With the medical industry being so critical, not even a single error can be afforded. But yet, around20% of medical device manufacturers struggle to manage component shortages. This is a big issue as many devices can call for a difference between the life and death of an individual! But, what is causing such component shortage? Is it the high demand of these components? If so, why is there such a high demand that can’t be fulfilled?
Why the component shortage?
One of the biggest reasons why there is component shortage is because technologies in the medical industry change in the blink of an eye. These continuous and quick changes, when combined with the increasing demand for electronic parts, can create issues for electronic component suppliers to keep up with the pace of change. These components could be anything from capacitors to resistors to integrated circuits.
Even more, manufacturers may face lengthy lead times for specialized electronic components, supply chain interruptions for any possible reasons, and dragged-out FDA approval for certain components. This hinders the expected fast and easy service for medical electronic components, thus prolonging the time to market in product development, hence irking end customers.
Why are medical components so scarce?
You may have been taught the basic principle of supply and demand back in school, which stated that with continued growth in a particular sector, there is high demand for components, often resulting in limitations in the supply chain, even if it is for a short term. Then, the technological advances keep on changing, thus changing the demand for the components too. All of this makes medical equipment components so scarce.
Is there a solution?
So, when can we expect the shortage to end? Or, is it even possible!? The need for medical electronic components is never ending; so expecting the supply chain to catch up to the demand is a little difficult. However, this does not mean that we don’t have a solution to that. Taking the required precautions can help change the shortage landscape.
Stock up – To keep your company ahead of the component shortage, while keeping the production flow moving, you can keep up your stock. Invest in components well in advance and stock up on enough quantities to alleviate the stress of component shortage. So, whenever you need a component in the future, you already have it, whether it is in stock in the market or not. This is highly beneficial for those components that are always in demand, and for those that have long lead time and slow production.
Forecast what you’ll need – Stocking up on a huge supply of components can also be risky. You want to purchase only the components that you are sure will be required. You don’t want to stock up on so much of unnecessary items that you are stuck with a room full of obsolete components in the future. Therefore, you need to be able to forecast. Identify your future component needs and then invest in all that you need.
Build relationships with experts – If forecasting is not your cup of tea, you can get in touch with an electronics manufacturing service provider, and discuss with him every aspect of your business and requirements. Your service provider may be able to communicate potential obsolescence or shortage risks to you. Building good relationships with such service providers, as well as suppliers and manufacturers of electronic components can help you overcome component shortage challenges. Miracle Electronics is one such service provider who can build all kinds of electronic products for you. In fact, we are also a well-known and trusted wire harness, PCB, power transformer, toroidal transformer, audio transformer, UI transformer, EI transformer, and medical transformer manufacturer in India, having a vast experience of almost every industry’s requirements in terms of electronic products.