and adaptable healthcare systems.


Three considerations for reshoring your medical device components and assemblies

The reasons for this growth are numerous. Companies may be experiencing issues with quality from current suppliers, capacity issues against fluctuating demand or timeline delays due to supply chain complications. No matter the reason, today’s medical device, equipment and product manufacturers can reap a number of benefits when transferring tools to a domestic contract manufacturing partner. Still, the decision to reshore is a strategic and complex one, with many issues that must be balanced as you maneuver the process.

A 2020 McKinsey Global Report found that companies can now expect supply chain disruptions lasting for at least one month every 3.7 years. With trusted suppliers closer to home, you can help lessen the long-term effects of these recurring disruptions, like issues with quality, on-time delivery and ultimately, your brand reputation.


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