Canadian Medical Device industry Overview
Canada is one of the largest economies of the world and has a huge potential for companies in the medical device industry. The market is sophisticated and mature, with a strong demand for high-quality medical technologies. However, the medical device industry is facing predicaments due to fierce competition from US companies in the Canadian market. They lack the necessary market insights required to gauge new market opportunities and address problems associated with cost structures, pricing issues, regulatory requirements and suppliers.
Business Challenges Faced
The client, one of the largest companies in the Canadian medical device industry manufacturing over 100 products was facing numerous challenges on different fronts such as market competition and procurement of products and services. This included purchase price fails, approval of new generation devices, and opportunity for sales of new devices. Therefore, they decided to collaborate with SpendEdge to determine appropriate supply markets and maximize cost savings without compromising on quality patient care. Also, they wanted detailed insights into the product attributes that had the strongest implication on the costs, to track down escalating cost factors and improve strategic sourcing decisions.
Inability to perform medical device industry analysis and gauge new market opportunities can impact the company’s share in the medical device industry market size. Request a free proposal and our experts will get back to you asap.Request Free Proposal
Our Research Approach
Leveraging their scales and depth of experience, the procurement experts at SpendEdge carried out a detailed medical device industry analysis and offered a customized supply market intelligence solution. This helped the client to gain real-time insights, right from evaluating and determining appropriate supply markets to conducting in-depth analysis and profiling suppliers. They obtained data on supply market capabilities, understood how the competition is developing – to bolster holistic external market awareness.
Furthermore, to address purchase price fails and meet compliance requirements for new generation devices, they identified regulatory requirements and sourcing best practices to comply with regulatory requirements. They also identified disparate labeling systems that the company needed to centralize to ensure compliance and address label inaccuracies. While working, our experts also collaborated with their procurement manager to help them understand the cost structure and analyze the financial health of suppliers in the medical device industry.
SpendEdge’s customized medical device industry helped the client to gain market insights and develop a robust sourcing and procurement strategy. This helped the client to identify the opportunity for sales of new devices despite the market competition. With real-time price tracking and accurate forecasting of raw materials, our solution enabled the client to achieve cost savings of $15 million.
Developing a robust sourcing and procurement strategy requires companies to obtain in-depth sourcing and procurement insights. Request a free demo to access our web-based procurement platform and gain detailed insights.
Medical Device Industry Trends to Watch Out for in 2020