The medical industry is one of the world’s rapidly growing industries that is primarily affected by economic downturns, population demographics, and technological advancements. It deals with a wide range of medical components like hypodermic needles, syringes, implanted defibrillators, female diagnostics, and cardiac monitoring equipment. This sector continues to evolve greatly in the coming years seeing increasing health concerns and an increasing population. Although there is a strong demand for advanced technologies and a promising future, there are still many challenges to overcome for medical equipment manufacturers in India. Considering public health and interest, medical equipment manufacturers must comprehend these challenges and tide over them. These are –
Lack of Visibility Into Inventory –
Manufacturing and distributing medical supplies and devices is only possible if you can skillfully manage your inventory. For example, do you know how many medical supplies and devices you have, where all the parts are located, and can your employees can find them? Unfortunately, companies that use archaic management systems cannot answer these questions – or at least do not answer these questions easily and accurately.
But with the help of the Cloud ERP solution, these questions are not a problem. With this, medical equipment manufacturers in India can track inventory in real time. They will be able to track each part of a final product with the help of a serial/lot number and expiration date, thus eliminating manual counts and enhancing forecasting, which results in reducing waste.
R&D Struggles –
In many other businesses, the development of medical equipment is dependent on extensive research and development. Conducting the necessary clinical trials can be quite costly and time-consuming. This might lengthen the time to market and reduce profits. However, implementing technology such as cloud computing and robotic process automation is a viable solution to this issue. Cloud-based collaboration tools can connect disparate clinical systems by merging data from several sources to produce more precise findings. Using the cloud enables real-time data updates from each of these sources, hence expediting the R&D process. Using these technologies, clinical investigations will be less time-consuming and more accurate, resulting in decreased expenses and a faster return on investment.
Compliance With Regulations –
Regulatory complications are very real and quite problematic for various medical equipment manufacturers in India. As regulations may vary from country to country, the language barriers, standards, and rules are only sometimes clear. That’s why having medical equipment manufacturing standards is very important. Medical equipment manufacturers need to implement their quality control in addition to that of the market they are working within. Apart from this, they also need to follow industry-recognized standards like ISO 13485.
This industry provides solutions on which many people’s lives may depend. Unfortunately, and essential a it is, there are a lot of challenges to overcome. Some of these are systematic, while others are far easier to tackle. Thus, selecting the right technology and adjusting workflows can be just the thing to minimize medical device manufacturing challenges.
Cybersecurity –
As many medical devices are connecting to the Internet of Things (IoT), cybersecurity becomes one of the essential factor one need to consider in medical equipment manufacturing. Smart technologies can be hacked easily, and ensuring that hacking into one device won’t give hackers access to an entire facility is extremely important. Using separate networks, data encryption, and frequent software updates are just some ways medical equipment manufacturers in India can jump this problem.
Inability to Adequately Manage Clients –
With clients, one is able to do business. Attracting clients is essential but retaining them is just as critical. Client management with a legacy solution is an uphill battle with a lack of integration resulting in inaccurate customer data and an ability to communicate well with each customer. Using a cloud ERP solution, medical supplies and device manufacturers can –
. Employ integrated CRM for streamlined client management.
. Can perform marketing, quoting, and sales tasks directly with the system.
. Can manage delivery and post-sales support to maintain strong client relationships.
. Use automation features to support better customer communication, thus helping them grow the business and boost its reputation.
. Can maintain current and accurate customer data.
. Integrate payment processes with e-Commerce integration capabilities.
Counterfeit Devices –
There is a counterfeit version of just anything you can think of, like wearable medical devices. To verify their devices, many medical equipment manufacturers in India need to implement systems to ensure the safety of their users. One of the newest and most effective ones is to combat counterfeit devices in the blockchain.
So, the above are some of the challenges that medical equipment manufacturers in India can face. Using the Cloud ERP solution, medical equipment manufacturers may comprehend these challenges and can run their businesses profitably.
