Translating ideas into products in an economical fashion is a key challenge facing industry today. There is no question that successful companies 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, Marcovici expalins that as 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.”
When accelerating product development, from idea to the product itself Marcovici says that 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.”
In order to prosper in today’s competitive medical device marketplace knowledge, experience, an understanding of applications and strategic relationships with suppliers and medical institutions is crucial.
“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.”
The marcus evans Medical Device R&D Summit Spring 2011 takes place in Las Vegas from June 20-22.
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