Having competition in the market gives doctors and hospitals more choices when it comes time to purchase new medical devices. Companies big and small are all vying for a spot in the offices of doctors across the world.
But in an economy where big names and large companies typically have a leg up on the competition, do small medical device manufacturers even have a place in this vast market? Do the same rules apply in the medical device world? You may think that the big names get all the attention, but start-ups can take advantage of opportunities the big companies miss.
There has actually been a push by The Massachusetts Medical Device Industry Council (MassMEDIC) to raise awareness of the benefits of small suppliers. Massachusetts is home to about 400 medical device companies, most of which have fewer than 75 employees. According to a survey conducted by MassMEDIC, Massachusetts medical device makers got 51 percent of their supplies from in-state suppliers.
The various sizes of companies can benefit one another greatly. In Massachusetts the sheer number of small medical device companies holds up 24,000 workers and produces the state’s top export, but small businesses need the support or larger manufacturers.
MassMEDIC plans to bring and large and small manufacturers together under a program called MedTech Match, which selects small suppliers to make presentations before representatives from large device makers. While this doesn’t guarantee large device makers will sign small manufacturers as suppliers, it does give each company the means to reach their goals. It also allows doctors and hospitals better options when it comes time to purchase devices.