The essence of innovation in multinational medical device companies

In our days it's clear that medical devices have come a long way and they are multi-functional in treating illness and disability. They are used for more than a few variety of purposes including diagnosis, prevention, monitoring and treatment.

There has been rapid growth in the industry driven by new innovative solutions and products. The medical device industry encompasses all products used in healthcare, excluding medicines, and include diverse components such as, programmable pacemakers, stents, orthopedic joints, laser surgical devices and many more.

Innovation is a big part of our life as this is a fast-changing global reality. Businesses and their core values are affected by the decision-making process lead by innovative considerations. The world and global competition strive for quality in everything and we as customers look for continuous improvement.

The ultimate goal driving innovation is to positively impact sales. Research has shown, time and again, that innovation matters tremendously to people and that customers are more likely to purchase from a company they perceive as innovative. Medical device manufacturers have a significant share in the innovation movement as their core business requires to elevate performance and continuously offer better life-enhancing, life-saving solutions and technologies.

R&D is at the top list of priorities for medical device manufacturers, and investment in the area continues to grow as is the demand for professional talents. For many companies the main goal is not only to add value through innovation but to altogether gain a real breakthrough that will create a whole new domain in which they will be first to market.

Having a wider look on the medical device industry from the smallest startup to the biggest corporation, we can see a clear trend that shows that the medical device industry favors partnerships as collaboration in present and future innovation, rather than in-house efforts, accelerates the speed to market . Ongoing collaboration and innovation through partnerships in a highly competitive environment and specialized industry require new business models for joint projects, new strategic investments schemes, and new approaches for development.

The top three key reasons for collaborative development strategies to be on the rise for medical device companies are: reducing risk, lowering costs and coping with time as a critical consideration and speed to market capabilities.