Geometric Limited is a specialist in the domain of engineering solutions, services and technologies. I turned to Geometric earlier this week to draw from their expertise and gain a greater understanding of the processes and benefits of cost optimization for manufacturers. I learned that cost optimization is often thought of as a cost reduction exercise, however established products have inherent costs “built-in” to the product. Manufacturers with established products must focus on post-production expenses and work to reduce material costs and manufacturing expenses, while most of the cost structure for the product is already set because of the product specifications and decisions that were made during the development stage. The experts at Geometric advise that by pursuing cost optimization initiatives during the product development stage “companies can create significant cost optimization through better understanding and evaluation of cost drivers across the entire product realization value chain”. There are, however, five potential barriers to achieving full cost optimization during development and these may arise due to the inherent nature of the product development stage. In this weeks infographic we explore these barriers as the first part of our ‘Cost Optimization Series.’
Read More →Why You Should Create a Collaborative Culture in the Pre-Development Stage
The medical device industry has seen substantial growth in past years and the need for innovative, value-driven devices is rising. The sustainability of the current healthcare system, however, is dependent on minimizing spend and maximizing resources to ensure that for each dollar spent, there is some improvement to the health and quality of life of the individual. In order to achieve the necessary value and quality in the design of new devices, more and more manufacturers are striving to develop a collaborative culture in which the needs of the patient and those of the end user, such as the nurse, physician or other care giver, are taken into account during the pre-development stage. James Donnelly, Ph.D., Chief Scientific Officer, Global VP, Medical, Scientific & Statistical Affairs, Siemens Healthcare Diagnostics says “it’s not just how the patient benefits from a product, procedure, or test result—it’s everybody in between us and the patient that also need to be considered. It’s how the device and its functions will fit into their workflow and how it will add value to their system. You can build the best product in the world, but if they can’t use it in a way that is efficient and cost effective for them, it will fail.” “Device manufacturers need to look now and act fast to understand whether or not, in this changing environment, they are still creating products that represent today’s definition of state-of-the-art while anticipating what is needed in the future,” Donnelly says. “By bringing the patient and user perspective …
Read More →