More big data is now available at our fingertips than ever before. Leading companies in every industry are harnessing the power of data analytics to drive informed decisions across their business processes. Medical device manufacturers in particular should be making business development decisions based on an ongoing analysis of available safety and quality data related to their own and competitor products.
Here are three ways a device manufacturer can benefit from using safety and quality data to make informed business decisions.
- Uncover Opportunities for Growth
Analyzing adverse events for similar, existing products on the market allows a manufacturer to assess opportunities for improvement. Product developers who understand the adverse event trends of similar products make design improvements to reduce known risks and improve patient outcomes.
- Portfolio Analysis
In addition to reviewing adverse event trends during the new product development phase, it is equally important for organizations to monitor the performance of their existing portfolio of products. Frequent safety and quality performance reviews allow your team to act quickly to identify and correct negative trends early.
- Competitive Intelligence
Safety information such as recalls or warning letters can provide opportunities for new products to unseat incumbent devices used by healthcare providers today. The recall and removal of a competitor product from the market could provide sales teams with a perfect window of opportunity to introduce their product to new customers.
To achieve these benefits, organizations should keep in mind the quality of data they are accessing. Working with an up-to-date, streamlined and standardized dataset will help you improve the accuracy of your analyses, provide deeper insights, and drastically shorten the amount of time spent digging through databases, downloading and refreshing spreadsheets, and working to get an apples-to-apples comparison across multiple data sources.
Reed Tech Navigator™ for Medical Devices was developed specifically to inform the business decisions of device manufacturers. For more information on how to use quality and safety data to drive better business development decisions throughout your organization, contact Reed Tech today.