The Medical Device Industry Needs Risk Management in the New Normal

Amid the current COVID-19 pandemic, many medical device manufacturers and suppliers are moving at unprecedented speeds to develop and enact updated risk management policies and procedures. Much of what they are developing are plans to help manage manufacturing and supply-chain challenges in times of crisis. As evidenced throughout this pandemic, these policies and procedures are critical to preventing severe shortages of essential items to patients and healthcare workers. As doctors continue to investigate multiple strains of the virus, the circumstances surrounding COVID-19 seem to change as quickly as it is transmitted. One thing is certain—it's becoming increasingly clear that risk management isn't just tied to business productivity or just ticking regulatory boxes anymore. Medical device organizations are working diligently and tirelessly to emerge from this global crisis, with many forming new partnerships previously thought to be taboo. This new normal has led to tremendous disruption in the medical device industry. It has forced many hospitals to cancel elective surgeries, which has in turn lowered demand for some products. It has also identified gaps leading to severe shortages of critical PPE (personal protective equipment) and ventilators for patients. Businesses that were underprepared at the onset have had to find the means to mitigate risk "on the fly" while others have had to ramp up production. In either case, it is essential for these busines...
Source: MDDI - Category: Medical Devices Authors: Tags: Business Source Type: news