Medical Device Manufacturers Increase Cost Savings With Spend Analysis and Benchmarking Solutions
SpendEdge’s supply market intelligence study on the spend analysis and benchmarking services for medical device manufacturers helped identify cost savings opportunities by evaluating spend areas, supplier performance, process efficiency, and legal compliance.
Challenging Procurement Scenario for Medical Device Manufacturers
Medical devices comprise a broad range of devices and materials used in the diagnosis, prevention, monitoring, and treatment of injuries, disease, or medical conditions. It encompasses a majority of items from big devices such as radiology machines, patient monitoring devices, and medical testers to small articles such as a syringe, medical dressing, bandages, and implants. Of all the various costs incurred by medical devices manufacturers, R&D cost comprises a significant part. Medical devices manufacturers face a host of challenges in marketing their products since it is governed by complex FDA device classifications, dynamic economic environment, device standardization, patent laws, and complex worldwide reimbursement models.
The Rise of Telemedicine and Home-Based Treatment
Medical technology has advanced to such a point that general devices like smartphone are also capable of measuring primary health data. The increasing trend of wearables is moving beyond fitness trackers to sophisticated devices such as medical biosensors, glucose monitors, automatic insulin dispensers, electrocardiogram patches, and smart hearing aids. Medical device manufacturers are focusing on the development of devices which could reduce the medication and care costs and are capable of providing immediate health solutions. In order to improve the quality of healthcare, several home-based treatment options such as telemedicine are bursting into the scene.
Solutions SpendEdge offer to businesses
SpendEdge’s spend analysis and benchmarking study for a fortune 500 medical device company provides insights into the cost components, spend patterns, vendor performance, and contract negotiation strategies. The solutions offered includes:
- Deliver maximum savings by in-depth spend analysis of various cost components
- Provides insights on best practices to improve process efficiencies and assists in the implementation of new system
- Manages maverick spends with advanced data analytics solutions to help manage spends across non-contracted vendor categories
- Delivers compliance information to ensure the procurement processes comply by governing rules and regulations
Read our complete case study titled – Spendedge Helps a Fortune 500 Medical Device Company Improve Savings Through its Spend Analysis and Benchmarking Services
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