Global Medical Device Contract Manufacturing market stood at USD 65.9 Billion in 2021 and is expected to reach USD 113.3 Billion by 2026 with a CAGR of 11.5% over the forecast period (marketsandmarkets.com). With global governments focusing on coming up with health initiatives for mass welfare, the demand for affordable and accessible medical devices has increased.
To fulfill the growing demand OEMs are partnering with Contract Manufacturers to scale up & speed up production. Unlike old days when contract manufacturers were limited to manufacturing part of the process, now they have teams to assist OEMs with design enhancements, regulatory support and much more.
Let’s see the 10 benefits you can avail while signing up with Medical Device Contract Manufacturer:
1) Lower Cost of Manufacturing
While signing up with Medical Device Contract Manufacturer you reduce cost in multiple ways. In current scenario experienced contract manufacturers have teams to assist you with production and other design & engineering requirements. Post prototype stage, product might have several changes. These changes are done at the contract manufacturer’s end to make the design manufacturable.
Along with design & engineering assistance they help you with regulatory support. This becomes more important if you are a startup. Entering newer geographies can get tricky without guidance. Partnering with an experienced Contract Manufacturer gives you support in all aspects of launching and maintaining sustainability of your product in the market.
Outsourcing the Medical Device Manufacturing you save on:
- Workforce wages
- Production machineries
- Brownie services like Regulatory, Technical Documentation, Design & Engineering enhancement, Post Market Design improvement assistance and much more
2) Regulatory Support
Contract Manufacturers work with numerous clients. They leverage their experience gained with one project on others too. This applies to regulatory as well. Once you scroll the client/project portfolio of a contract manufacturer you can easily evaluate whether they can help you in entering targeted market.
Mostly, an experienced manufacturer keeps the targeted market in mind through every stage. From DFM stage to packaging stage every process is in sync with regulatory norms of targeted geography. They also assist you with technical documentation like DHR, DMR, DHF and more to take your product to market.
3) Post Market Design & Engineering Assistance
Once your product is launched in market, its survival depends on the end user experience. Often, product has several feedbacks accompanied by suggested changes or modifications. Contract Manufacturers assist you with post market design and engineering changes too. This helps in maintaining sustainability of your device in the market.
4) Readily available workforce
While outsourcing you reduce the struggle to hire and manage production workers. Subletting the production saves you from the hassle of maintaining new payrolls and train new workers.
5) Leverage resources and Govt policies of the manufacturer’ geographical location
Currently, most of the geographies around the world are focused on creating democratized healthcare ecosystem. For instance, India has numerous Govt. policies to incentivize the promote Medical Device Manufacturers. Partnering with Contract Manufacturers in locations where government policies are favorable eventually gives you a lot of cost benefit and ease of doing
business. India being 4th largest Medical Device Market in Asia becomes one of the most promising destinations for Medical Device Outsourcing.
6) Opportunity to focus on other business aspects
When you are relieved of the burden of handling production floor, you can focus on other areas. This gives you ample time to build strategies, focus on branding and create networks to launch your product at right platforms for maximum reach and exponential sales revenue.
7) Reduced hassle
Outsourcing relieves you from hassle of handling multiple tasks by optimizing amount of time and money.
8) Accelerated Go-To-Market
Outsourcing manufacturing helps in scaling up faster. When you have everything done under your roof and guidance it may create chaos and delay things. But, once you outsource the manufacturing you have experts to handle production tasks. The accountability at the manufacturer’s end pushes their team to match the stipulated deadlines.
9) Lesser chances of errors and redoes
Handling multiple teams and tasks at once increases the chances of errors and redoes. This leads to extra overhead costs too. Outsourcing production means you sublet the entire production tasks to experts. They meticulously perform tasks as per the regulatory guidelines and ensure minimum errors and redoes.
10) Supply Chain Assistance
Outsourcing Manufacturing to a Contract Manufacturer at an accessible geography makes it easier to reach multiple markets. For instance, India has multiple shipping options which makes it easy for you to get your consignments at multiple locations with minimal investments and hassle.
Sign up with Johari Digital Healthcare Ltd. to explore cost optimized and regulatory compliant Medical Device Manufacturing services
Rapid growth, favorable govt. policies of the countries for mass healthcare, entry of new players and emerging advanced Technologies across diverse medical device segments has transformed the Medical Device Industry.
We at Johari offer cost efficient & regulatory compliant Medical Device Contract Manufacturing services for quick and successful Go-to-Market of your medical device. Get in touch with Johari Digital Healthcare to explore seam