In the middle of the pandemic-driven global crisis, technology has undoubtedly been a blessing. The coronavirus hastened the introduction of digital technology and transformed the healthcare industry.
Diagnostic testing kits to identify the virus were greatly in demand during the epidemic.
Fast diagnosis and testing were also necessary for allocating hospital resources, selecting the right patient cohorts, delivering efficient therapeutic interventions, and putting quarantining protocols into place.
As a result, producers of diagnostic tools saw a sharp increase in the research and development they put into their products. This helped to quickly introduce a reliable and precise test to the market and make it available to clinical laboratories so they could satisfy patient needs.
Accelerating development schedules, placing more attention on the supply chain, and developing new methods for flexible diagnostic test manufacturing are some examples of the growing trend that will shape the future.
Timelines for product development are being accelerated
The new or modified directives communicated to the medical device industry at the start of the pandemic will become permanent after the COVID-19 breakout as a public health emergency. So that the lessons learned can be applied and implemented in the future, the shift in regulatory policies and procedures during the covid-era should continue to speed the development of medical products.
Timelines being compressed
Companies had to change the way they typically produce products to meet the deadlines, and diagnostics manufacturers were forced to speed up the process and shorten the schedule.
Few associations sought inspiration and motivation outside of business to energise product development teams for the given task.
A few recent and improved approaches include up-front risk assessments to compare trade-offs with a quicker time to market and establish measures for relief reduction.
Additionally, the advantages of using an agile venture governance framework to support creative critical thinking and encourage speedy decision-making have emerged. In order to launch a product, the time to market was optimised.
After that, product upgrades were made. The future of the diagnostics sector lies in this strategy of delivering important items within the allotted time limit.
Putting more of a focus on the supply chain
The Covid 19 issue highlighted the considerable impact that global supply chain failures had on meeting anticipated demand and had a negative influence on the operations of numerous organisations engaged in vaccine and diagnostic testing.
Changes to the Supply Chain
Drug and medical device producers were required to notify the relevant government agency of any shortages during the pandemic era. Additionally, producers of devices were required to disclose information about their manufacturing capacity for the vital devices they produced as well as to alert the agency if a severe interruption in the supply of a key device was predicted.
Strategic departure from the basics
Regarding the viewpoint changes brought on by shortened development timetables, medical device businesses drew on the expertise of manufacturers of high-tech and automobiles in sophisticated supply chain management, as well as how a high-volume supply chain interacted with a hurried development process.
An Effective Supply Chain
The difficulties in reacting to COVID-19 highlighted the necessity for a strong supply chain to lower risk, offer cost savings, and encourage innovation, enabling the businesses to respond swiftly to changes in demand.
New Manufacturing Techniques for Flexibility
Companies need to develop new strategies for establishing flexible manufacturing alternatives in order to meet a demand increase such to COVID-19.
Balancing long-term demand with accretion
Operating a manufacturing facility involves a sizable financial commitment as well as the ability to weigh the possible hazards of unclear long-term demand against the production volume ramp-up.
One strategy is to gradually add automation and inventories to accommodate big quantities while starting with a manual line at smaller numbers. The other strategy might be to add more shifts and daily production schedules, which would provide producers more short-term flexibility to fulfil demand projections.
Finally, a strategy that supports long-term demand is the addition of manufacturing lines at existing facilities and process automation or robotics for operations.
The diagnostic and medical industry’s post-pandemic “make where you sell” business strategy is gaining ground. Even while local sourcing isn’t always possible and may somewhat raise costs, the additional expenditures can be offset by faster, more reliable market delivery.
In our lifetime, Covid-19 difficulties had been really difficult. However, the healthcare sector has emerged to provide medical solutions for diagnosis, treatment, and prevention, creating efficient products in a short amount of time.
Industry sources* estimate that the global market for molecular diagnostics was worth USD 36.2 billion in 2020 and is projected to grow at a CAGR of 3.9% by 2028. Similar to this, the Indian molecular diagnostics market was valued at USD 920 million in 2020 and is anticipated to develop at a CAGR of about 10% till 2026.
. It is as a result of the industry’s evolution in response to customers’ shifting wants.
Many institutions and organisations have recognised their weaknesses and the possible barriers from each department’s perspective, and they are putting stronger systems in place for the future. As a result of the pandemic’s new conditions, the diagnostics sector has undergone a general transition and moved toward patient-centric solutions that will remain even after the epidemic era.