Originally Published MX November/December 2005

BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT

In today's global market, New Mexico and New Delhi can both be viable candidates for medtech outsourcing.

Steve Halasey

In the medical device industry, outsourcing company operations is frequently an executive's best business strategy. Those who have adopted the strategy agree that it can often improve a company's productivity, reduce product development time, and cut overall costs—all important achievements in today's competitive medtech marketplace.

Candidates for outsourcing include a wide range of company functions, such as fundamental research, technology development, product design, product testing, clinical research, manufacturing and processing, distribution and logistics, and regulatory compliance. Determining which functions are ripe for outsourcing is typically a company-specific exercise that takes into account the company's long-term business and product development strategies.