Cumbersome data accessibility issues, reliance on manual processes, and outdated on-premises solutions keep today’s growing medical device manufacturers from getting their products to market fast. Tack on the increased complexities of continually evolving compliance targets in a highly competitive market, and operators have little room for inefficiencies.
It’s an exploding industry. According to data from Fortune Business Insights, the global medical device market is projected to grow by 5.4 percent annually from $455.34 billion in 2021 to $657.98 billion in 2028.
Yet delays, a lack of visibility, and back-office bottlenecks persist. Such unwieldy processes impact the company’s ambition to create the most innovative products, affecting customer satisfaction and long-term growth.
Fortunately, NetSuite provides a total-package platform for medical device manufacturers that streamlines administrative procedures and makes crucial real-time data fully accessible across the organization.
NetSuite ERP helps device makers ensure product quality, meet regulatory compliance, and reduce product development costs.
4 Reasons Why MedTech Manufacturers Choose NetSuite
At a broad level, device makers who run on NetSuite get a 360-degree view of the entire organization from an integrated ERP, HCM, WMS, and supply chain management solution. Device makers get a true business partner through role-based, customizable dashboards, vendor portals, and real-time, industry-specific KPIs.
NetSuite offers the agile tech environment needed to unify their product development, supply chains, manufacturing processes, and distribution networks pursue global opportunities and new revenue streams.
That’s not all. For deeper insight, here are five key reasons leading medical device manufacturers chose to implement NetSuite ERP more than any other solution:
Improved collaboration, communication, and trust
Siloed or inadequate legacy systems create data mistrust, a lack of visibility, and ongoing delays. Device makers with outdated, conflicting, and inaccurate data for business decisions might do just as well without it—wasted time and energy seeking correct information and process workarounds.
Device makers who run on NetSuite improve collaboration, communication, and trust without wasting resources by replacing multiple disconnected technologies with a financial management system, inventory management system, human capital resource management system, and more all in one.
From a single, true cloud platform NetSuite supplies MedTech companies with real-time financials for streamlined reporting and closing the books faster.
Medical device business process automation
More data availability often brings more efficiency. But manual data entry is so time-consuming and costly without automation that medical device manufacturers see it as a top priority. Additionally, staff performing mundane and repeatable tasks is not the best use of their time or skills.
From a unified system, NetSuite ERP eliminates wasted valuable resources performing manual processes and managing bottlenecks resulting from duplicate data entry, manual workarounds, and spreadsheet accounting.
Simplify MedTech reporting and compliance across systems
Meeting compliance is crucial to a device maker’s profitability and ability to thrive. Before a medical device receives approval to enter the U.S. market, medical device manufacturers must validate the safety and efficacy of each product following FDA protocol which includes 21 CFR Part 803, 21 CFR Part 11, and Good Manufacturing Practices (GMP).
Under 21 CFR Part 803, manufacturers, importers, and device user facilities must submit accurate medical device reporting (MDR) in the event of any device-related deaths, injuries, and malfunctions. By receiving accurate reporting, the FDA can put forth corrective and preventative actions (CAPA) to mitigate future or reoccurring device failures.
21 CFR 11 includes frequently updated FDA guidelines for using electronic signatures and electronic records, and the GMP helps medical device manufacturers ensure consistency and quality control involved in device production.
Even regular patching can’t help outdated legacy systems keep pace with frequent FDA changes, leaving device makers with spreadsheets for data management and tracking compliance.
NetSuite ERP for device makers is SOX compliant and 21 CFR Part 11 ready. While no system automatically achieves 21 CFR Part 11 or GMP compliance, NetSuite better prepares MedTech manufacturers with the tools they need to facilitate bringing safe and compliant life-saving products to market.
Device makers get a complete set of audit trails from a unified solution with company-wide timely updates to meet regulatory changes.
When broken on-premises legacy systems no longer support a compliant environment for device manufacturers, GBS configures NetSuite to specific compliance needs, including 21 CFR 11 and GMP, to ensure device safety and minimize risk.
Boost productivity and product innovation
Medical device makers are in business to provide life-altering technology or medicine, but limitations surrounding patent periods create delays and reduce production. Unsurprisingly, reduced operational output leads to sluggish time to market for even the most needed devices.
Medical manufacturers need to focus more on speed, productivity, and operational efficiency in this highly competitive business environment. NetSuite extends collaboration and productivity beyond the accounting department for higher customer and employee satisfaction, optimized projects, and better workforce performance insights.
- Having the right technology makes you more competitive
- Medical device manufacturers get a distinct competitive advantage in today’s contentious business climate by streamlining operations with the right ERP in place
For most device makers, ensuring quality standards is the lifeblood for advancing the safety of their devices and sustaining lasting profitability.
With NetSuite ERP, device-makers can meet the rising industry demands through:
- Improved financial visibility
- Fast order processing, management, and fulfillment
- Human capital resource management
- Software and process validation
- Product life cycle management
Get Started with NetSuite and Green Business Systems
MedTech manufacturers recognize that modernizing back-office technology is required for long-term gains and need to capitalize on every opportunity for faster product development, comprehensive compliance, and data-driven business decisions.
From a flexible, fully integrated medical device manufacturing ERP, NetSuite drives increased productivity and smarter decisions through simplified compliance, improved collaboration, and process automation.
NetSuite can be streamlined, optimized, and customized for your medical device company. To configure NetSuite for your device company’s compliance requirements, contact our team of NetSuite MedTech ERP specialists who perform system validations according to your SOP.