Unlock the Secrets of the Medical Device Industry

Source One Vice Presidents Joe Payne and William Dorn will be featured attendees at the 2015 Medical Device Strategic Sourcing Conference, taking place January 26-27 in Atlanta, GA. Joe Payne will serve as the Chairperson for Day 1, providing the opening remarks and introducing the distinguished speakers.  On Day 2, Payne will participate in a panel discussion facilitated by his fellow Source One VP, Bill Dorn. Throughout both days, Payne and Dorn will host an exhibit for Source One’s capabilities as a partner for medical device manufacturers.

To prepare for the conference, we’ve been spending some time wrapped up in developments of the industry. Both Payne and Dorn paid particular attention to a recent Tech Crunch article that states, “Medical Devices are cool again”—and they couldn’t agree more.

With the development of 3D printed human implant parts in China at Peking University, many people have a revived interest in medical devices. The overall promise of the industry is overwhelming. Unlike other healthcare segments, the U.S. medical device field consists of 6,500+ companies with more than 80 percent small businesses with fewer than 50 employees. A main theme of the Medical Device Strategic Sourcing Conference becomes intertwined with our findings of this unique and evolving market: the need for reliable, compliant, and cost-efficient supplier partners is of great importance. This, however, is not the only determinant of value.

On Day One, Joe Payne will serve as the discussion moderator while industry expert panelists review the value of supplier relationship management. As medical device organizations establish partnerships with device component vendors, building relationships is key in addressing quality, cost and risk concerns. As this discussion unfolds, SRM will be established as a way to help firms get maximum value from existing supplier relationships, beyond the Strategic Sourcing/Procurement activity and contract signature.

During the panel discussion on Day Two, Source One’s Vice President of Operations, William Dorn will facilitate conversation surrounding internal metrics to deliver optimal strategic sourcing performance in the medical device space. Source One’s Vice President of Professional Services, Joe Payne, will participate in this panel alongside two esteemed industry colleagues. Based on Strategic Sourcing’s tendency to view cost reduction efforts through an external lens (solely dependent on supplier pricing), the panel will encourage attendees to look internally to promote lean business. This can be accomplished through establishing performance metrics to determine potential areas of improvement and drive efficiency wherever possible. With this discussion, Medical Device and Strategic Sourcing professionals can better develop plans to:

•           Build a strategic sourcing metrics strategy
•           Establish Key performance indicators (KPIs) in evaluating sourcing activities
•           Define metrics to ensure sourcing’s comprehension of the plan

Whether it pertains to 3D printing technology, new product development, or prototyping labs, there are a ton of advantages the medical devices industry is seeing from emergence as a “cool” business sector. The Medical Device Strategic Sourcing Conference is designed to stay on top of these exciting changes, and discuss ways that strategic sourcing can best be implemented in these circumstances. Source One’s Joe Payne and William Dorn look forward to networking with medical device manufacturing firms on the cutting edge of developing a competitive sourcing approach. We have studied the challenges medical device and diagnostic equipment manufacturers are encountering, and through this conference we wish to add to the long list of ways Source One helps navigate these areas of difficulty.

Before, during, or after the conference, we are happy to set up time to learn more about your sourcing obstacles and show you how to overcome them. If you’d like to get in contact with our team, please reach out to myself, Heather Grossmuller, at hgrossmuller@sourceoneinc.com and we’d be happy to schedule a meeting. To learn more about Source One’s medical device sourcing capabilities, visit our webpage today.

Photo courtesy of: www.infotehna.com

Sources referenced: http://techcrunch.com/2014/12/13/medical-devices-are-cool-again/