Global supply chain plays a vital role in developing and distributing medical devices essential for diagnosing, treating, and monitoring various health conditions. The complexity of the global supply chain can significantly influence the availability, quality, and pricing of medical devices. This paper examines the effects of global supply chains on the medical device industry and analyzes the geographic distribution of the medical device supply chain. It specifically focuses on key production centers and the global transportation of medical devices. Our paper will emphasize the contribution of supply chain disruptions, caused by factors such as trade law changes, transportation difficulties, and geopolitical tensions, to the shortages or delays in accessing essential medical devices. Furthermore, the paper will conduct a comprehensive analysis of the financial impacts and costs associated with medical devices. It will focus on identifying the variables that influence the overall cost structure, including raw material prices, labor costs, currency exchange rates, and trade agreements. Additionally, the paper will examine the effects of supply chain consolidation and market concentration on pricing and competition policies. Finally, the paper will discuss potential strategic solutions that mitigate the risks and challenges that global supply chain poses to the medical device sector. This section will conclude by reviewing how concepts like localized production, supply chain diversity, and digitization can improve resilience.
Published Date: 2023-08-29; Received Date: 2023-08-01
