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| Raouf Guirguis, Chairman and Chief Executive Officer, Converting Biophile Laboratories, Inc, a solution provider at the marcus evans Medical Device R&D Summit Fall 2012, highlights the benefits of collaboration between medical device R&D companies. |
NEW YORK, N.Y., Nov 29, 2012 - (ACN Newswire) - The medical device manufacturing industry should look towards collaboration to develop cheaper products and to become more specialized in their field, says Raouf Guirguis, Chairman and Chief Executive Officer, Converting Biophile Laboratories, Inc. Working with other countries will enable the medical device industry in the US to focus on innovation and introduce better and safer products into the market, he adds.
From a solution provider company at the upcoming marcus evans Medical Device R&D Summit Fall 2012, in Colorado Springs, Colorado, November 27-28, Guirguis discusses how training produces conscientious employees who will work towards creating safer products.
- Why is consolidation within the industry so important at this time?
Consolidation is the name of the game right now. Small competitors will not survive due to new regulations, cost pressures and taxation matters. The only way these companies will evolve is by partnering with each other or merging together. Working together and discussing problems that arise would create a highly specialized industry.
Collaboration with other countries is also a way forward. Executives can bring in manufactured parts from China, so that the US industry can concentrate on innovation and product development. The capabilities of both parties will be maximized and a better and cheaper product will be the final outcome. Inventors, doctors and engineers will then be able to concentrate on what they do best.
- What processes can you suggest for the reduction of R&D costs?
Large pharmaceutical companies can offset some manufacturing and product tasks to small or medium sized vendors. The financial charge for the large companies is small, while the amount of income for the vendors is large. This also attracts cheaper, talented workers who can improve costs. Teams can be created and training given to better coordinate work.
The other aspect of this is that vendors should complement each other and outsource their services. Combining these efforts will enable them to offer products at an affordable cost for the expanding customer base.
- How can medical device R&D executives ensure that products are safe for the end-user?
The involvement of CEOs in this area drives safety due to more emphasis being placed on safety and not only on financial gain.
Training and education is a very important element of safety. Educating employees on what could happen if quality is sacrificed makes them more conscientious, as they then translate their job into responsibility towards patients and lives.
About the Medical Device R&D Summit Fall 2012
This unique forum will take place at The Broadmoor, Colorado Springs, Colorado, November 27-28, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on resetting the vision for medical devices, complying with FDA regulatory requirements and evaluating venture capital investment in medical device. For more information please send an email to info@marcusevanscy.com or visit the event website at www.medicalrdsummit.com/RaoufGuirguisInterview.
marcus evans group - manufacturing sector portal - http://tiny.cc/FWbg2b
Please note that the Summit is a closed business event and the number of participants strictly limited.
About Converting Biophile Laboratories, Inc.
Converting Biophile Laboratories (CBL) is a turnkey solution provider and medical device contract manufacture. CBL capabilities include: innovative R&D and design engineering of new and existing products, medical & industrial rotary die cutting; specialized packaging, Assembly line work, machine assisted packaging services, material treatment, and industrial printing services. CBL can assess your Clean room manufacturing and converting process requirements for effectiveness, functionality, manufacturing feasibility, and cost-efficiencies. www.convertinglabs.com.
Contact:
Maria Gregoriou
Journalist, marcus evans, Summits Division
Tel: +357 22 849 400
Email: press@marcusevanscy.com
Topic: Research / Industry Report
Source: marcus evans Summits
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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