Business strategy and forecasting influence several functional areas within an organization, including R&D, pipeline planning, revenue planning, inventory, resource and budget allocation, project prioritization, compensation plans, market access efforts, and more. These varied uses reflect the first major challenge of forecasting: meeting the needs of varied and diverse stakeholders. Following are three steps to make your forecasting efforts more effective.
The deeper insights provided by a single source of truth help regulatory teams pinpoint and address gaps in data collection during each trial phase. By mitigating potential risks earlier in the process, teams generate more robust evidence and stronger submissions, which often means a shorter approval process.
Building fruitful development partnerships between companies, governments and researchers will enable the most promising and impactful deployments in healthcare.
Quantum computing has spurred the development of new breakthroughs in life sciences from using machine learning methods to diagnose illnesses sooner to identifying materials to make more efficient devices.
While companies developing solutions that address the current pandemic may be receiving an influx of financial support, recovery for companies in other segments of the industry is slow.
Innovation requires the space for failure and continuous improvement.
Researchers have developed a test that may be more sensitive that currently available lab tests.
Medical device companies will be driven to evolve their business models to a more patient/consumer-centric approach.
The company is dedicating more funds to research, development and innovative projects.
It’s too early to tell how the new administration will affect the device industry, but user fees, the ACA and the FDA regulatory process are top of mind.