Weekly Business Insights 07/20/2023
Med-devices and how companies are using technology to improve them. Lack of standard nomenclature for these products, unlike in the pharmaceutical industry, and how the industry is working to address this issue. Deloitte's view on procurement in 2023.
Med-Devices companies are becoming hot bed of innovation…..with tech leading the way
The medical devices industry continues to be a hotbed of innovation, with activity driven by an increased need for homecare, preventative treatments, early diagnosis, reducing patient recovery times and improving outcomes, as well as the growing importance of technologies such as machine learning, augmented reality, 5G, and digitalisation. In the last three years alone, there have been over 450,000 patents filed and granted in the medical devices industry, according to Global Data’s report on Artificial Intelligence in Medical Devices: Treatment evaluation models.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
What do we need from the medical device nomenclature?
The subject of medical device nomenclature is currently a hot topic. As we enter a world of medical device big data, the healthcare community is realising the importance of a well-structured and maintained nomenclature to make sense of all this information. The idea of nomenclature harmonisation is a tremendously exciting prospect, facilitating analysis across borders and between different types of stakeholders.
When used as a common language and a data sorting tool, a harmonised nomenclature can only serve to drive improvements in patient safety and efficiency, and support regulation in the developing world. Not only that, harmonisation is also an asset for the regulatory affairs community, reducing time spent assigning their products to different nomenclatures in different regions.
Deloitte 2023 Global CPO Survey: Five key takeaways
The annual report reflects on how about 10 editions the regular theme has involved procurement getting a seat ‘at the table’ but following the pandemic and supply chain disruption, the day has finally come, as procurement now plays an integral role in enabling growth and driving value.
It feeds back into the notion of the supply ecosystem, which recognises that, by raising the floor, you automatically raise the ceiling too; that investing in your partners and working with them is beneficial for profits all round as well as the industry as a whole. It’s an egalitarian view grounded in common sense, not least because it simultaneously builds resilience while laying the foundation for growth. Increasing the level of supplier collaboration (61%) was the overwhelming preference of the CPOs surveyed, with investing in digital transformation (42%), enhancing demand management (37%) and renegotiation with existing suppliers (36%) also considered to be important strategies.
When is came to cost savings, 43% of firms considered improving margins as a strong priority, with 40% stating operational efficiency and digital transformation.