In the medical industry, the pace of innovation and changing demands must be balanced against the need to derive optimal ROI from product development.
From a product improvement standpoint, there are always ideas and opportunities for both small engineering changes and more extensive redesigns that could potentially make existing products better. However, there are not always resources available to conduct a proper analysis on ROI or to undertake designing the changes when deemed worthwhile.
Teaming with an experienced partner for feasibility assessments, design concepts and product improvements can cost-effectively augment internal resources and help extend the profitability of existing products.
To get the highest return on existing product lines and make the best use of internal R&D resources, it is critical to have an efficient, proactive methodology for capturing and evaluating improvement ideas. This process can be effectively supported by leveraging knowledgeable partners with the ability to help you assess the opportunities and, if necessary, to either take the lead or provide assistance for a full range of concept-to-production steps.
The key elements for success include:
- Assessing Needs and Unmet Opportunities for Product Improvement
- Augmenting and Coordinating with Internal Resources
- What to look for in a Design and Product Improvement Partner
- Best Practices in Design for Manufacturing
In some cases, it’s helpful for the partner to act as the “voice of the customer” in order to crystallize what changes are needed from the market perspective. In other scenarios, you may have a relatively clear definition of the proposed changes but need the partner to take the lead on design concepts, trade offs, feasibility and ROI analysis. In some instances, full turn-key design and manufacturing can be the best option for fast time-to-market and optimizing ROI.
The bottom line is most companies have a lot of unrealized opportunities for product improvements that can yield better profitability, improved sales results and/or better customer satisfaction. However, all too often, these valuable veins of opportunity are not mined sufficiently because of either a lack of available resources or the demands of other competing priorities.
By judiciously using knowledgeable outside partners, companies in the medical sector can breathe new life into existing products and reap the benefits, without having to turn their internal organizations inside out.
To learn more about how using an outside design partner could help achieve your goals, download the Tech Bulletin on Meeting Challenges of Medical Device Re-Design.
