PRODUCT INNOVATION QUALITY AND COMPLIANCE
Rapidly progressing technology landscape presenting new use cases for medical devices and hence shorter lifecycle.
Robotic Process Automation (RPA) & Business Process Management (BPM) can reduce the processing cycle, reduce the cost of development by eliminating non-value-added and repetitive tasks.
Factor #2: Growing need for Personalization & Remote Care
The business model shift from B2B to B2C
Personalization and Patient-Centric care warrant the need for innovative devices with the latest technologies
Patient data analytics for providing personalized and timely care
Remote monitoring & care service
Keep pace with innovation in preventive technologies such as ‘smart IOT devices’ bundled with services.
Connected medical devices with patient data monetization.
Digital technologies such as AI, ML, and analytics for cost reduction and time of product development.
Regulations like EUMDR warrant the need for an enterprise product data model encompassing
Adoption of digital technologies to accelerate product approval by regulatory agencies and comply with new regulations
AI/ML can accelerate submission publishing timelines, thereby potentially speeding new medical devices to market