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[ANSWER]GEB 5930 First Draft of Industry Analysis: First Draft of Healthcare Equipment and Supplies Industry Analysis
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First Draft of Industry Analysis: First Draft of Healthcare Equipment and Supplies Industry Analysis
The healthcare equipment and supplies industry is highly competitive: Products are similar and due to high competition, the products are sold at low prices. However, innovative manufacturers differentiate their products (Biospace, 2022). besides, the industry is very innovative. Medical technology is the foundation of ongoing improvements and is changing lives. Also, the HES industry has many barriers. For instance, manufacturing medical devices requires various processes and parts, and collaboration with engineers to manufacture, launch, and distribute medical equipment and supplies (Jaeger & Upadhyay, 2020).
Today, the HES industry is committed to quality, effectiveness, and safety. The sector is committed to producing products that will be effective when used by healthcare professionals and safe when used by patients and healthcare professionals. Besides, the quality of medical supplies is also emphasized (S&P Global Industry Mover, 2022). The HES industry is heavily regulated by the government. In the U.S., the healthcare equipment and supplies industry is heavily regulated by the FDA. Therefore, no company can produce medical supplies and equipment without the approval of the FDA.( First Draft of Industry Analysis )
a. Industry life cycle and Key Milestones
A company that manufactures medical supplies must have a product requirement document that specifies the requirement for the product. The second milestone includes a review of the product design to evaluate the design against the requirements. The third milestone of the medical equipment manufacturing process is constructing an engineering model to form a conceptual design of the product (Hirsch, 2013). The fourth milestone involves the company declaring a design freeze to lock down the product. Then, the companies have a clinical unit in which it conducts pre-clinical trials and validation. After such milestones, the product is then manufactured, distributed, purchased by customers, and then installed for use in healthcare institutions.
b. Driving forces
The HES industry is maintained by some driving forces which…: [Buy Full Answer Of First Draft of Industry Analysis for Just USD 9: 3038 WORDS]
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Topic: First Draft of Industry Analysis
Type: Essay
Word Count: 3038
Grade/Mark: 89 (Distinction)
