This concern is rooted in the company value system and instantiated in the numerous quality initiatives that continue to be undertaken at the company. The attention to quality can be attributed to a combination of internal and external factors. One of the external factors deals with the FDA approval process. In the biomedical Industry, quality and safety are very closely related and the Fad’s traditional role Is to ensure that only safe, high quality products reach the American consumer.
Low quality can result In failure of otherwise useful products failing to be approved, delay of final approval process, and In the worst case, recall of products already on the market. CEO William George has been quoted as saying that the most risky thing his company could do would be to put unsafe (I. E. Low quality) products on the market Within Monitored, there has long been recognition that Its products are life sustaining. Morale-boosting visits from people who were helped or even saved by the use of Monitored products are frequent occurrences.
At Monitored, the concern for quality is manifested by strong adherence to the value system and ongoing efforts to achieve process improvements and new product introductions. The company has kept product quality as a major concern through many process redesigns in such areas as order fulfillment, manufacturing, and new product introduction and development. This has led to the adoption of a “do it right the first time” mindset according to Chief Operating Officer Arthur Collins. He continues, “l think cycle time reduction, if properly managed, enhances overall quality f the product as measured by the customer”.
Price level Medication’s price level is medium relative to its competitors (CB 85) (Bio)medical technology is expensive. In 1992, Medication’s smart implantable defibrillators sold for about $20,000 each while “standard” pacemakers were priced from $1 ,500 to $9000. While prices do decline as the products move through their life cycle, prices have Increased with the trend toward miniaturization. Medication’s Jewel brand of miniature defibrillators was selling for over $53,000 when first introduced In early 995.
Although the products are expensive, price has not traditionally been of great Importance. Price differences among major competitors have been minimal and the key Issues have revolved around technology, after sales service, reliability and the total cost of care. Price Is rarely, If ever, mentioned as a factor In discussions about Medication’s products. We are left to conclude that Medication’s price level compared to that of Its competitors Is moderate, neither slantingly higher nor lower. Monitored corporation By Janis tit the FDA approval process.
In the biomedical industry, quality and safety are very closely related and the Fad’s traditional role is to ensure that only safe, high quality products reach the American consumer. Low quality can result in failure of otherwise useful products failing to be approved, delay of final approval process, and in the unsafe (I. E. Low quality) products on the market Within Monitored, there has long been recognition that its products are life many process re-designs in such areas as order fulfillment, manufacturing, and new increased with the trend toward miniaturization.
Medication’s Jewel brand of miniature defibrillators was selling for over $53,000 when first introduced in early importance. Price differences among major competitors have been minimal and the key issues have revolved around technology, after sales service, reliability and the total cost of care. Price is rarely, if ever, mentioned as a factor in discussions about to that of its competitors is moderate, neither significantly higher nor lower.
