How is PLM changing the Healthcare Industry?May 23, 2015
Challenges – Healthcare industries are both expanding and transforming at unprecedented rate. They are faced by huge challenges – driven by introduction of new diseases, rising demand, increase in competition, change in customer response, tight regulations and progress in technology. All these factors are forcing the life sciences industry to change quickly. The quicker these organizations adapt themselves to the changing market dynamics, the better it is.
The PLM Way – PLM can help address these challenges effectively. Project Lifecycle Management is an integrated approach to manage products and their information – change control, new product introduction, maintaining bill of materials of a part, formula management, vendor management, material management, compliance, ERP integration are few of the many functionalities sophisticated PLM tools offer today. Healthcare industries which have implemented PLM processes effectively are already reaping benefits. Some of these benefits include – decrease in product time to market, decrease in production cost, better compliance standards and most importantly delivering better healthcare products.
While all – small, medium and large—manufacturers of healthcare products are already implementing some PLM, the PLM world has been a little unfair towards the SMEs. These SMEs still remain a great potential market for PLM. Very recently cloud computing has started to prove its might in the PLM space. It is rapidly gaining popularity- specially amongst the SMEs, because of its attractive features.