Medical device manufacturers will soon be affected by substantial new government regulations, and those who have the right project management tools and processes in place will weather these changes much more smoothly than those who do not. The European Union, for example, is set to impose sweeping new rules and oversight in May 2021 for all medical devices imported in the EU. The Food & Drug Administration in the US will follow suit in May 2022.
Considering the risks associated with noncompliance—from steep fines to loss of licensure—medical device manufacturers need to take steps now to ensure their entire product lifecycle is compliant, well-documented, and executed with precision.
Here are three ways the right project and task management system can help medical device manufacturers succeed:
Implementing detailed, repeatable processes is essential to the success of any business, but to an even greater degree in the medical device manufacturing industry. Compared with products used in most other settings, medical devices are often complex, sensitive, and expensive. This raises the opportunity for error, which carries high risk in the forms of lawsuits and reputation for manufacturers.
Ensuring the production process is airtight requires more than simply checking a box. Every step in the process must be thoroughly documented, with information stored in a central and accessible repository. With a system like this in place, medical manufacturers can better track compliance measures and protect themselves from fines or legal action.
Installing sophisticated devices in medical settings often entails managing hundreds of steps and parts. Standard project management tools simply aren’t built to facilitate these installations, especially with an eye on compliance.
Additionally, installation of medical devices can be costly and time-consuming, so implementing a robust, agile, and integrated project management system can greatly increase the net revenue of a project. By tracking each step in the process and allowing for visibility across teams, the right project management system can significantly reduce the time and resources needed to successfully install a medical device.
One mistake medical device manufacturers make is to focus on sales and neglect the customer onboarding experience. This includes everything from installation to training to support. While medical device manufacturers experience less customer churn than other industries (2.1% compared to 5% for B2B businesses overall), the onboarding experience can greatly affect future sales with that client. In an industry where competition is increasing, companies must do everything they can to differentiate themselves and retain their clients.
If your company can effectively incorporate the key characteristics and required stages into your project management and onboarding experience, you will be in a great position to remain in compliance, improve customer satisfaction, and contribute directly to business growth.
How does your medical device company stack up when it comes to onboarding? Take our free assessment and receive a customized report with actions to improve your customers’ onboarding experience.
