Why Should You Outsource Your Product Development?
The management team at your medical device company has just met and prioritized the projects for the current year. Your team is already understaffed and the deadlines are coming up quickly. At this point you have to ask yourself; do I hire additional staff members or can I outsource the work to a product development company?
Traditionally companies would look to build their internal teams when there is an increased workload. However in 2018, the trend has leaned towards external product development firms. Grand View Research reports that the Medical Outsourcing Market is expected to reach USD 88.2 billion by 2025.
Here are three reasons why outsourcing your next medical device project may be a better alternative:
1. Working with product development service firms has been shown to consistently accelerate your time to market, giving you the edge over your competition. With technology changing so rapidly, there is a potential to lose market share if you are unable to get your product efficiently to market. A product development firm however makes your product their sole focus, meaning while you continue to focus on your businesses core activities we continue to develop and perfect your product for production and launch. Product development firms have a proven history of developing and launching products. They use carefully evaluated techniques like a phase gated design approach and regular reporting to push your product out of the idea phase.
2. Outsourced product development teams are also selected because of their expertise in medical device development. While it may not be the expert in everything they are glad to work with both internal domain specific experts as well as outside resources through their network of specialists. Most product development firms will also utilize only a small portion of their teams for any given project. This gives them the ability to grow and shrink with the workload. Sometimes you need a few more people to get a task done; a development firm can add them quickly so you don’t need to carry them through the slow times.
3. Costs are very important and outsourcing can reduce your overall expenses specifically with direct employees. Acquisition costs for a new employee can easily reach the tens of thousands of dollars once you advertise, conduct interviews, train, and provide additional health insurance, raising your bottom line dramatically. Additionally a new employee will not be able to solve your needs immediately. A product development firm on the other hand will be able to dedicate as many employees as needed to finish a product without incurring the hiring costs.
Northeast Biomedical, Inc. is a product development firm that specializes in the design and development of medical devices and equipment. They work with companies at all stages of your development from the needs identification through product launch. We have experience with a wide variety of projects including: disposable devices, catheters, sensor integration, circuit design, spectroscopy systems, automation systems, and specialized electronic equipment.
We offer the following services: