September 26, 2012 -- “There is no question that successful companies today are those with a good handle on mitigating development risks and the agility for adjusting to market and technology shifts,” according to Sorin Marcovici, Vice President and Chief Technology Officer, Analogic Corporation. A speaker at the marcus evans Medical Device R&D Summit Spring 2011, in Las Vegas, Nevada, June 20-22, Marcovici highlights the key industry challenges in the medical device research and development (R&D) space and why a strong engineering and scientific leadership is a requirement.
What challenges are medical device R&D executives faced with at the moment?
Sorin Marcovici: R&D in large multinational organizations has become a global activity. New products are being developed in or for emerging markets and exported to different parts of the world. Product development has to be synchronized for each market. Medical R&D executives need to operate within the constraints of relatively limited budgets while sifting quickly through new ideas, identifying the ones that can be carried forward, orchestrating global R&D activities and ensuring products are profitable.
What could accelerate product development, from idea to the product itself?
Sorin Marcovici: Ideas are very valuable to begin with, but they are not enough. We need to turn them into products at an accelerated pace, while staying in budget and on schedule. There must be very strong engineering and scientific leadership to translate ideas into products in an economical fashion, which requires leaders with a broad technological and cultural base, as well as the capability of working with different cultures, tempers and personalities.
What does it take to prosper in today’s competitive medical device marketplace?
Sorin Marcovici: To prosper in this field, you need knowledge, experience, an understanding of applications and strategic relationships with suppliers and medical institutions. There is no question that successful companies today are those with a good handle on mitigating development risks and the agility for adjusting to market and technology shifts. However, public companies that have to report on a quarterly basis tend to focus on mitigating short-term rather than long-term risks. Often, R&D executives need to synthesize a strategic direction for R&D with a limited amount of information. They have to make a quick evaluation of the usefulness and practicality of ideas, and correlate upcoming technologies with the flow of new ideas.
What are the upcoming technologies and opportunities within this space?
Sorin Marcovici: We have witnessed a penetration of imaging technologies in diagnostics, which I expect it will expand in the future to treatment. At the same time, there is a push for good medical equipment at very low price levels. Producing high quality medical equipment at a fraction of today’s prices will require innovative activities in the field of engineering, manufacturing and ergonomics. Medical equipment companies will have to go through a conceptual strategic change in the way they will develop and bring to market novel products. We will see a wave of new medical instruments equipped with a blend of consumer interfaces for helping both doctors and patients to make better informed decisions.
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About the Medical Device R&D Summit Spring 2011
This unique forum will take place at The Red Rock Casino Resort & Spa, Las Vegas, Nevada, June 20-22, 2011. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on R&D outsourcing, medical device reimbursement and optimizing the product development process.
For more information please send an email to email@example.com or visit the event website
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Please note that the summit is a closed business event and the number of participants strictly limited.
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