New Research from Best Practices, LLC Helps Medical Device Companies Earn the Highest Profit Possible during Their Product’s Patent Lifecycle
CHAPEL HILL, N.C. – March 2, 2010. The medical device industry, which comprises nearly $300 billion in annual revenue, has taken considerable heat in the recent healthcare reform debates. Though medical device companies historically have been able to realize returns on investment far more quickly than traditional pharmaceutical companies due to a more simplified FDA approval process for new medical equipment and technologies, device companies must also contend with shorter patent protections and lower growth rates than branded pharmaceuticals.
Now, with a Congressional plan proposing a $40 billion tax on the medical device industry over the next 10 years to help pay for healthcare reform, these firms face mounting internal and external pressure to keep their pricing structure as low as possible. To make matters worse, a similar plan requiring hospitals to endure a $155 billion diminution in Medicare payments over the same 10-year window would also work to erode the wherewithal of one of the medical device industry’s largest customer bases.
In sum, for medical device executives facing this economic and political maelstrom which could drastically undermine the profitability of the device industry, there has never been a more critical time to evaluate and bolster the organizational levers that drive innovation, efficiency, and real revenue growth.
To this backdrop, Best Practices, LLC has released a timely benchmarking study to enable medical device leaders to set new strategies and tactics and streamline their activities and staffing to maximize profitability. This study, Performance Benchmark: Optimizing Staff Levels to Drive Growth in Medical Devices, benchmarks industry leaders like Abbott Labs, Becton Dickinson, Hospira, LifeScan, Medtronic, Stryker to reveal how elite medical device companies can succeed in this challenging environment and marketplace. Topics highlighted in this research include staffing and productivity levels based on revenue, industry growth and profit margins based on investment, and strategic marketing activities that provide the greatest return for company resources.
To download a complimentary sample of this study, please click: http://www.best-in-class.com/rr991.htm.
To learn more about Best Practices’ other timely research visit: http://www.best-in-class.com or contact Benjamin Gregory at 919-767-9160 or firstname.lastname@example.org
ABOUT BEST PRACTICES, LLC
Best Practices, LLC serves 48 of the world’s 50 top pharmaceutical companies. For 17 years, we have conducted work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.