With the advancement of technology, the medical equipment manufacturing industry is largely impacted by economic downturns and population demographics. This industry deals with a wide range of medical equipment manufacturing, including hypodermic needles, implanted defibrillators, ventilators, infusion pumps, female diagnostics, EKG machines, and various cardiac monitoring equipment.
As per the reports, the medical industry will evolve greatly in the coming years seeing the increasing health concerns and growth in the population. Due to the implication of new standards, and regulations, reimbursement rules are becoming more complex.
That’s why healthcare dynamics are evolving, and various medical manufacturing companies are facing an increasingly competitive scenario. This challenging environment requires the medical equipment manufacturers in India to lessen the cost of manufacturing medical equipment, streamline their operations, and initiate more quickly.
While price is essential, quality and installation are equally important factors when selecting medical equipment manufacturers. Therefore, choosing the proper medical equipment manufacturer is quite a daunting process and takes time, so do not make this selection hurriedly.
Genist Technocracy Pvt. Ltd., a leading medical equipment manufacturer in Punjab, manufactures a wide range of medical equipment and can also help you manage various business complexity in the healthcare industry. So this company can be one of your best bets if you’re looking to get one.
Below are some top challenges faced by various medical equipment manufacturers in the emerging market –
Ensuring product quality –
Medical equipment manufacturers need to accredit top-notch product quality to evade product recall. A product recall can harm a medical equipment manufacturer’s brand reputation and the company’s bottom line. Thus, ensuring proper product safety, security, and reliability is essential to survive the competition in this developing medical industry.
Cybersecurity –
While an increase in digital processes, some new technological developments can put the security of medical equipment at risk. For instance, the Internet of Things (IoT) allows medical equipment to communicate so that medical equipment can send, receive, and generate valuable data over the web. As the medical equipment industry is responsible for protecting sensitive data, it must prioritize cybersecurity and have plans in place in case of any data breach. As this process may take time, it can slow down the manufacturing process of the medical equipment, thus increasing the production cost. In addition, this can also impact getting regulatory approval. However, as society becomes increasingly digital, managing the risks that lead to technology must be addressed.
Protection against various electrical hazards –
Accessible parts of medical equipment need to be protected against the leakage of the current as regulated by the IEC60601-1 standard. This medical standard contains special requirements for medical equipment, which constitute an important deviation from consumer products.
n case the risk of leakage current gets identified during the design process. Then the usable conductive parts of the hardware of the medical device need to be exchanged or secured with additional components to prevent the electrical hazard from happening.
In addition, medical devices require a measuring function for leakage of current and a control mechanism so that the medical equipment can switch off automatically if any leakage of the current is detected, or exceeds a specific limit.
High production cost –
Due to the costly nature of the regulatory compliance medical equipment testing and approval, the overall production costs of the medical equipment manufacturers in India for manufacturing the medical equipment all tend to increase.
Although various parts of the world adhere to EU standards, if you need to expand your market to places where this is not the case, it may be essential to build various variations of the medical equipment product, which will be twice as costly.
Data security and implication of IoT integration –
The Internet of Things (IoT) facilitates various medical equipment and surgical instruments high on innovation to pose a technical challenge for different medical device companies.
The growing concern of various medical equipment manufacturers is to collect, secure, and manage a large amount of sensitive data. As this data must be stored in a cloud-based infrastructure to prevent theft and breach, so IoT plays an essential role in storing this data.
Acquiesce with the regulations –
Regulatory complications are a natural and comprehensive challenge faced by various medical equipment manufacturing companies. Medical device regulation may vary from country to country, and the communication barriers, standards, and regulations are not always clear. That is why having a high standard of manufacturing is essential. Medical equipment manufacturers in India must implement their quality control in addition to the market they work within.
So, buying the right medical equipment from a medical equipment manufacturer can be quite daunting, with massive challenges faced by various medical equipment manufacturers in the emerging market. Use the above important considerations to make an excellent choice that can facilitate you to buy the right medical equipment.
If you are searching for renowned medical equipment manufacturers in India to buy suitable medical equipment for your healthcare and laboratory settings, look no further than Genist Technocracy Pvt. Ltd. They are one of the renowned manufacturers and suppliers of high-quality medical equipment in India for healthcare and laboratory settings.
