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Opportunity for Innovation in Medical Device Industry
Clusters
Medical Device Industry Sector
:
For the medical device
industry, the new product development activities includes
activities starting from concept, design, and
manufacturing to sales and distribution in a controlled
manner. Integrating the needs and requirements into a
product development process can improve efficiencies,
minimize risks, and enable compliance with FDA regulations
and Quality Certifications.
Robert Cooper, PhD, of
MacMaster University (Hamilton, ON, Canada) determined
that only 11% of product development failures are for
technical reasons associated with the performance of the
product itself.1 The predominant causes of new product
failure are marketing or market related. These causes
include the development of products the customer did not
want and the development of me-too products. Cooper also
identified that the single most important factor in
determining a new product’s potential success was the
presence of clearly superior product features that were
well differentiated, offered significant customer
benefits, and fulfilled unmet customer or market needs.
In a March 2005 survey, Pete Collins from
PriceWaterhouseCoopers found that 78% of fast-growth CEOs
mentioned new product development as a top priority that
fit with strategic and corporate values.
Developing new products
improved company revenues, earnings, and profit margins,
and has fundamentally changed their business processes.
Based on these studies,
manufacturers can infer that success in new product
development and innovation depends on several factors. A
recipe for a successful product, therefore, should include
the following ingredients:
Clearly defined customer and
product requirements up front, as well as customer
collaboration.
Management buy-in, support,
and involvement, with a clear business strategy and a
shared vision.
Product development considered
as a business process, not relegated to technology and
engineering functions alone.
Dedicated resources and
cross-functional teams (involving marketing, technology,
production, sales, regulatory, legal, and purchasing) all
the way from concept through commercialization.
Clear metrics, relevant data,
and data-driven decisions.
A structured, flexible,
quality product development process from concept to
commercialization for the entire organization.
Process of assessing
opportunities (ideas) for product, process or practice (organisational)
based innovation in Medical Device Industry Sector has
been initiated under this programme. These opportunities
have to be explicitly expressed by the entrepreneurs
operating across the value chain of the products.
At second stage, viable
business proposals will be sought /developed around these
opportunities for detailed analysis and subsequent support
in development and commercialisation.
Foundation for MSME
clusters (
www.msmefoundation.org ) is working on this Department
of Science & technology (DST) project. Foundation was
registered as a non-government, not for profit trust in
the year 2005. It was formed at the suggestion of the
Ministry of Small Scale Industries, Govt. of India with
active support of the United Nations Industrial
Development Organisation (UNIDO)
It provides advisory,
research, advocacy and training based support to several
public and private organisation in India and abroad in the
areas of cluster and local economic development.
We are happy to inform you
that , Mr Deepak Arora, Project Director and Mr Ranjan
Singh , Programme Co-ordinator for the “Programme On
Innovation Clusters” will be present and make
presentations during the Conference On , “Indian Medical
Devices & Plastic Disposables Industry 2008” (
www.imdiconferences.com ) to be held in Ahmedabad on
Feb. 24-25 , 2008.
More details on the
“Programme On Innovation Clusters “ can also be
available at:
www.innovationclusters.org
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