Non-members: Click here to review a complimentary excerpt from "Benchmarking Medical Device Quality 2014-15: Current and Future Spend Levels"
The Quality function within the medical device sector has the responsibility to ensure products meet the highest quality standards at every stage of the product lifecycle. At the same time they are striving to ensure quality and safety in their company's products, Quality leaders are being asked to aggressively manage their costs.
Best Practices, LLC undertook this study to explore how leading medical device companies are defining and allocating Quality spend, identifying factors that impact spending levels, and investing in future mission-critical Quality activities. Research findings provide evidence-based benchmarks for Quality spending so leaders can compare their spend levels with industry peers.
This study contains a Large Company Segment (LCS) that is made up of 11 companies.
- Quality Spend Levels
- Quality Spend Drivers & Normalizers
SAMPLE KEY FINDINGS
- Total spend of Quality function in 2014
- Total spend of Quality function as a percentage of total company revenue
- Has total Quality spend increased, decreased or unchanged during past three years (2012-2014)
- Percentage change in Quality spend during past three years
- Issues driving each type of change (increase, decrease, same) during past three years
- Which activities are included in your Quality spend numbers?
- Which administrative charges are included in your 2014 Quality spend?
- Did your 2014 spend reflect gross expense or net expense?
- What impact will these (5) complexity factors have on increasing Quality spend?
- What impact will these (7) process management factors have on increasing Quality spend?
- What impact will these (6) regulatory factors have on increasing Quality spend?
- What impact will these (6) simplification factors have on decreasing Quality spend?
- What impact will these (5) continuous improvement factors have on decreasing Quality spend?
- Future Quality Spend Normalizers: Participating companies also expect a number of simplification and continuous improvement efforts to have a high to medium impact on reducing future Quality budgets. Nearly two-thirds of all benchmark participants, including 75% of large companies, expect to see reduced Quality spend through IS quality system infrastructure programs. More than 20% of the TBC and 33% of large companies also see budget efficiencies coming from optimizing global manufacturing networks, standardizing processes, and simplifying/rationalizing product mix.
- Best Practices, LLC designed and deployed a custom benchmarking survey to executives at 21 leading Medical Device companies. This study has two segments: Total Benchmark Class (TBC) made up of 21 companies and a Large Company Segment (LCS) that is made up of 11 companies.