Resilience of a Supply Chain-Based Economic Evaluation of Medical Devices From an Industry Perspective

Resilience of a Supply Chain-Based Economic Evaluation of Medical Devices From an Industry Perspective

Yu Yang, Zecheng Yin
Copyright: © 2023 |Pages: 18
DOI: 10.4018/ijdwm.320761
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Abstract

Health budget allocation choices are increasingly aided by medical technology's economic evaluation (EE). With thousands of new items launched each year, the medical device (MD) business is one of the most active domains of medical advancement among providers of innovation. Some of these considerations have to do with the specifics of how the gadget works. The paper examines the investment assessment of new medical devices from an industrial viewpoint. The strategy EE-MD presented should lead to more inventive and cost-effective surgical supplies for the medical industry. The study's purpose is to better the decision-making process for medical device development. Small and medium-sized firms are a crucial source of innovation for the future, and the research focuses mostly on them. Design economy and professional engineering literature are linked in the article. The proposed multi-attribute and team method to construct selection discusses the financial factor and provides a strong foundation for ongoing program management by identifying project-specific risks and strategic alliances.
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Introduction

Many medical devices diagnose or treat disease and disorders (Chae et al., 2020). These include instruments, apparatuses, implants, machines and tools, and in-vitro diagnostic reagents (Daubner-Bendes et al., 2021). In some instances, gadgets that produce radiation for medicinal purposes are considered medical devices (Polisena et al., 2020). Diagnostic ultrasound equipment, x-ray machines, and medical lasers are also a part of the medical technology business.

Low-risk Class I medical devices include bandages, surgical equipment, and non-electric wheelchairs (Prinja et al., 2021). Class II devices provide a moderate level of danger (Fraser, 2020). While Class III presents a significant level of risk, it is critical to maintaining or restoring health.

All medical gadgets are considered medical devices. Yet not all medical devices should be referred to as a medical gadget. This is, in fact, a common misconception (Dimmock et al., 2020; Fontenay et al., 2020).

Implants and other one-time-use devices do not require regular inventory or service because they can go with the patient or are discarded after use (Atanasova-Belichenova, 2020).

A product’s life cycle is used as a basis for the life cycle of a medical device (Ruggeri et al., 2020). In the same way as any product, medical gadgets begin in a manufacturing facility before being sold to the end user (Cooper et al., 2021).

Arthritis and impaired circulation are just two of the many ailments that could benefit from a medical gadget (Nguyen-Marzin et al., 2020).

Medical technology can impact improved patient outcomes and decreased healthcare costs (Merola et al., 2020). As one of the fastest-growing industrial sectors, the medical innovation industry delivers high-paying employment for Americans. In-vitro diagnostic devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies, and other medical devices are part of the medical device sector (Petra & Vladimir, 2020).

A medical device is considered “active” if its functioning relies on a different source of energy than what is created by the body or gravity (Maresova et al., 2020). Active medical devices work by altering density or converting energy.

The medical device amendments give the Food and Druge Administration (FDA) the authority to regulate medical devices to ensure efficacy and safety (Vutha, 2020). This authority is embodied in the general controls. All three classes of medical equipment are subject to known restrictions; however, Class I devices are the only ones (Kocaman et al., 2018).

The management and practice of big enterprise healthcare include methods to minimize accidents, industrial illnesses, and stress in the workforce (Moorkens et al., 2020). Medical, surgical, nutrition, and lifestyle instructions fall under the health industrialization category. Medical practices aim to increase patients’ length of life and quality of life (Sheron et al., 2020). Industrial health dangers intensified after the Industrial Revolution (Ma et al., 2020). Those with specified occupational illnesses were eligible for benefits and were required to report their symptoms. Multi-billion-dollar conglomerates of businesses make up the medical-industrial complex. These include physicians’ offices, hospitals, nursing homes, insurance firms, drug makers, hospital supplies and equipment, real estate and construction corporations, and health systems (McPake et al., 2020).

According to the World Health Organization (WHO), a system of medicine includes all methods of health maintenance and disease prevention and diagnosis based on ideas, beliefs, and experiences unique to particular cultures, regardless if they can be rationally explained (Tolga et al., 2020). Many sectors within the economy supply commodities or services to treat patients with curative, preventative, rehabilitative, and hospice care (Wouters et al., 2020).

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