Corporate Strategies in Biomedical Companies
What are the strategies adopted in Biomedical Engineering regarding their business development and corporate strategies? This blog post discusses corporate strategy and business strategy in the field of biomedical engineering.
What Exactly Is Biomedical Engineering?
Biomedical engineering can be described as the application of engineering approaches and tools to perpetuate knowledge and solve problems in human and animal biology, medicine as well as health care.
Engineering Solutions for Better Health: Corporate Strategy of Biomedical Engineering Businesses
Biomedical engineering has significantly brought forward better health care and health related research over the latter half of the past century for both human as well as animal populations. So biomedical research is expected to have an even greater impact on the future.
Top notch health care is the bedrock of any healthy society. Health stands at the center of a good quality of life and it drives social as well as economic development forward.
Biomedical engineering extends significant differences in the day to day lives of several individuals, securing the safety of their food and water sources, improving their life’s quality. This advances self-reliance; providing effective options for front-of-the-line health care professionals
Strategy 1: Tackling Major Pre-Existing Problems
- This strategy targets those health problems that hold the highest burden on the quality of life, financial costs for recovery, mortality and morbidity.
- Particularly cardiovascular diseases, cancer, fatal injuries, congenital musculoskeletal diseases as well as several neurological conditions.
- Biomedical engineering research and advanced health technologies developed by many emerging biomedical companies work to improve the overall quality of life (including that of humans and animals all around the world)
- Via their work, such biomedical companies also diversify the pre-existing knowledge based economies via technology transfer and novel start-ups which work in tandem in the bio-industry sector, leading to its expansion.
Strategy 2: Identifying Key Priority Research Themes
Some of the major areas of concern and their subsequent solutions developed by major biomedical corporations are:
- To identify, invent and ultimately implement technologies which will keep people healthy in the long run and minimize complexities from diseases; while at the same time predicting illness and potential injury.
- To develop and engineer even more accurate imaging and diagnostic techniques for the early detection of disease.
- Provide novel biomarkers for the evaluation of new therapies, while enabling personalized treatments tailor-made according to an individual patient.
- To develop top quality, durable treatments for fatal injuries and diseases, incorporating recent advances in stem cells, target specific drugs and novel treatment devices.
- To develop and deliver research built from emerging strengths, utilizing engineering approaches and tools to streamline patient flow throughout the health care system.
Strategy 3: Delivering Improved Life Quality Via Novel Biomedical Engineering Solutions
- Maintaining existing standards of health while identifying, diagnosing and subsequently treating disease/injury is a complicated challenge duly addressed by advances in biomedical engineering approaches and technologies.
- With such advances, people suffering with complex medical conditions live longer, happier and enjoy an improved quality of life.
- Moreover, operations management and industrial engineering approaches are wholly suited towards solving problems that arise from these complex relationships.
- Biomedical engineering eases the congestion in the pipeline involving our health care system among patients, community groups, health professionals, government bodies, insurers and industry.
Strategy 4: Integrated Approaches For Prevention Of Fatal Injuries And Diseases By Supporting Healthy Aging
Independence for a better quality of life:
- Engineering methodologies can increase our core understanding of human as well as animal health and diseases across the entirety of their lifespan.
- Based on this new and improved understanding, advanced integrated biomedical engineering solutions and technologies can be created for assessing health issues and increased prevention promoting independent, self-reliant living.
Key Areas For This include:
- Early detection and monitoring technologies for improving somatic and mental health.
