Strategies for Promoting the Medical Device Industry in Korea: An Analytical Hierarchy Process Analysis

Strategic management and organizational culture of medical device companies in relation to corporate performance

AIMS

Strategies focus on securing the competitiveness of medical device corporations by strengthening their organizational capabilities, which, in turn, ensure their continuous development. This study aims to investigate both management strategies and organizational culture, which may affect the performance of these companies, and analyzes the influence of education and training investment.

MATERIALS AND METHODS

We used data from the 3rd to 6th Human Capital Corporate Panel surveys by the Korea Research Institute for Vocational Education and Training as well as data from the Korea Information Service and 6,112 workers and 260 companies were analyzed. For the analysis, management strategy and organizational culture were set as independent variables, and corporation performance was set as the dependent variable. Additionally, investment in education and training was set as a control variable between the independent and dependent variables. Corporate performance was analyzed by dividing into organizational satisfaction and organizational commitment.

RESULTS

Differentiation strategy and innovative culture had a positive (+) effect on organizational satisfaction, while cost leadership strategy and hierarchical culture had a negative (-) effect. On the other hand, in the case of interaction with education and training investment, cost leadership strategy and hierarchical culture had a positive (+) effect, while differentiation strategy and innovation culture had a negative (-) effect. In organizational commitment, innovation culture had a positive (+) effect, and hierarchical culture had a negative (-) effect. In the case of interaction with investment in education and training, only the hierarchical culture had a positive (+) effect.

CONCLUSIONS

The innovation culture positively influenced the performance of medical device companies. Furthermore, cost leadership strategy, hierarchical culture, education and training investment improved the corporate performance of these companies. To enhance corporate performance, these companies should create an innovation culture and invest in education and training in accordance with the organizational culture.

How to calculate the life cycle of high-risk medical devices for patient safety

In this study, we analyzed Korean and foreign systems, focusing on high-risk medical devices that urgently need to be managed, and we present an life cycle calculation method for determining replacement time. A literature review was conducted to confirm the regulations of the medical device management system and life cycle by country, and a case analysis was performed to verify the replacement evaluation criteria of actual medical institutions. In addition, durability data from the Public Procurement Service, American Hospital Association, and Samsung Medical Center were used to calculate the life cycle of high-risk medical devices. The analysis showed that in the case of Korean and foreign medical device regulatory agencies, there were no specific life cycle regulations for high-risk medical devices. In addition, the important items in the medical device replacement evaluation were found to be the year of introduction, repair cost, component discontinuation, and several failures. On calculating the life cycle of high-risk medical devices revealed that the replacement time is 13 years for anesthesia machines, 14 years for defibrillators, 16 years for heart-lung machines, and 13 years for ventilators. To introduce a uniform medical device replacement standard and life cycle calculation method, the government will need to reorganize the medical device replacement laws and systems. In addition, in the case of medical institutions, it is necessary to secure patient safety by using expert groups to prepare specific life cycle standards that consider the characteristics of medical devices.

Review on people's trust on home use medical devices during Covid-19 pandemic in India

With the rapid development of the medical device against COVID-19 is an excellent achievement. There are numerous obstacles effectively facing the worldwide population, from manufacture to distribution, deployment and, acceptance. Many manufacturers have entered the market rivalry as people's knowledge and demand for home-use medical equipment has increased. India represents a compelling market opportunity for global medical device manufacturers. Substantial growth for the Indian medical device industry is expected to be driven by the current low per-person spending rate for medical devices. The growth of the medical devices industry in India raises competition law issues (anti-trust) and therefore maintaining public trust in home-use medical devices during COVID-19 will be as essential. The review article aims to create awareness among people about commonly used medical devices during the COVID-19 pandemic and to survey people’s trust in home usable medical devices in India. In a worldwide pandemic, manufacturers of medical devices face insufficient storage and the impossibility of meeting the requirements of the health centre. The sale of some of the most significant medical devices has increased, making it more difficult for the medical device industry to satisfy demand with high-quality goods since the quality of COVID-19 items plays a vital part in the present scenario. Despite the difficulty in providing enough medical equipment during a pandemic, they are striving to adapt to the circumstance. After recognizing the need to promote awareness and grasp the selling, and production, handling of medical instruments during COVID-19 at home was conducted. In addition, medical equipment manufacturers and distributors look at this scenario as an opportunity to profit more. This review article would enable researchers during COVID-19 to build more knowledge and widespread trust in medical technologies respectively.

Innovative Culture and Firm Performance of Medical Device Companies: Mediating Effects of Investment in Education and Training

This research explored the mediating effect of investment in education and training relating to the innovative culture and organizational performance of medical device companies. We used the Human Capital Corporate Panel data provided by the Korea Vocational Competency Development Institute. In the industrial classification system of panel data, the industries related to medical devices were extracted and conclusively analyzed for 8629 workers and 368 companies. The independent and dependent variables were innovative culture and corporation performance, respectively. Investment in training and education was a mediating variable between the independent and dependent variables. Quantitative data were analyzed using SPSS software. A higher level of organizational satisfaction emerged in an innovative culture. Innovative culture positively affected organizational satisfaction. Further, investment in education and training to promote an innovative culture positively affected organizational satisfaction. Medical device companies should improve their performance by creating an innovative culture.

Key Factors Identification and Risk Assessment for the Stability of Deep Surrounding Rock in Coal Roadway

In order to evaluate the stability of deep surrounding rock, all of the affecting factors should be theoretically identified. However, some factors have slight impacts on the stability of deep surrounding rock compared with others. To conduct an effective risk assessment, key factors should be first extracted. The analytic hierarchy process (AHP) and grey relation analysis (GRA) methods are integrated to determine the key factors. First, the AHP method is applied to sort the factors by calculating the weights of them. Seven out of fifteen factors are extracted as the key factors, which account for 80% of the weights. Further, the GCA method is used to validate the effects of these key factors by analyzing the correlation between the performance of each factor and that of the reference. Considering the influence of these key factors and experts' judgements, the multilevel fuzzy comprehensive evaluation method is adopted to obtain the risk level of the deep surrounding rock stability. Finally, the risk assessment of the deep surrounding rock in the E-Zhuang coal mine of Chinese Xinwen Mining Area illustrates the operability of the proposed method.

What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA

This study analyzes the factors determining the success of medical device start-ups, focusing on the healthcare sector as the starting point of the Fourth Industrial Revolution. The government is also working to establish a business model to revitalize medical device start-ups as a new driving force for the economy. Accordingly, such start-ups based on innovative technologies have been actively developed, but it seems that there is a limit to growth. We employed an analytical hierarchy process to derive an activation strategy for medical device start-ups. A survey was administered to experts in such start-ups, including medical device companies and venture capital firms, prospective start-up entrepreneurs, medical device developers, and professors. A total of 18 responses were obtained for analysis. The results revealed the following priorities for the success of medical device start-ups: technical skills, marketability, entrepreneurial capacity, and funding. In addition, medical device and venture capital firms were divided into separate groups and compared and analyzed. Technical skills are considered a priority for those in the medical industry. However, entrepreneurial skills are a priority for venture capitalists. Based on these results, we suggest measures for the success of medical device start-ups.