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News Release from: Octo Media
Edited by the Electronicstalk Editorial
Team on 21 October 2005
Research shapes conference agenda
Innovation tops the agenda of the UK's medical device market according to new research conducted by organisers of the Medical Device Technology Exhibition and Conference.
Innovation tops the agenda of the UK's medical device market according to new research conducted by organisers of the Medical Device Technology Exhibition and Conference (MDT 06) In the study, almost half (46%) of the UK's leading medical device manufacturers report that they are using innovation rather than price to take on their competitors
This article was originally published on Electronicstalk on 4 Nov 2004 at 8.00am (UK)
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Indeed just 9% see themselves as a low cost producer.
For instance 70% are developing new products for current markets and 56% are innovating to take their business into new areas.
To fund these plans, 43% have already invested more in R and D during the past year, with almost one in five spending at least GBP 1 million in this area.
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Despite this healthy hike in R and D investment, 45% still plan to increase their R and D spend again in the year ahead, and 52% of the medical device companies interviewed are looking to Europe to provide more R and D funding.
The emphasis on R and D rather than cost cutting is further illustrated by the companies' manufacturing strategies.
Despite most industries moving their manufacturing operations overseas to reduce costs, barely 3% of the UK's medical device manufacturers have moved or plan to move all their operations overseas.
Indeed, 56% have no plans to relocate their manufacturing abroad.
However the study highlights some barriers to this innovation agenda.
For instance 44% of device manufacturers say a lack of dialogue between healthcare professionals and the industry is stifling innovation.
A further 38% feel healthcare providers are not really interested in innovative products, with 57% saying that providers are cost driven instead.
Legal issues are also taking their toll.
Unnecessary regulation is inhibiting the R and D of one in five UK manufacturers, and 27% say that difficulties protecting intellectual property (IP) prevent them from developing more.
This last issue is a real one - less than half feel their developments are adequately protected and a quarter have actually failed to protect the IP of a new product or idea.
Another issue is suppliers.
Barely half the medical device manufacturers studied feel their suppliers are keeping pace with their development agenda.
Some supply sectors, (materials and testing/calibration) are better than others (manufacturing services) but all could do more.
The organisers of the MDT 06 (NEC, Birmingham on 15th and 16th February 2006) have anticipated these findings as they finalise their plans for the show.
Karen Parks, Show Director comments: "The great news is that there is a vibrant medical device manufacturing market in the UK that sees innovation as the route to success".
"But device manufacturers need more suppliers who can innovate hand-in-glove with them".
"And they need some solid legal help protecting their ideas and in cutting through the legislation".
"MDT 06 will address all these issues through the mix of exhibitors, seminar sessions, networking opportunities and event features".
"I can announce that as well as the UK's widest range of medical device suppliers, the show will include the Innovation and Presentation Centre hosting free presentations on a wide range of managerial, technical and legal subjects, the Technology Transfer Showcase for universities to reveal their cutting edge research and the MDT Collaboration Forum, a mix of discussions groups, presentations and one-to-one meetings focussing on design and manufacturing challenges".
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