Med Tech: sustainable innovation
Innovation is important for all businesses, and it is crucial to enterprises in the medical technology (Med Tech) field. But innovation is not only about technology. A rigorous approach to sourcing, logistics and processes – so that parts costs (and TCO) remain tightly controlled, while stock-outs are avoided and processes become more efficient – helps keep medical equipment manufacturers competitive too.
Technologically, the fast pace of change in the Med Tech field is driven mostly by Industry 4.0 advances in artificial intelligence (AI), machine learning, and the internet of things. These have led to more automated processes, with tools like hand scanners and Vending machines for line-side parts. However, other drivers play an equally important role in shaping the way Med Tech OEM businesses look at innovation these days.
For instance, the growing focus on CSR (corporate social responsibility) – especially environmental practices – has put extra emphasis on finding sustainable solutions for consumable parts. Regrinding drill bits is one example. And recycling packaging materials another. Such initiatives bring about a much-needed benefit for the companies themselves too: extra cost savings. CSR also encompasses the safeguarding of supply chain standards and ethics, as well as support for diversity & inclusion. In this way, innovation even extends to partnering with suppliers who have an impeccable business record.
Back on the factory floor, inventory reduction is another area ripe for innovation. Cutting-edge solutions include stock-pooling between sites and elimination of obsolete stock (often a result of over-stocking) by checking minimum order quantities and balancing these against stock-out risks.
But how do you discover the latest innovations and introduce them into your business? The answer is to partner with a specialist like MAG45, who organises ‘supplier days’ for its key customers where the state of the art is showcased. Such events play a vital role in the transfer of new ideas and improved technologies from suppliers to equipment designers and builders, in support of their customer focused approach to product development.
These supplier days don’t just highlight patentable new designs, they also address the total cost of ownership for your healthcare end-customers. We actively seek out innovations that may improve equipment productivity, sustainability, longevity, and suitability for use in less developed regions, aligning ourselves with your strategic imperatives.