MOUNTAIN VIEW, Calif., Oct. 18 /PRNewswire/ -- Innovation is the key to success for medical device companies in today's economy. However, not only must companies produce superior products, but they must also effectively manage each product's entire lifecycle to achieve success. This includes everything from R&D and regulatory through manufacturing and distribution. Strategic partners specializing in lifecycle management can provide the skills and resources that medical device companies need to keep up with the demand for efficiency and innovation.
Frost & Sullivan recently published a whitepaper, Strategic Product Lifecycle Management Partnerships as the New Means of Competitive Advantage for Medical Technology Companies, that describes the benefits of using outside partners to successfully manage the lifecycle of medical technologies. This whitepaper also provides advice for successfully managing these partnerships to ensure the process is effective.
"Medical device companies have traditionally viewed innovation in terms of product design and clinical research," states Frost & Sullivan's Director of Healthcare Consulting, Charlie Whelan. "However, companies in the industry are increasingly looking at innovation in terms of new business models that are more reliant on strategic supply chain partnerships in order to lower costs, gain access to skills and resources, and allow them to enter new markets faster."
A strategic product lifecycle partner can help companies maintain their focus on the capabilities that deliver competitive advantage, while outsourcing functions that are less critical to the value of the company. By outsourcing manufacturing and sustaining engineering functions, a company can focus on innovation and new product development. Partnerships can be used as virtual extensions of R&D to help maintain strategic focus, operating flexibility and cost effectiveness across the portfolio. Partnerships can also enable the OEM to tap into skills they don't possess inside the four walls of their organization.
In a global search for a strategic product lifecycle management partner who has delivered high value to its clients, Frost & Sullivan identified Celestica, a global leader in the delivery of end-to-end product lifecycle solutions. Building upon the company's extensive experience in servicing highly regulated industries with complex technology solutions, Celestica has made strategic investments to further tailor its offerings to healthcare customers.
If you are interested in receiving a copy of Strategic Product Lifecycle Management Partnerships as the New Means of Competitive Advantage for Medical Technology Companies, please send an e-mail to Johanna Haynes, Corporate Communications, at email@example.com with the following information: your full name, company name, title, company telephone number, company e-mail address, city, state, and country.
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SOURCE Frost & Sullivan