5 Critical Factors for Medical Device Companies

Doctors and other medical experts strongly agree that high-quality equipment is essential to the treatment of patients.

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Published on
22 January 2021

Hire skilled staff

A good medical device company should be able to manufacture certain devices that are in high demand. This requires having skilled and experienced workers who are familiar with the manufacturing process. If not, there is a good chance that the devices do not have the desired quality and hence do not sell well. Even if the company manages to sell such low-quality devices, it may risk losing its customers. Having skilled staff in your company means that you never have to risk your credit by delivering low-quality products to your customers.

Move on with the latest technology

Technology has a defining role in all aspects of our lives and healthcare is no exception. It has transformed how we care for patients, manage hospitals, discover cures, and predict outcomes based on data. Thanks to technological advances, we are now able to prevent lots of diseases and permanently cure others. Heart Rate sensors, exercise trackers, calorie trackers, and sweat meters are just a few examples of how technology can be put to great use in health and medical services. A good medical device company must always stick to the latest technology when designing and manufacturing devices so that it could regularly upgrade its products. If you continue manufacturing the exact same products for several years without replacing them with newer models, you will most probably receive fewer and fewer demands.

Cooperate with other medical device companies

Sometimes you may notice that the market needs a device you don’t have or you produce in small quantities. An immediate example could be the world’s need for oxygen generators at the height of Covid 19. Under such conditions, the only choice you have is to export the in-demand device from another country and this is easier said than done. Apart from the tedious paperwork, finding the right company could be time-consuming. Therefore, it’s a good idea to start working with other medical device companies to ensure support when a catastrophe strikes. Cooperating with other medical device companies will also give you an opportunity to exchange knowledge and information.  

Implement a Medical Device Quality Management System (MDQMS)

To be recognised as a credible medical device company and achieve customer satisfaction, it is crucial to maintain world-level standards in your company. When it comes to healthcare and medication, the most well-known standard is ISO13485. You need this certificate to ensure that the medical devices you manufacture meet all quality standards as defined by the International Organization for Standardization (ISO). Currently, you might assume that your standards are perfect, but your customers and companies you want to cooperate with will humbly disagree unless you obtain the ISO13485. To do so, it is important to implement a Medical Device Quality Management System (MDQMS).  Apart from the credibility issue, MDQMS will help improve employee engagement, the decision-making process, and customer satisfaction.

Be careful of your competitors

It is always important to seek out new customers even beyond borders. Yet, keeping your current customers is more important. Wherever your company is based, there are certainly other medical device companies operating and, like you, they are after more profit. One of the greatest mistakes that many companies make is that they rely too heavily on customer loyalty. If you do not improve your services, and for that matter, your standards, sooner or later your competitors are going to steal your customers by providing them with better services. To prevent this, you should always study your competitors. See what devices they produce and with what quality. If they have started using new technology, so should you. If they are offering certain services that customers seem to appreciate, you must do something similar.

Final thoughts

A closer look at the five factors that we listed above tells us that perhaps the most important factor in successfully operating a medical device company is improving your standards. It’s as if all other factors evolve around this subject. Unless you have high standards, you’re not going to receive many customers. On the other hand, not many companies are willing to work with a company that has low standards. Therefore, implementing an MDQMS is the most important factor you should consider if you want your medical device company to bring you credibility and trust. If you haven’t already implemented an MDQMS, you’d better contact Integpro and book a free consultation. We would be more than happy to help.

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