Cumbersome data accessibility issues, reliance on manual processes, and outdated on-premises solutions prevent today’s growing medical device manufacturers from bringing their products to market quickly. Tackle the growing complexities of ever-changing compliance goals in a highly competitive marketplace, and operators have little room for inefficiencies.
It’s a booming industry. According to data from Fortune Business Insights, the global medical device market East is expected to grow by 5.4% per year from $455.34 billion in 2021 to $657.98 billion in 2028.
Yet delays, lack of visibility, and back-office bottlenecks persist. These cumbersome processes impact the company’s ambition to create the most innovative products, affecting customer satisfaction and long-term growth.
Fortunately, NetSuite provides a complete platform for medical device manufacturers that streamlines administrative procedures and makes crucial real-time data fully accessible through the organization.
NetSuite-ERP helps device manufacturers ensure product quality, meet regulatory compliance, and reduce product development costs.
4 Reasons Medical Technology Manufacturers Choose NetSuite
Typically, device manufacturers using NetSuite get a 360-degree view of the entire organization from an integrated ERP, HCM, WMS, and supply chain management solution. Device manufacturers get a true business partner with customizable role-based dashboards, vendor portals, and real-time industry-specific KPIs.
NetSuite provides the agile technology environment needed to unify product development, supply chains, manufacturing processes, and distribution networks to pursue global opportunities and new revenue streams.
That’s not all. For a deeper look, here are five key reasons why leading medical device manufacturers have chosen to implement NetSuite ERP more than any other solution:
IMPROVED COLLABORATION, COMMUNICATION AND TRUST
Siled or inadequate legacy systems create mistrust of data, lack of visibility, and ongoing delays. Device manufacturers with outdated, conflicting and inaccurate data for business decisions might as well get by without it – wasting time and energy searching for correct information and dealing with workarounds.
Device manufacturers using NetSuite improve collaboration, communication, and trust without wasting resources by replacing multiple disconnected technologies with a financial management system, inventory management system, human resource management system, and more.
From a single, true cloud platform, NetSuite provides MedTech companies with real-time financial data for simplified reporting and faster account closure.
MEDICAL DEVICE BUSINESS PROCESS AUTOMATION
Greater data availability often brings more efficiency. But manual data entry is so time consuming and expensive without automation that medical device manufacturers see it as a top priority. Additionally, staff performing mundane and repeatable tasks is not the best use of their time or skills.
of a unified system, NetSuite ERP eliminates waste of valuable resources perform manual processes and manage bottlenecks resulting from duplicate data entry, manual workarounds, and spreadsheet accounting.
SIMPLIFY MEDTECH REPORTS AND COMPLIANCE ACROSS SYSTEMS
Compliance is critical to profitability and a device manufacturer’s ability to thrive. Before a medical device receives clearance to enter the U.S. market, medical device manufacturers must validate the safety and effectiveness of each product according to FDA protocol, which includes 21 CFR Part 803, 21 CFR Part 11 and Good Manufacturing Practices (GMP).
Under 21 CFR Part 803, manufacturers, importers, and user facilities of devices must submit Medical Device Accuracy Reports (MDRs) for device-related deaths, injuries, and malfunctions. By receiving accurate reports, the FDA can propose corrective and preventive actions (CAPAs) to mitigate future or recurring device failures.
21 CFR 11 includes frequently updated FDA guidance for the use of electronic signatures and electronic records, and GMPs help medical device manufacturers ensure consistency and quality control involved in device production .
Even regular patches can’t help old, outdated systems keep pace with frequent FDA changes, leaving device makers with spreadsheets for data management and compliance tracking.
NetSuite ERP for device manufacturers is SOX compliant and 21 CFR Part 11 ready. While no system automatically achieves 21 CFR Part 11 or GMP compliance, NetSuite better prepares medical technology manufacturers with the tools they need to facilitate the marketing of safe and compliant vital products.
Device manufacturers get a full set of audit trails from a unified solution with timely, enterprise-wide updates to meet regulatory changes.
When old, damaged on-premises systems no longer support a compliant environment for device manufacturers, GBS configures NetSuite to specific compliance needs, including 21 CFR 11 and GMP, to ensure device security and minimize risk .
INCREASE PRODUCTIVITY AND PRODUCT INNOVATION
Medical device manufacturers are in business to deliver life-changing technologies or drugs, but limitations around patent periods are creating delays and reducing production. Unsurprisingly, reduced operational production results in slow time to market for even the most needed devices.
Medical product manufacturers need to focus more on speed, productivity and operational efficiency in this highly competitive business environment. NetSuite extends collaboration and productivity beyond the accounting department for greater customer and employee satisfaction, optimized projects, and better insights into workforce performance.
- Having the right technology makes you more competitive
- Medical device manufacturers gain a distinct competitive advantage in today’s contentious business climate by streamlining operations with the right ERP in place
For most device manufacturers, ensuring quality standards is the lifeblood of improving the safety of their devices and maintaining sustainable profitability.
With NetSuite ERP, device manufacturers can meet growing industry demands with:
- Improved financial visibility
- Fast order processing, management and fulfillment
- Human Capital Resource Management
- Validation of software and processes
- Product life cycle management
Get started with NetSuite and Green Business Systems
Medical technology manufacturers recognize that modernizing back-office technology is necessary for long-term gains and must capitalize on every opportunity for faster product development, comprehensive compliance, and data-driven business decisions.
From a flexible, fully integrated medical device manufacturing ERP, NetSuite drives increased productivity and smarter decisions through simplified compliance, improved collaboration, and process automation.
NetSuite can be streamlined, optimized and customized for your medical device business. To configure NetSuite for your device company’s compliance requirements, contact our team of NetSuite MedTech ERP specialists who perform system validations in accordance with your SOP.
Content sponsored by Green Business Systems