In this new era of fast-evolving technology, the opportunities for extraordinary advancements in life sciences are unlimited — from breakthroughs in personal medicine and customized smart medical devices, to the rise of genomics and proteomics, to precise high throughput molecular analyses. But, as these technologies evolve, so does the need for more agile design and development. With quick and complex design, change-on-the-go integrations have the danger of failing fast without proper proficiency in a given specialty. Without solid and verified goals in mind, it can be difficult for teams to keep on track.
Though the list of opportunities — and their associated challenges — are nearly endless, the question is, how can companies – or entire industries – that are facing fast-evolving technical demands innovate, compete, and win? To answer this question, IDEX Health & Science partnered with Forbes Insights to survey 180 executives from the life science sector as well as pharmaceuticals and aviation/aerospace.
As with life science, the mission for these latter two industries requires the integration of complex processes, components, and technologies to deliver highly advanced products and services. All three industries rely on applied science and manage multi-year product development timelines. All suffer from the occasional development delays or cost overruns, and all possess valuable, often breakthrough, intellectual property (IP).
The Forbes Insights report sheds light on the degree to which companies in these sectors are using supply chain collaboration to achieve an array of benefits. From accelerated time to market, improved quality, and reduced risk, to improved margins and widespread innovation, it’s clear that those who collaborate and partner most perform best.
In the report “Unlocking Innovation in Your Supply Chain: Five Collaborative Insights for Life Science,” you’ll learn how research shows greater collaboration — even partnership between OEMs and their suppliers — is the way to go. The report goes in-depth on the following key insights:
The rate of change is accelerating, and no company, no matter how experienced, large or innovative, can afford to go at it alone.
We have entered the era where collaboration and successful supplier partnerships improve fulfillment, costs, and quality, as well as processes.
Closer collaboration with suppliers yields substantial benefits. More than half of executives are already taking steps to expand or improve the degree of engagement with a wide range of external relationships including partners, competitors, industry associations, and customers.
Life science is “behind” the collaboration curve. A full 37% of life science executives lean toward a “do it all” orientation, versus only 28% in pharma and 22% in aerospace.
Most executives are now recognizing the need for, and benefits of, stronger partnerships. Nearly three-quarters of respondents in the Forbes Insights survey say they need to improve their capabilities in collaborating with suppliers.