joharitech

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• Busting 6 Myths of Value Engineering to Deliver
  Cost-optimized Medical Device Manufacturing

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• The entire medical device manufacturing landscape
  is dominated by regulatory norms EU MDR 2017/745,
  and big investments in manufacturing, branding,
  and distribution.
• Cost optimization often takes a back seat. But,
  with global MedTech giants outsourcing
  manufacturing to reduce cost is primary focus.

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• What is Value Engineering of Medical Devices?
•  

• Value Engineering in Medical Devices is the key
  to strike a balance between innovation, cost, and
  quality. 
• The critical analysis of the manufacturing
  process and product to find out potential areas
  where investments can be optimized without
  compromising the quality and functionality.  

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1. Value Engineering is about putting quality at
   stake
2. Value Engineering can be considered at the end of
   the manufacturing process
3. Value engineering negatively impacts user
   experience
4. Value Engineering is only about maximizing the
   ROI
5. Value Engineered Medical Devices do not deliver
   on innovation creativity
6. Cost optimization Cost reduction are same

Myths of Value Engineering to Deliver
Cost-optimized Medical Device Manufacturing
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• Myth 1 Value Engineering is about putting
  quality at stake

Value engineering does not mean putting quality
at stake. Rather it means finding potential
quality alternatives that can be put into use to
optimize cost.
This may include areas like vendor analysis,
de-conceptualizing the design to reduce the
number of parts required, and eliminating
unnecessary functionalities that offer no value
to the end-user.
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• Myth 2  Value Engineering can be considered at
  the end of the manufacturing process

• Value engineering is a continuous evaluation from
  day one to optimize the manufacturing cost.
• All aspects of design, engineering, quality
  maintenance, regulatory, supply chain, and
  branding necessary to pen down a more concise
  list of everything you do to identify areas of
  cost-cutting.
• Every component substitution, or additional
  feature must be analysed to enhance cost
  optimization and subsequently boost product
  value.

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• Myth 3 Value engineering negatively impacts
  user experience

• its important to understand that unnecessary
  features that are rarely used by the end-consumer
  only add to the cost.
• Its completely fine to get rid of the unwanted
  features so that the product manufactured offers
  a substantial value to the end-user. Add more

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• Myth 4 Value Engineering is only about
  maximizing the ROI

• Yes, the core purpose of value engineering is
  maximizing ROI but it doesnt mean its only ROI
  that matters.
• The critical analysis during value engineering
  also reveals several other areas of improvement.
• Analysis everywhere opens ways for improvement.

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• Myth 5 Value Engineered Medical Devices do not
  deliver on innovation creativity

• Innovation is compromised for medical devices
  where value engineering is paramount.
• An innovative in medical device requires enormous
  cost but thats not always the case.
• Often value engineering involves optimizing the
  design on various grounds to make it more
  user-friendly.
• This means value engineering can also be the
  reason for an innovative product.

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• Myth 6 Cost optimization Cost reduction are
  same

• Cost optimization in general is understood as the
  technique to reduce the overall manufacturing
  costs.
• For instance, you might come apportioned in one
  area can be utilized in other area to improve
  overall product appeal.
• In an organization shifting, reducing, or adding
  cost at any step, all fall under cost
  optimization.

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• Case Optimizing cost through vendor analysis and
  Regulatory Assistance

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• Challenge

• The muscle sculpting device came to Joharis desk
  with a very high manufacturing cost.
• The client also had a major concern about
  entering the European market with this product.
  With current pricing and given features this did
  not look feasible.

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• Solution

• At Johari labs, engineering team critically tore
  down every module of the product to revisualize
  the model at an optimized cost.
• Leveraging an authorized network across multiple
  geographies.
• The industrial design user interface were
  enhanced by adding smart id- Software solution.
• Additionally, utilizing the regulatory experience
  with European markets.

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• Business Value

• All together the device was a market success and
  widely accepted in its domain.
• The functionality and competitive pricing have
  made it one of the preferred choices amongst the
  market bulk buyers and end-users.

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• No Regret in Cost Cutting

• Its a popular belief that opting for a
  cost-cutting strategy is needed only when an
  organization is undergoing a financial crisis.
• Its important to have a proper cost-cutting
  strategy in place to ensure better value at all
  times.
• Medical Device Manufacturing domain requires a
  proper strategic plan to timely evaluate the
  costs at various levels.
• Prevents sudden loopholes and keeps improvements
  aligned functioning.

As a growing organization Johari Digital
Healthcare Ltd adopts a value engineering
approach to deliver quality at an optimized cost.
Balancing investments technology is an art and
as a 40 years global Medical Device
Manufacturing company, Johari excels at it.
Schedule a consultation for value engineering in
your existing medical device.
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To Get In Touch
Email ID enquiry_at_joharidigital.com Website
www.joharidigital.com Toll Free 1800-102-8684