- Developing personalized Disease monitors, like biosensors for real-time, quick diagnostics,
- Creating new instruments for point-of-care testing, and technologies for assessing organ or body function;
- Processes for preventing risks linked with acute and chronic diseases, including technologies that
- support healthy and safe aging
- assist with body balance control to prevent a precarious standing posture as well as gait
- assist with navigation, maneuvering and location-tracking, and enable mobility independence for aged patients
- Identifying and predicting the role of multi-sourced inputs (like diet and physical activity level) under normal and changed conditions (exercising, extended bed-rest etc) in various demographic population sets. This might subject-certain devices to show information on activity levels so as to prevent chronic injuries based on oxygen consumption within the body, joint movement as well as muscle activation patterns
- Developing an integrated (multi-system) mechanism of quality aging involving musculoskeletal, cardiovascular, respiratory and nervous systems. People with chronic conditions like asthma, diabetes, mental illness or obesity could be given devices that provide immediate feedback for real-time consultation. This helps in enabling physical activity modification depending on blood levels of crucial components (such as insulin and oxygen), heart rate, as well as surrounding factors (e.g. altitude, smog, temperature).
Strategy 5: Shifting Paradigms Within the Healthcare Industry
For several individuals — healthy, sick, or injured —accurate diagnosis and early intervention could minimize their need for expensive and invasive treatment while simultaneously supporting self reliance, essential to a better quality of life.
Maintaining health and preventing diseases for already healthy people and delivering real-time diagnoses, quick monitoring and effective treatments for those people who are severely injured or who have chronic diseases.
This strategy recognizes key priority research themes that capitalize on a company’s strengths in biomedical engineering:
- Interdisciplinary approaches towards enabling the prevention of fatal injury and disease, while promoting healthy aging
- Advanced technologies for better diagnostics
- Developing novel therapeutics: Emerging research themes have also been identified, in which several companies hold great potential and expertise.
- Optimized and improved health care performance.
The Biomedical Engineering Economy:
Biomedical engineering is an ever-expanding sector dealing with global health innovation and healthcare product development.
As of 2013, Forbes placed biomedical engineering at the top of their list of “most valuable majors’ university programs. Medical technologies and devices are a US $140-180 billion per year industry which continues to grow at an annual rate of 10 per cent.
Internationally, the biomedical devices market is priced at US $327.7 billion. The United States ranks first globally with a share of more than a third of the entire market.
Only very recently, the U.S. government signed a $354 million four-year contract with a pharmaceutical company called Phlow Corp. to maximize American production of medications which might help treat Covid-19 and plug probable supply chain shortages. The contract could have an extension for the next 10 years to $812 million, according to a report by the New York Times.
“There are not a lot of people wanting to bring back generic medicine manufacturing to the United States that has been lost to India and China over decades,” Edwards-CEO and cofounder of Phlow Corp.- told the Times, “You need someone like the federal government saying this is too important for us not to focus on.”
The Overall Financial Impact of the Biomedical Engineering Industry:
Although biomedical engineering solutions and technologies help maintain and improve life quality for people of all age groups, but it most prominently benefits senior people (aged 65+) —perhaps the most rapidly-growing age group in the whole world.
Considering the most recent data figures released by the Bureau of Labor Statistics in U.S.A, private-sector jobs in the biomedical industry in U.S.A as of 2009 stood at 1,219,200. Compartmentalizing this overarching statistic into its major components, it was deduced that:
- 283,700 people were employed in the biopharmaceutical industry.
- 409,200 jobs existed in the field of medical devices (including diagnostics).
- 526,300 people worked in fields related to R&D, labs and testing.
- Output and wages stemmed directly from the biomedical sector and comprised of nearly $96billion out of the total $213.2 billion.
- In the U.S. the average job paid $78,600 in the biomedical industry, which was 70% greater than the national average.
- If the trickle-down effects of the biomedical industry are also taken into consideration, the biomedical industry is responsible for about 5.3 million jobs, or 4% of non-agricultural jobs in the U.S.
- One job in the biomedical industry supplied for 3.3 jobs in other sectors.
- The medical equipments and supplies manufacturing sector gave jobs to nearly 20% of all biomedical employees.
- Other 20% biomedical engineers worked in scientific research and the development services.
- Biomedical engineering graduates are readily employed in the healthcare industry, research facilities of pharmaceutical, medical and educational institutions, for teaching, as well as in government regulatory agencies.