Attend a medtech conference, approach any group of senior executives and ask them what keeps them up at night. They’ll all reply straightaway with one answer: regulatory compliance. And then you’ll watch the beads of sweat appear on their forehead.
Not one of them will dismiss the need for it. They work in a field where human health is at stake and so it’s essential that all kit has been properly tested, everyone involved is properly qualified, and that there is a clear, accurate audit trail.
No one doubts the need, but the practicalities of it have always been challenging.
Before they can even start manufacturing products, medtech businesses must ensure compliance with a set of stringent clinical trials. When a sale is made, before they can conclude it, they need to ensure the customer has signed off on regulations. This can take months, even years, and they need to know exactly where each individual customer is in the process. Furthermore, they need to have accurate, up to date information on how each project is conforming to regulations.
There is a large quantity of data to track, across multiple locations and extended timescales, and throughout it all, the risk of human error has always been too prevalent. One mistake can be fatal to a company’s reputation, or even worse, to a patient’s wellbeing.
It’s one of the areas where medtech businesses are finding a CRM platform can significantly improve the way they work. While CRM is not a compliance platform, it does provide businesses with visibility of the process, with each step mapped and each customer’s progress tracked.
There are many other areas from sales to marketing, from operations to strategic business management, where CRM platforms are transforming the way medtech businesses work. But there are none that have as positive an impact on executives’ stress levels as it does in regulatory compliance. To find out more see our whitepaper here.