5 Best Supply Chain Practices for Medical Device Manufacturers

5-Best-Supply-Chain-Practices

During a recent Health Care Supply Chain Week organized by the Association for Healthcare Resources & Materials Management, it was explained how medical device manufacturers should employ supply chain best practices in their own businesses. Below we summarize the main points.

Modernize your Data Strategy by Improving Transparency and Visibility

Before the onset of the pandemic, many medical device providers and manufacturers were already sharing data in order to improve their bottom line and enhance outcomes for patients.

One speaker pointed out that a more modern data strategy with improved transparency can help medical device managers not only standardize treatments but integrate improvements when needed.

The point was raised that data can also help facilitate improvements in forecasting. Every manufacturer has data about the types of products being used, where these products are used, and what the outcomes are. Sharing aggregate data can help facilitate better-informed decisions when it comes to stocking and sourcing. It can also help define industry standards and best practices for technology and products utilized in care delivery.

Automate and Consolidate Supply Chain Processes

To deliver the level of automation that is increasingly being demanded by their clients, medical device manufacturers will urgently have to replace manual invoicing and payment systems with electronic ones. Not only will this be more cost-effective in the end, but for many manufacturers, it will also ensure a level playing field for payment processing.

It was also pointed out that those manufacturers who still used manual payment systems were at a huge disadvantage during the pandemic—they were not able to place automated orders, manage backorders and shortages, or process payments.

Migrate to the Cloud

The enhanced security, speed, and scalability offered by moving to the cloud benefits both medical device providers and manufacturers. Patient data can, for example, flow uninterruptedly between emergency rooms and other systems. This data can help doctors and manufacturers to measure the efficiency of products more accurately and to get better outcomes by making improvements to care pathways. The sharing of data will also be useful when developing more innovative solutions. At the same time, patient monitoring via remote devices will be improved, device tracking will be easier, device and software maintenance will be enhanced, and the vastly improved availability of data will boost research efforts.

Clinically Integrated Supply Chains

This involves the integration of clinical systems and ERPs, EHRs, and automated supply chains to make possible the cross-functional collaboration that is required for better-informed decisions throughout the full spectrum of patient care.

This requires manufacturers to start backing up claims about the effectiveness of their products with clinical use data. Although this type of information is already available, it seldom ends up in the hands of clinical specialists, sales teams, or doctors. It will increasingly happen in the future that manufacturers who can’t back up their claims with clinical outcomes data will see their products remain unsold. Sharing this data will undoubtedly also foster innovation.

Predictive Analytics

Predictive Analytics helps manufacturers better understand the market and improve both the effectiveness and efficiency of their supply chains. It also helps gain better insight into their products’ clinical impact and adoption patterns so they can better allocate scarce resources.

Predictive Analytics is also used to drive innovation and improve research and development in order to make better products and ensure improved patient outcomes. Another benefit is that it helps to predict demand and makes it easier to spot market trends that can offer great opportunities.

How We Can Help a Medical Device Manufacturer Like You

Finding the right partner to bring a medical device to life is hard. C3 Medical provides the plan and people you need so you can feel confident in your product’s success. We’ve helped hundreds of people like you avoid common pitfalls that lead to wasted time and money. Our clear process assures your product meets expectations and is manufactured so you can get it into the hands of the people who need it.

Learn more at https://c3mdc.com/

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