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Medical Device Industry Challenges and Opportunities in 2021

The medical device industry has been experiencing notable growth over the past few years. However, just like in any other industry, it is also faced with challenges and disruptions for different reasons. These setbacks slow the rate at which industries are operating, from the supply chain to financial expectations.
Here are some of the most prominent challenges facing the medical device manufacturing industry

1. Cyber Security Concerns

Thanks to the fourth industrialization, the industry has been introduced to digitalization methods such as artificial intelligence and robotics. These have modernized the whole process, making things easier, faster, and more efficient. However, the same technological advancements have paved the way for the cybersecurity threat. For example, in 2017, the National Healthcare Service UK was attacked, paralyzing all the country’s healthcare department’s computer systems.

These systems are vulnerable. This potential security breach can be a leeway for hackers to access medical devices and tamper with them. Such cases of technological insecurity can negatively affect product quality and recall rates. There is a high likelihood for patients to get harmed.

It is impossible to neutralize these threats and vulnerabilities. However, responsible authorities are going an extra mile to eradicate it by making it mandatory for specific reporting tools to be placed on the devices. This way, the performance can be tracked and risks identified.

2. COVID-19 Pandemic

By May 2020, more than four million people had already been infected with the Coronavirus. The world experienced distractions, and so did the medical device industry. The healthcare industry was overwhelmed, making the effective delivery of medical services to patients a challenge. Medical device manufacturers, which heavily rely on these healthcare facilities, were also impacted. Most medical devices have to undergo several clinical trials, both premarket and post-market, before receiving authorization and certificates. As the pandemic continues to unfold, these forms are finding it hard to make informed decisions concerning the supply chain, general market, products, and regulatory obligations. As much as it would be easier to take the headless action, such protocols still have to be followed. As a matter of fact, this is the time when quality matters most.

Another effect of the pandemic was on productivity. Most of the firms had to go through changes to maintain productivity while still abiding by the COVID19 guidelines. Some even had to downsize to cut on workmanship costs.

3. Intricate Regulatory Requirements

There are rules, government guidelines, and regulations that medical device manufactures have to follow. For example, all manufacturing professionals have to report any adverse issues and events as early as possible. The firms also have to maintain a high level of public sanitation and health while keeping patient safety in mind.

However, some other regulatory requirements are complicated enough to tamper with some medical devices’ availability to the public. This, in the long run, affects the healthcare industry such that it becomes harder to deliver quality service during emergency health conditions.

4. High Cost of Production

It takes a lot of effort, both mental and financial, to develop a medical device from just an idea to a realization. There are so many expenses incurred before the product is ready to be introduced to the market. Manufacturers have to cater to rent, workmanship costs, materials to make the device, and many others. Therefore, the general price of the device will be dictated by all these costs in the end. No wonder people find some of these devices too expensive.

Apart from paying the costs, the company also has to cater to other projects and research processes that also need funding.

5. Counterfeit Products in the Market

Did you know that one in every ten medical devices is of substandard quality? This is a big challenge to the industry, especially from a risk perspective. Compromised devices have made their way into the market, leading to faulty end products and making legit businesses legally vulnerable. Buyers lose their trust in the industry when they work with these fraudulent products.

Even though there are so many uncertainties surrounding the industry, it is still standing strong and ready to face the new world ahead.