Top it all; companies have to adhere to specific guidelines and regulations related to processing, packaging, data governance, and more that creates more challenges if not monitored closely and carefully.
Usually, the supply chain management in the medical device industry creates and manages a massive amount of data—another area of concern that comes in the way of seamless operations of the entire industry. On a practical note, this data has been managed in silos curbing its ability to generate value. The realization that this data can drive value across the supply chain is essential to keep the operations going.
Hence, strengthening the supply chain is very much the need of the hour now. Identifying these pressure points and redefining the entire system making it data-driven, will make the supply chain more resilient in function. On this note, let's look at the potential supply chain issues in detail:
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MDM and Medical Device Supply Chain Issues
Industry's current supply chain will not be able to overcome these challenges forever. Companies must develop new capabilities, especially a robust data management system and new ways of operating, stepping up the speed, flexibility, efficiency, and reliability of the entire system. Better data handling and management is a prerequisite to achieving a value-driven supply chain, and MDM transformation is a priority.
Inefficient Supply Chain
Inefficiency in the MedTech supply chain weighs heavy on production costs and inventory management, ultimately failing to adhere to the regulatory compliance and guidelines, pushing the company toward higher costs and squeezed margins. Proper cloud-hosted master data management and its integration with the existing framework would help navigate these challenges easier and faster.
Delays in Product Launch
Companies want to expand their product portfolio to aligning it to the changing market needs and environment. As modern, smart, connected device production gets more complex, enhanced scrutiny and quality checks must be in place. Product lifecycles lengthen. But, we expect the same infrastructure and the processes to guide us through. Failing to evolve the data system and identifying the clear points in which the product doesn't conform to specifications often delays the launch of the products. Revisiting the entire process manually to find the loophole takes ample time, incurring a loss of resources.