The Life Sciences sector is poised to be one of the hottest growth areas this decade, estimated to produce $1.88 trillion in worldwide revenue in 2015 according to Deloitte projections. In North America, healthcare spending is projected to grow in North America by 4.9% annually through 2018, and frequent announcements of major advancements are fueling the North American economy and uncovering new directions for technology to address our aging population. At Dassault Systèmes, our Life Sciences team works with companies across the Pharmaceutical, BioPharma, and Medical Devices industries to help drive innovation at a rate that keeps up with consumer demand, but also helps manage a host of regulatory and technological challenges.
We recently partnered with Chad Jackson of Lifecycle Insights, an analyst and researcher who provides insights on technologies used to design products, to publish an e-book titled “Program Management for Medical Devices: Driving Innovative & Compliant Development.” In 2013, the Medical Devices industry produced $37.6 billion in revenue in United States, with a projected increase to almost $53 billion by 2019, making it a vital pillar of the Life Sciences sector. The benefits that a unified technology platform like Dassault Systèmes’ 3DEXPERIENCE can have for IT, engineers, and other groups involved in developing complex innovations is something Chad has seen first-hand when he toured our offices in Massachusetts and Rhode Island. The new e-book highlights the challenges that medical device executives must overcome to achieve both compliance and innovation, and how the proper technology platform can be the difference between first-to-market or a regulatory quagmire.
A brief excerpt from the introduction of the e-book is included below:
“For Program Managers, this traditional environment has presented significant challenges. Tasked with keeping innovative development processes on schedule and compliant to regulations, they are forced to cobble together a comprehensive view with information from separate IT systems. Given the breakneck pace of development, such views quickly become out of date, rendering attempts at compliance ineffective.
Today, however, progressive practices are beginning to take hold. Executives are now recognizing that their organizations don’t have two separate goals, but a single one: innovate in a compliant manner. The need for a more holistic approach that weaves compliance into the development process is self-evident. Such change, however, will not be fruitful by just interlocking teams and processes together. The IT systems enabling these activities must track, manage, and automate the entire development process and deliverables in a compliant manner and promote collaboration in a way that allows for real-time change and ideation.
In this e-book, you will find overviews of the two approaches, one traditional and the other progressive, to managing the development of medical devices. You will also find a review of different types of IT systems, detailing the positives and negatives of each. The innovative development of medical devices can be done in a compliant manner. Changes in the industry are proving that, and the right IT system is a critical enabler.”
To learn more about the work Dassault Systèmes is doing to create a new reality for patient care using our 3DEXPERIENCE platform, visit our Life Sciences industry solution center, and see how our License to Cure for Medical DeviceIndustry Solution Experience allows companies to eliminate scattered processes and data and to “embed” regulations as an asset, optimizing quality and compliance and reducing cost and time to market.