scholarly journals What Are the Success Factors for a Partnership with Global Medical Device Companies? Evidence from Korea

2021 ◽  
Vol 7 (4) ◽  
pp. 237
Author(s):  
Dongwoo Kim ◽  
Gyu Ha Ryu ◽  
Kwangsoo Shin ◽  
Kyu-Sung Lee
Keyword(s):  
Medical Device ◽  
Open Innovation ◽  
Success Factors ◽  
Global Market ◽  
Medical Device Industry ◽  
Analytic Hierarchy ◽  
Catching Up ◽  
Study Results ◽  
Managerial Implications ◽  
Device Industry

The medical device industry is uniquely characterized by both resourceful global companies and innovative catching-up companies. The studies by Chatterji have analyzed how large and established medical device companies could better utilize the ideas from innovative groups such as physicians. While the existing literature on the topic of open innovation is enriched, there are few studies on the partnership between larger global medical device companies and smaller catching-up medical device companies. This study focuses on a structured partnership with global medical device companies. To understand how such a deal could be better arranged, this study adopted the Analytic Hierarchy Process (hereafter, AHP) analysis to derive the success factors of such partnership with a focus on the case of the Korean medical device industry. This survey interviewed 30 experienced professionals who currently work for global medical device companies. The study results found that global medical device companies prefer a licensing deal along with broader territories. In terms of the preferred requirements for a partnership deal, the study revealed that there is strong emphasis on factors such as Quality and Intellectual Property (hereafter, IP) protection. This study has practical managerial implications for catching-up medical device companies which drive an open innovation practice with a view to accelerating their growth trajectory in the global market.

scholarly journals Gaining Competitiveness via Procurement Transformation That Retains German Engineering Origin

2016 ◽  
Vol 5 (1) ◽  
pp. 57
Author(s):  
Daniel Feyerlein
Keyword(s):  
Medical Device ◽  
International Markets ◽  
Decision Makers ◽  
Local Production ◽  
Medical Device Industry ◽  
Study Results ◽  
German Origin ◽  
Local Sourcing ◽  
Made In ◽  
Device Industry

<p>With the evolution of globalization, multinational companies face increasing competition on national and international markets. As a result, they seek to implement proper strategies to maximize capacity and competitiveness. This article asks whether a multinational company in medical devices has the strategic potential to transform its procurement strategy to embrace a local sourcing concept to gain competitiveness while retaining engineering origin. Study results from the medical-device industry show that attributes delivered by German origin can improve competitiveness. A significant majority of customers see the importance in the “Made in Germany” label. Customers also tend to accept the conception of local production that retains German engineering. The medical-device industry represents several branches in areas such as quality and technology. The results of this paper address product marketing, product strategy, and decision-makers dealing with sourcing alternatives. The results suggest that the strategy of pairing local production with German engineering is desirable to enhance competitiveness.</p>

Toward a Framework of the Process of Open Innovation — Case of Acclarent in the Medical Device Industry

2014 ◽  
Vol 11 (05) ◽  
pp. 1450032 ◽  
Author(s):  
Hua-Hsin Wan ◽  
Xiaohong Iris Quan
Keyword(s):  
Medical Device ◽  
Open Innovation ◽  
Innovation Process ◽  
Third Party ◽  
Medical Device Industry ◽  
Start Up ◽  
Five Elements ◽  
Medical Device Company ◽  
Device Industry

Using a case study of Acclarent, a medical device company, this paper attempts to propose a framework to further illustrate the process of open innovation in the medical device industry. We examined five elements in the mechanism of the open innovation process. Our paper shows how the success of Acclarent — a medical device start-up — depends on effective management of the flow of knowledge to satisfy unmet needs, while integrating in-depth knowledge of FDA regulations and third-party payers' reimbursement policies into the product innovation process.

scholarly journals Strategies for Promoting the Medical Device Industry in Korea: An Analytical Hierarchy Process Analysis

2018 ◽  
Vol 15 (12) ◽  
pp. 2659 ◽  
Author(s):  
Munjae Lee
Keyword(s):  
Medical Device ◽  
Analytical Hierarchy Process ◽  
Technological Development ◽  
Process Analysis ◽  
Global Market ◽  
Medical Device Industry ◽  
Expansion Strategy ◽  
Market Expansion ◽  
Hierarchy Process ◽  
Device Industry

This study examines the medical device industry in the context of the Fourth Industrial Revolution and identifies the key strategies and general directions for promoting this industry through analytical hierarchy process (AHP). It is based on discussions of the key issues with specialists such as doctors, medical device companies, hospital staff, professors, and government agencies in the medical device industry. A total of 18 responses were obtained from the survey, and an analysis was conducted on the results. Among the medical device strategies identified by the surveyed specialists, clarifying the application of regulations (access strategy), increasing R&D investment for the technological development of medical devices (expansion strategy), and increasing support for global market expansion (infrastructure expansion strategy) were found to have the highest priority. Based on the above, we suggest key strategies and directions for promoting the medical device industry.

The Bioengineering Design Forum

1997 ◽  
Vol 11 (2) ◽  
pp. 116-119 ◽  
Author(s):  
Patrick J. Prendergast
Keyword(s):  
Medical Device ◽  
Medical Devices ◽  
Medical Device Industry ◽  
Industry Collaboration ◽  
University Industry ◽  
Device Industry

The author assesses the results of the Bioengineering Design Forum – a collaboration between university researchers, clinicians and industry in Ireland. The aim of the Forum is to initiate, develop and bring to a successful conclusion R&D collaborations that lead to new or improved medical devices. By laying down certain operating procedures for the Forum, an effective ‘meeting ground’ has been developed which serves the objectives of both university engineering departments and the medical device industry in a unique way. The purpose of this paper is to relate our experiences of the Forum; they may be useful to others who would like to attempt similar initiatives in other fields. The author also describes the results that may be expected from this kind of university–industry collaboration in practice.

Sign in / Sign up

Export Citation Format

Share Document