Smart saving, smart spending
It often has been said that you have to spend money to make money. But it also could be said that you have to save money to make money.
Investing in new, more lucrative markets can be a smart way to make money by spending.
Things were looking up for the biomedical device industry at the recent MD&M West (Medical Design & Manufacturing) trade show in Anaheim, Calif., which brings together companies, professionals, clinical users and engineers to promote the latest advances in components, materials, electronics, systems and services for the design and manufacture of medical products.
BioPhotonics editor Gary Boas, who attended the show, found that companies that traditionally have not operated in this sector are branching out, expanding their portfolios to include medical products. This likely contributed to the increase in the number of exhibitors, which was estimated to be around 30 percent higher than in previous years.
Boas reported that there appeared to be significantly more companies in attendance offering manufacturing systems and, to a lesser extent, quality control than actual medical devices, which could reflect an influx of new companies to that part of the medical device market.
Although indications of an upswing are beginning to materialize, it’s still important to consider any and all options for cost cutting – saving is always smart.
In recent years, companies across the biomedical spectrum – and in other areas – have been looking for ways to cut costs and maximize profits, in part because of the economic downturn and in part because reducing costs just makes good business sense.
Beginning on page 20 of this month’s issue, editor Hank Hogan examines ways in which biomedical companies can lower costs – thereby increasing their profits – at the systems design stage and offers advice from industry experts on where to scrimp and where to spend.
After all, money saved is money earned, and money earned is money that can be invested in future growth for individual companies and, thus, for the industry as a whole.
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