The breakneck speed of change in the medical industry is astonishing. Less than 80 years ago, antibiotics were not yet widely used, and millions of people around the world died from what today would be nothing but minor infections. The changes in medicine appear to be developing faster and faster with each passing decade, which presents both major challenges and major opportunities for medical manufacturers. In this article, we will discuss three of the most important considerations that must be taken into account.
Advancing Technology. 2016 saw the release of the world’s first wireless glucose monitor that could be synced with a smartphone. This impressive invention highlights both the benefits and risks of advancing technology. On the one hand, managing blood sugar levels has never been easier. At the same time, cyber security has never mattered more! As skeptics were quick to point out, a malware attack could literally threaten a patient’s life (possibly even holding their blood sugar levels hostage in hopes of receiving a ransom!). Nonetheless, the benefits that smart medical devices could offer are tremendous. Developers and manufacturers will need to balance the benefits and the risks.
Globalization. You’ve heard the arguments a million times: some say globalization will create new markets, while others claim that increased competition will squelch business at home. Love it or hate it, the broad trend of globalization appears to be unstoppable, even if resistance may slow it temporarily. Manufacturers must adapt and become more efficient in order to remain globally competitive.
Financing issues. Increased global opportunities and impressive new technology have both inspired investors to look toward manufacturing. However, with this new attention comes new scrutiny. Manufacturing companies are likely to see increased opportunities to acquire funding, but they must be prepared to show investors exactly why their company is special.
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