Nearly 70% of MedTech Firms Still Rely on Manual Processes for Content Management
MedTech Companies Struggle with Manual Processes
Introduction
In the fast-evolving landscape of the medical technology (MedTech) industry, efficient management of commercial content and claims is critical. Recent findings from the Veeva MedTech Commercial Benchmark Survey 2024 highlight a concerning trend: almost 70% of MedTech companies still depend on manual processes and custom-built applications for managing these essential functions. This reliance on outdated methods poses significant risks including regulatory compliance challenges and delayed product launches.
Key Findings of the Survey
Manual Processes Predominate
The survey, which involved over 130 leading MedTech firms, indicated that many companies are lagging in adopting integrated content management systems. Without a streamlined approach, sales teams experience significant bottlenecks in launching marketing initiatives.
The Importance of Automation
Another alarming revelation was that 60% of these companies take more than four weeks for content approvals. Such lengthy processes can result in lost marketing opportunities, as marketing assets frequently undergo multiple revisions—averaging between three to five reviews before final approval.
Personalized Content is on the Rise
Despite the hurdles, over 80% of the surveyed companies aim to customize their messaging more effectively. However, achieving large-scale compliant personalization remains a daunting task without appropriate systems. The challenge is intensified by stringent regulatory requirements that govern the MedTech sector.
Challenges in Digital Asset Management
Digital Asset Management (DAM) systems are also detrimental to MedTech companies, with nearly 40% reporting they lack such systems completely. For those that have implemented a DAM, only 31% indicated that it is accessible across the marketing department. This limitation significantly hinders the effective management of personalized content.
The Role of AI and Automation
The survey results further reveal that 45% of MedTech firms believe that artificial intelligence (AI) can notably enhance content creation. As businesses strive to keep pace with growing demands for personalized materials, they face the challenge of complying with regulatory standards while effectively communicating the safety and efficacy of their products.
Conclusion
Jeff Gorski, Senior Director of Commercial Content Strategy at Veeva MedTech, emphasized the pressing need for improvement in operational processes: "Nearly every MedTech firm has the opportunity to enhance content management and claims processes to boost speed to market, compliance, and overall efficiency." The Veeva MedTech Commercial Benchmark Survey 2024 sheds light on current challenges and identifies significant potential for advancement in content management strategies.
Future Directions
With the growing complexity of market demands and compliance regulations, the adoption of automated solutions and more robust content management frameworks will be critical. MedTech companies must take proactive steps toward modernizing their processes, leveraging technology to improve efficiency and facilitate quicker market access.
Learn more about Veeva Vault PromoMats for MedTech and explore how to navigate the future of MedTech content management efficiently.
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Topics Business Technology）
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