What Are the Success Factors for a Partnership with Global Medical Device Companies? Evidence from Korea

The medical device industry is uniquely characterized by both resourceful global companies and innovative catching-up companies. The studies by Chatterji have analyzed how large and established medical device companies could better utilize the ideas from innovative groups such as physicians. While the existing literature on the topic of open innovation is enriched, there are few studies on the partnership between larger global medical device companies and smaller catching-up medical device companies. This study focuses on a structured partnership with global medical device companies. To understand how such a deal could be better arranged, this study adopted the Analytic Hierarchy Process (hereafter, AHP) analysis to derive the success factors of such partnership with a focus on the case of the Korean medical device industry. This survey interviewed 30 experienced professionals who currently work for global medical device companies. The study results found that global medical device companies prefer a licensing deal along with broader territories. In terms of the preferred requirements for a partnership deal, the study revealed that there is strong emphasis on factors such as Quality and Intellectual Property (hereafter, IP) protection. This study has practical managerial implications for catching-up medical device companies which drive an open innovation practice with a view to accelerating their growth trajectory in the global market.

Influence of epidemic COVID–19 on business strategy, information technology and supply chain agility to firm performance in medical device industry

Research related to the impact of the COVID-19 pandemic on business strategy, information technology, and supply chain agility on firm performance in the medical device industry in Indonesia. The analysis used is the Structural Equation Model (SEM) with the AMOS program. The study had 171 respondents. The findings in this study are that business strategy, information technology, and supply chain agility have a positive and significant influence on firm performance during the COVID-19 pandemic. The practical implication is that business strategies and information technology save companies and society by involving supply chain agility in securing the supply of medical devices in Indonesia. It is recommended that further research consider not only focusing on medical devices but also larger or different areas to elicit different responses. The practical implications provide direction for adopting business strategies, information technology, supply chain agility in improving firm performance.

GLOBAL OUTLOOK ON MEDICAL DEVICE INDUSTRY

Medical devices assume a significant job in providing various healthcare services. The purpose of this article is tantamount to bring about the highlight key insights of the medical device industry and current innovative developments taking place, unique insights, and expectations for coming years from medical device industry professionals around the world. Global markets expect from the sturdiest growth, biggest regulatory challenges. The rising occurrence of acute diseases, regulatory requirements, and consistency in innovation is central point driving the medical device business sector development, later it is significant for the medical device industry to regularize and enhance the method to take into account the requirements of patients.

Importance of Risk Communication and Risk Analysis in Medical Device Industry

In medical device industry the risk management plays a very vital role. There should be proper communication from each and every stakeholder related to risk management of each respective department, it can be Production, Design and Development or Quality Control and all other departments. In this current research work the role of risk analysis which had been done accordingly ISO 14971 for risk management of medical device using FMEA is implemented. FMEA (Failure Mode and Effects Analysis) plays important role in risk analysis by having several steps for mitigation of risk. Also it had been used for identifying hazard of each risk throughout the lifecycle of the medical device. Risk communication should be advanced so, that the risk identified can be easily controlled by taking appropriate risk control measures. In any medical device industry risk analysis should be done properly and as well the risk communication channel should be strong for proper and immediate action. In this research paper practically the role of Risk communication and risk analysis is covered. Risk management of any of the organization can only be effective if the risk analysis is done strongly and the communication related to risk is proper. In this research FMEA analysis for risk analysis is done on a medical device and also the communication from risk manager to the other entire stakeholders of the risk management from various departments are fully taken into the consideration.