medtech Archives

BOT model advantages for BioMedTech companies

Posted on March 24, 2022 | by TeresaPenafiel | 6 Comments

BOT (Build-operate-transfer) contracting has grown to be developed into a decisive asset for companies and operators between borders. What initially began as an activity confined to multinational companies in the US has today developed into a broad based business platform backed by leading IT software and services organizations and other third party service providers. But this does not narrow down to only IT providers, great medtech companies such as Medtronic, Thermo Fisher, Johnson & Johnson, and Philips Healthcare can develop entirely independent new centers of excellence in a variety of new territories. And, what does this represent for all the BioMedTech companies?

The principal advantages of a BOT model rely on the extent to which these efforts can translate into talent pool and operating capacity strengths for a Biomedical technology business. In order to do so, the first step is to assess your AI/KM Culture and build the necessary abilities. In a BioMedTech environment, the goal of being customer-focused is on the top priorities, moreover developing outcomes that are efficiently delivered to customers. As a result, repetitive work requiring staff may now be successfully relocated to the BOT channel, freeing up personnel for value-added work and transactions with more complicated exceptions.

To know more about how companies are expanding in these pandemic times, visit BOT Model: How Global Companies Are Expanding in this Pandemic Times.

Now, such an expanding industry requires more efficient processes and equipment on which they can rely. Through BOT, a company reallocates the risks and rewards in the development of software development projects. How?

A BOT is a business model that consists on a contractual relationship in which an organization hires a service provider to set up, optimize, and run a business. A BOT model might be very useful for healthcare organizations if they wish to outsource software operations related to the manufacture of a medical device to a much broader skill pool. This way you can begin to set up an operation unit which can encompass everything from selecting the buildings, as well as the setup and installation of infrastructures such as IT devices, internet, and computers. Afterwards focus on project or product creation, management, improvements, maintenance, and product support, with all the necessary audit. And for all these processes there are companies that can enhance your strategy.

So, why is it important to leverage BOT as a strategy for accelerating digital transformation?

A strong BOT partner for IT services will access high-quality personnel in many global locations. This can favor a BioMedTech company looking for the right talent and know-how experience in operations. To achieve successful financing for the proposed project, capital structuring skills for software development and financial engineering techniques are required to find the proper debt and equity economic mix. The open-source community will enable increasingly possible ‘rental’ expertise to continue to grow together, with the right engineers and medical tech specialists.

One great example of a company whose case scenario represents the BOT model facilitator is ITJ. ITJ is a fast-growing IT partner that enables companies to create world-class software engineering centers of excellence in Tijuana, México. Furthermore, by partnering with California businesses (and now expanding), we help develop an innovative economy. As a plus in our operation model, we have the nearness in location between Tijuana and San Diego in our favor. Nowadays, ITJ is currently the perfect partner for BioMedTech companies, thanks to our experience.

About ITJ

ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.

Reasons why the Healthcare & Life Sciences sector is stronger than ever

Posted on March 18, 2022 | by TeresaPenafiel | 4 Comments

Why does the healthcare & life sciences sector is stronger than ever? When governments worldwide began to tighten their belts two years ago, mired in lockdown with precedents, life sciences businesses might have chosen to reduce their risk, cut down on investments, and ride out the storm. Instead, they sailed right into the hurricane’s eye. Rather than cutting down, several of them increased their efforts in research and development to enhance both science and technology.

To know more about the Internet of Medical Things and other advances in the healthcare and life sciences industry, you can visit The Internet of Medical Things: The Healthcare Revolution.

The findings made by FTI Consulting suggest new advances for the healthcare and life sciences sector, building on the momentum from the previous year and looking ahead to 2022. The worldwide Life Science and Chemical Instrumentation market is expected to be worth USD 43,080 million by 2026, up from USD 40,760 million in 2020, at a CAGR of 5.3% between 2021 and 2026. And the worldwide biotechnology industry was predicted to be worth $449 billion in 2019 and is anticipated to be worth $727.1 billion by 2025. Not only do the numbers represent an increase in revenue (and, by default, investment) in the sector, but also the federal government aided in the reduction of regulatory hurdles and invested billions of dollars in R&D.

With all these in mind, the future of the Healthcare & Life Sciences sector stands in:

Paying attention to scientific breakthroughs that are likely to continue. For instance, if you are an investor or a former company leader, you might like to review the former healthcare logistics and know-how of today and the road life sciences organizations will be taking soon. Companies in the life sciences, for example, have totally altered the way vaccines are created. The speed with which the vaccinations were developed, authorized, and distributed has been nothing short of astounding. In addition, manufacturing, testing, logistics, digital supply chains, and virtual clinical trials have also experienced considerable developments.

