Medtech software solutions provider Greenlight Guru unveiled its MedTech Lifecycle Excellence (MLE) platform, which is aimed at revolutionizing how medical device and technology companies bring life-changing products to patients.
The platform integrates cross-functional teams, processes, and data throughout the product lifecycle, giving visibility and traceability beyond compliance requirements to proactively overcome execution gaps and accelerate success.
Medtech professionals are still adapting to a new era of work full of new expectations, new technologies, and new opportunities to deliver solutions that improve lives. And yet, bringing life-changing products to patients is still harder than it should be. Many medtech companies struggle to balance compliance efforts with the speed of innovation and execution. Only 8% of medical device companies say they are “very well equipped” to meet their business objectives, and an estimated 75% of medtech companies ultimately fail.
In a recent article by McKinsey & Company, researchers say: “For decades, pharma and MedTech executives have viewed quality compliance as the cost of doing business because it usually works behind the scenes, staying mostly invisible to customers and the organization unless disaster strikes.”
Without the use of smart-quality technologies, companies are stuck using solutions that are generic, outdated, and disconnected, leaving data in silos and making work even harder for medtech professionals. Each disparate system and process serves a different purpose or different team—with no visibility into one another—or continuation across the value chain of bringing devices to market.
Now, medtech companies are realizing the full value of quality—using insights, data, and connectivity throughout the entire product lifecycle to improve product quality, visibility, and drive good business decisions. By providing an industry-dedicated platform that powers an end-to-end product lifecycle from idea to commercialization to post-market surveillance, medtech teams are equipped with the insights, capabilities, and proactiveness needed to achieve lifecycle excellence and reach market success.
“MedTech professionals deserve better solutions for the challenging, inspiring, life-changing work they do day-to-day,” says Greenlight Guru CEO David DeRam. “This has been our vision since Greenlight Guru was founded eight years ago, to provide leading, purpose-built solutions that promote True Quality, and now the continuation of achieving excellence in all phases of the MedTech product lifecycle.”
The announcement of the MedTech Lifecycle Excellence Platform comes on the heels of Greenlight Guru’s recent acquisitions of CanvasGT, a software company enabling iterative medtech Innovation and turning brainstorming into meaningful, actionable information; Vertex Intelligence, a data science company developing custom artificial intelligence and machine learning solutions; and SMART-TRIAL, maker of the Electronic Data Capture (EDC) platform designed for medical devices and diagnostics.
“Our research shows an ideal medical device technology suite would be comprised of over 15 different technologies ranging from QMS to PLM,” says Sandra K. Rodriguez, senior industry analyst at Axendia, a leading Life-Science analyst firm. “Yet innovators are leapfrogging to the right side of the digital divide and moving away from these generic, point systems of record that create data silos and promote baseline compliance. They are instead moving towards unified and outcomes-focused platforms that are effective & frictionless. Platforms that enable digital threads of product data throughout the entire product lifecycle to drive improved patient outcomes.”