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New research demonstrates how modern solutions can significantly improve speed and efficiency while reducing risk for medical device companies..
Greenlight Guru, the leading provider of cloud-based solutions for MedTech companies, announced today the results of a new independent study that measures the return on investment an electronic quality management system (eQMS) solution can have on medical device companies. Developed in partnership with the research firm Hobson & Company, the study shows that companies can experience significant increases in speed and efficiency, along with a reduction in risk, by implementing modern solutions like Greenlight Guru’s eQMS.
The implementation of a QMS is key to the success of a medical device company and the speed at which it can operate. However, success can be more difficult to achieve with a paper-based QMS or generic tools, which 1 in 3 MedTech professionals say they use for essential activities like documentation, product development, compliance, and training. This approach creates inefficiencies and increases the risk of non-compliance. As a result, about a third of medical device industry professionals say they are not well equipped to meet quality and product development standards.
Overall, the independent study found that a three-year investment in Greenlight Guru’s eQMS solution can generate positive cash flows in just 2.7 months and a potential return on investment of 300-500%.
“Our research study clearly illustrates the impact a modern eQMS solution can have on a medical device company,” says Tammy Klein, Management Consultant at Hobson & Company. “Many of the companies in our research study had previously used manual or less sophisticated systems, and they experienced significant improvements after implementing Greenlight Guru’s eQMS solution.”
In addition, the study revealed an array of positive impacts for medical device companies implementing an eQMS solution, including:
75% reduction in time needed to set up a quality management system
50% reduction in time spent on development and design documentation
50% reduction in time spent preparing for audits
75% reduction in QA/RA FTE time spent on mandatory training
35% reduction in the number of labor hours needed per recall/return/adverse event
Along with the new study, Greenlight Guru has also introduced its new online Value Calculator—an interactive tool that provides MedTech companies with customized reports on the potential impact an eQMS solution can have on their business. The Value Calculator can be accessed here https://www.greenlight.guru/roi-calculator.
“We are excited to release this research study that clearly quantifies the results MedTech companies can achieve when they move from a legacy or paper-based system to a modern eQMS solution,” says David DeRam, CEO of Greenlight Guru. “This will help MedTech executives understand why they need to make this critical investment and the measurable benefits it will have for the company.”
Greenlight Guru will host a free webinar on June 8, 2023 to provide a more in-depth review of the results. More information and event sign-up can be found here.
Greenlight Guru is the leading cloud-based platform purpose-built for MedTech companies. The end-to-end solution streamlines product development, quality management, and clinical data management by integrating cross-functional teams, processes, and data throughout the entire product lifecycle. Greenlight Guru’s...