Master Data Management Platform for Medical Devices Manufacturers
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<strong>Master</strong> <strong>Data</strong> <strong>Management</strong> <strong>Plat<strong>for</strong>m</strong> <strong>for</strong> <strong>Medical</strong><br />
<strong>Devices</strong> <strong>Manufacturers</strong><br />
The US market <strong>for</strong> medical device manufacturers represents approximately 43% of<br />
the global market share and roughly accounts to nearly $155 billion. The US medical<br />
devices market has been flourishing due to the growth in the number of hospitals and<br />
healthcare institutions and the overall consolidation of the industry due to the<br />
Af<strong>for</strong>dable Care Act (ACA).<br />
The aging population in all the developed countries, coupled with an extended life<br />
expectancy creates a perfect ground <strong>for</strong> a sustainable demand <strong>for</strong> medical devices<br />
both <strong>for</strong> hospitals and <strong>for</strong> home health care. Tremendous opportunities bring fierce<br />
competition to gain market share, to improve profit margins while complying with<br />
continually-changing (and stringent) government regulations.<br />
Optimize the New Product Introduction & the Supply Chain Processes<br />
product offering.<br />
“The medical device industry has experienced<br />
unprecedented technology advancement,<br />
leading to the birth of new therapies and<br />
growth in overall healthcare industry”. Still<br />
there is a consistent pressure from the<br />
markets to enhance and develop new<br />
products and to maintain a high standard of<br />
quality while keeping costs low [2]. Larger<br />
players partner with smaller companies or<br />
acquire them to enhance increase their<br />
Some medical device manufacturers struggle to keep up with the constant rise in<br />
demand. Especially smaller and medium enterprises have difficulties in optimizing the<br />
©2017 Riversand Technologies Inc. All rights reserved.
output of their supply chain, eliminating disruptions and improving the speed of<br />
manufacturing. . The key to gain efficiency in the supply chain and optimizing<br />
inventory lies in effectively maintaining a trusted single source of data also known as<br />
“<strong>Master</strong> <strong>Data</strong>”.<br />
<strong>Master</strong> data extends through the entire data supply chain from onboarding vendor<br />
data, improving the new product introduction process and syndicating to distributors<br />
and healthcare service providers using the global data standards.<br />
Compliance with Regulations & User Security<br />
<strong>Medical</strong> device manufacturers must ensure that their products meet all the<br />
specifications required by the FDA and the<br />
FD&C Act. On a global scale, regulatory<br />
convergence is still in its infancy (IMDRF<br />
initiatives). Still, medical manufacturers<br />
have to overcome the regulatory barriers<br />
to entry (like <strong>for</strong>eign national regulatory<br />
demands, additional clinical trials, and<br />
user fees) and the trade tariffs imposed by<br />
<strong>for</strong>eign governments. Governing and<br />
regulating user access to systems,<br />
processes, features and connected devices is essential <strong>for</strong> business. By adopting an<br />
MDM plat<strong>for</strong>m, companies will be able to automate the internal processes of<br />
compliance to various rules, regulations, and policies. They can move to a more<br />
efficient “manage by exception” methodology. <strong>Data</strong> governance and user access<br />
levels protocols of an MDM solution ensures that medical manufacturers maintain<br />
strong user security.<br />
An MDM plat<strong>for</strong>m with associated apps to manage<br />
product, customer and vendor in<strong>for</strong>mation and content<br />
allows medical device manufacturers to manage, govern<br />
and analyze data across their data supply chain.<br />
Enterprises can realize a reduction in inefficiencies<br />
associated with the manufacturing process, and grow<br />
their top line and market share by putting the right<br />
product in front of the right customer at the right time.<br />
©2017 Riversand Technologies Inc. All rights reserved.
Learn how Riversand MDMCenter provided a Trusted Source of <strong>Data</strong> <strong>for</strong> better<br />
In<strong>for</strong>mation Goveranance and Reporting and improved <strong>Data</strong> Analytics across the<br />
supply chain.<br />
References<br />
[1]https://globenewswire.com/news-release/2016/11/18/891377/0/en/The-globalmedical-device-market-is-expected-to-reach-343-billion-by-2021.html<br />
[2] http://trade.gov/topmarkets/pdf/<strong>Medical</strong>_<strong>Devices</strong>_Executive_Summary.pdf<br />
Riversand is an innovative leader in <strong>Master</strong> <strong>Data</strong> <strong>Management</strong>, powering industries from the world's<br />
largest to SMBs. Riversand's single integrated, scalable and robust multi-domain MDM plat<strong>for</strong>m caters<br />
to a variety of use cases across multiple verticals. In addition Riversand offers specific solutions such as<br />
Vendor Portal, Spare Parts <strong>Management</strong>, Material <strong>Master</strong>, GDSN on-boarding, Media Assets<br />
<strong>Management</strong>, Print Publishing etc. Business value which Riversand provides include accelerated timeto-market,<br />
increased sales, improved order accuracy, reduced costs and enhanced customer service.<br />
Customer satisfaction is at the heart of Riversand's innovation.<br />
For more in<strong>for</strong>mation, visit Riversand.com and follow @RiversandMDM on Twitter.<br />
LEARN MORE<br />
©2017 Riversand Technologies Inc. All rights reserved.
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