Has COVID-19 Created a Tipping Point in the MedTech Industry?

The coronavirus pandemic has been one of the greatest tests for the MedTech industry in modern time. The global effects have left many industries reeling and asking questions about how their business can react in times of crisis. For medical device manufacturers, this event could be a tipping point to embrace digitalization and Industry 4.0 (I4.0) production technologies. “Clinical Diagnostic, Medical Device companies are committing significant resources to support the fight against COVID-19. However, many of these organizations are facing challenges managing their business in this new virtual and remote reality.  The demand for organizational effectiveness, visibility and control in a disrupted environment represents a watershed moment for the modernization and digital transformation in our industry,” said Daniel Matlis, president of life-science industry analyst firm Axendia. As with any crisis, COVID-19 has put a spotlight on the need to respond to market demand for essential devices. For this event, this has been the need for personal protective equipment (PPE), ventilators, and other emergency medical equipment. The sudden and urgent need for these has meant that other industries, including automotive and major electronics manufacturers such as Tesla, Ford, GM, Dyson and Apple, have stepped up to fill the demand for medical devices. With the right systems in place, however, could medical device plants have responded better ...
Source: MDDI - Category: Medical Devices Source Type: news