Glossary Term
Lifecycle Management
Definition
Lifecycle Management is the strategic approach to overseeing a product's journey from inception through development, regulatory approval, manufacturing, marketing, distribution, and eventual retirement or replacement. In the MedTech industry, it ensures that medical devices remain relevant, compliant, and profitable throughout their lifecycle.
Relevance to the MedTech Industry
Lifecycle Management in MedTech enables companies to maximize the value of their products while ensuring patient safety, regulatory compliance, and market competitiveness. It aligns resources and strategies across all phases of a product’s life, from initial concept to post-market monitoring and updates.
Additional Information & Related Terms
Related Terms
Product Lifecycle: The stages a product goes through from development to retirement.
Post-Market Surveillance: Ongoing monitoring of a device’s performance and safety after launch.
Sustainability: Integrating environmental considerations into product design, manufacturing, and disposal.
Regulatory Compliance: Ensuring adherence to regional and international standards throughout the product’s lifecycle.
Change Management: Implementing updates or modifications to a product while maintaining quality and compliance.