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Results from the 2021 Medical Device Product Development and Quality Management Benchmark Survey were driven by over 300 global participants, of whom are employed in engineering, quality, regulatory, and operational roles by organizations ranging in size from small to enterprise level.
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Looking ahead, the picture appears to be more favorable in 2021.
Medical device companies expect modest-strong revenue growth, and very few expect revenue shrinkage.
Remote teams are relying heavily on storing and accessing documents on a shared network (3 in 4 report doing this) or accessing files under some type of document control (59%).
This introduces new, significant risks around access, security challenges, and operational efficiency.
Company leadership often has different focus and expectations vs. managers and individual contributors — and these differences can lead to additional risk, as well as affect job satisfaction.
While technology is never curative, the right tools do give companies a significant advantage.
Similar to last year’s findings, tech maturity remains stubbornly low in the industry with roughly half of all respondents say they use general-purpose tools to support design control and risk management processes (53%) and for quality management processes (49%).
The research points out the specific benefits that specialized technology for the medical device industry offers the companies that deploy it.
To join the ranks of high-performing companies in the medical device industry, we see four key areas for medical device companies to focus on in 2021 and beyond.
How are highly competitive companies outperforming their peers? The research uncovers what these best-in-class organizations are doing differently.
Quality is no longer a “checkbox” activity, but a key generator for competitive strength. High performing companies view quality as a tactical advantage and a mindset that influences best-in-class product development and product improvement - while outperforming their peers.
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