Three Elements of Cost-Effective Modeling and Simulation

A recent study by Josh Makower, MD, and a team of researchers from Stanford University found that, on average, medical device companies spend $31 million to bring a low-to-medium-risk device to market. Furthermore, the study finds the time it takes to do so is an average of 10 months for the regulatory approval process alone. While the report is controversial in resting its sights on the FDA for unduly burdening the development process, developers of medical devices must also claim responsibility by searching earnestly for areas where they can exercise cost and time-to-market controls. The early use of modeling and simulation offers one such opportunity.