Despite the current economic context medical device companies are performing well, but no business can be complacent and in particular these organisations need to be mindful of their supply chain. A failure here could have significant knock-on consequences for OEMs, causing problems with delivery and damaging relationships with their customers.
To succeed today we must look ahead and make sure our businesses are flexible enough to adapt as required. We must also take the time to look at the challenges particular to our sector and develop effective strategies for tackling them.
In the face of the aging population and advancements in medical techniques, medical device companies have always had to innovate products and services to remain competitive. Speed has also been essential, with surgeons impatient to put new techniques into practice; so time to market is critical. The economic downturn has simply intensified this.
It's no surprise therefore that medical device companies need to work with long-term partners they can rely on. These partners must be financially stable, able to work alongside the OEMS, supporting their competitiveness by helping innovate new processes and procedures and enabling them to increase production capacity to meet the increasing market demand.
OEMs also want to streamline their operations; every interaction costs in time and resource and so substantial savings can be made by working with one or two key suppliers, able to provide excellence across a far broader spectrum of the supply chain. They want to buy from fewer, more capable suppliers.
Commitment to innovation
Here at Sandvik we are a true strategic partner to OEMs, giving them the security of working alongside a financially robust business with a long-standing commitment to innovation, in all areas.
We have a strong and positive cash flow, a turnover of