You also will have to realize that companies will likely have access to a more diverse and varied talent pool. Over the last few months, many of us have become acclimated to working from home. While the pandemic altered how we worked, it also spurred many health sciences firms to reconsider their strategy for attracting and retaining talent. Geography is no longer an impediment to attracting the finest and brightest. Even if it is challenging, the capacity to conduct a task online might help corporations balance their access to talent and science. This is a neutralizing factor that may assist put all organizations on an equal footing in terms of finding the proper personnel for every element of their business.

Finally, have present that AI has come to stay. AI is now beginning to be integrated into the company mix and transitioning from experimentation and pilots to complete integration—from R&D to accounts payable. To yet, firms have not seen a return on investment from AI that is commensurate with the hype. However, life sciences organizations will not realize the full potential of AI until it is integrated into an enterprise-wide strategy. Every time a process is digitized, there is a potential to acquire new information and increase efficiency by incorporating some amount of artificial intelligence and data science. COVID-19 has hastened the acceptance of this potential, which has been building for some years.

5 Reasons To Nearshore with ITJ

Posted on May 31, 2021 | by Paula Diaz | 4 Comments

Here’s a fact that will surprise no one: The tech industry is one of the fastest-growing in the US— worth 1.6 trillion dollars and is on a path to reach $5 trillion by the end of 2021.

However, it has one clear obstacle: a serious shortage of tech talent. In a recent survey, 76% of US company CIOs have recently said they struggle to find, hire and retain software engineering professionals. The job application success rate between being interviewed and getting hired is between 2% and 3.4%. For a tech company with a timely project at hand, recruiting processes with such a low retention rate can make the difference between staying on top of the competition and losing a precious window to launch a new feature or product.

Nearshoring is a proven way to remain competitive by hiring qualified talent within the same time zone, but residing in locations with lower costs of living. ITJ serves fast-growing and high-value market sectors by creating qualified teams, saving companies precious resources in time and recruiting by creating large, low cost, high performance centers for software engineering.

Haven’t heard of us yet? Here is a list of 5 reasons to nearshore with ITJuana.

We specialize in MedTech

For the past three years, ITJuana has been serving fast-growing market sectors with a particular focus on the Internet of Medical Things (IoMT). ITJuana has been working with innovative medical device companies looking to improve people’s lives. This specific sector is one of the fastest-growings in the tech industry, predicted to reach $176 billion by 2026.

Faster Hiring Processes

In the US, finding, filtering, and hiring the right talent can take months. The average time for ITJuana to hire engineers is 37 days. We only hire the best bilingual talent from Mexico, as well as from elsewhere in LATAM, and are totally committed to developing the next generation of engineers through our partnerships with top educational institutions and the ITJuana trainee program.

Better qualified teams

ITJuana enables companies to create world-class software engineering centers of excellence in Tijuana, MX. Our services assist companies of all sizes to access purpose-built, fully managed, lower cost, and innovative software development, testing, and operational support teams. These hubs integrate seamlessly with our client’s resources and align with their business strategies. Our unique Nearshore model works with the highest quality software engineers, data scientists, and creative designers from across Mexico and Latin America.

Continuous Growth

We care passionately about both our clients and our staff, so the professional teams we create are purposefully only composed of full-time client-dedicated employees, allowing us to attract and retain the best engineering talent while reliably delivering the highly productive, quality services our clients seek. Understanding your company culture is important to us, because we know you may need to further grow your staff in the future. We want to make sure that the people that continue to join your team are not only fully qualified, but aligned with your values and goals. This is why we maintain ongoing relationships with our clients and take extra care to immerse our talent in their company culture.

5. Lower staff turnover

Our stance against subcontracting shows our team where we stand and allows our clients to plan for the long run. As a result, we hold a staff turnover rate of less than half the industry average.

Unique to the industry, we firmly believe in our mantra of “our team is your team” so much so that our clients have the option to transition the engineering teams we build for them into their own organizations when they are ready and choose to do so.

Write to us at keith.ryland@itj.com to know more about what ITJuana’s Centers of Excellence can do for your team.

About ITJ

ITJ is a trusted partner in building the finest software engineering teams in the Americas. For more information, visit www.itj.com.