The medical technology (MedTech) industry is a critical and complex sector. As highlighted during the Covid-19 pandemic, the MedTech industry provides a wide array of products and technologies that are vital to the safe and effective provision of care to many. Also, as seen over recent years, there is often the requirement for flexibility in supply, rapid development, and the introduction of new products to keep pace with global public health demands.
To be successful, the industry must adapt to these needs while navigating evolving regulatory requirements. New regulatory frameworks, such as the Medical Devices Regulation (MDR) and the In Vitro Diagnostic Medical Devices Regulation (IVDR) as introduced within the European Union, invariably increase the regulatory burden and cost to device manufacturers. Further complexity is introduced through the categorization of more than 7,000 medical device types, as recognized by the World Health Organization, under three broad regulatory categories (Class I, II, and III) (five including sub-categories in the EU). This is an enormous challenge for the regulators that draft the regulations and monitor compliance and the MedTech manufacturers that need to ensure their products achieve cost-effective conformity.
A long list of technical challenges, such as those relating to approved modalities and the supply of sterilization, further complicates the supply of MedTech-based products. Additionally, as our global population grows and ages, demand often increases out-of-step with available budgets, which inevitably results in an almost constant drive towards cheaper and/or more efficient solutions. Global high inflation has also impacted production and transportation costs, making it more difficult than ever before to ensure the profitable supply of critical medical technologies.
More minds are better than one
These factors, among many others, are driving significant frustration within many MedTech organizations. Companies often devote great effort to address these growing industry challenges – but in isolation. Although the precise issues are specific to the MedTech industry, similar complexity exists in other sectors, such as biopharmaceuticals. BioPhorum has extensive experience in driving efficient and effective cross-industry change within the biopharma industry to successfully address issues such as supply chain vulnerabilities and dual sourcing of raw materials. These results, and many more, have been generated via collaboration between multiple companies where knowledge is shared and solutions are derived for the benefit of all. BioPhorum’s experience is that the broader the expertise base, the more comprehensive and efficient the output. Often, the collective benefit is enhanced for participating companies, while greater rewards are also delivered in public health and for the multiple industry stakeholders: patients, healthcare professionals, health authorities, and regulators.
MediPhorum – an open and safe environment to facilitate industry-wide collaboration
BioPhorum has spent years distilling its unique collaborative approach and tuning this for use within the MedTech industry. As a result, MediPhorum by BioPhorum has been launched to bring together senior business leaders and subject matter experts across multiple MedTech disciplines, including drug delivery, wound management, urology, and diabetes care. MediPhorum’s mission is to better connect MedTech organizations to create industry-led solutions to its shared challenges. These include issues that increase the time and complexity taken to develop and market new medical devices and technologies, or cause complexity relating to the continued sale of established safe and effective medical devices.
MediPhorum will add depth to new collaborations by helping subject matter experts from different device segment areas to share knowledge and enhance effective collaboration. If you are in the MedTech industry, can you afford not to collaborate?