Upgrade your medtech location strategy with these tips

1. Assemble a multi-functional internal and external advisory team to drive the process.

2. Decide how decisions will be made among those teams.

3. Evaluate and rank which criteria are most important to the company's long-term success.

4. Use technology to properly model locations with the correct assumptions and data inputs.

5. Leverage global and private datasets and advanced analytics to inform decision-making.

6. Conduct field investigations to research locations.

7. Follow a detailed agenda to extract maximum insights when visiting the location and reviewing the operating environment.

8. Allow sufficient time to execute a well-structured process

For example, a medical device company that manufactures a high volume of single-use or disposable products may want a location with low operating costs and access to a large labor force. A company looking for a site to manufacture a low volume of complex components or devices may prioritize proximity to its supplier base, access to highly skilled workers, nearby educational institutions and a stable environment.

Using a structured methodology, a consultant can help medical device manufacturers evaluate prospective locations' characteristics, advantages, and limitations. Many consultants run projections through multiple lenses to assess how those projections meet business objectives. For example, prioritizing cost takes labor, energy and real estate into account above close proximity to academic research centers. Another lens may prioritize close access to research sites above cost factors.