With modern day technology constantly improving daily products, new regulations and safety precautions need to be emplaced to ensure quality and dependency. This is especially important in Healthcare and Medical Technology. The recent agreement passed by the EU dictates that tech companies manufacturing and producing medical devices need to undergo strenuous product quality checks and corporate transparency. After more than 2 years of arguing over a course of action, the Union of European Countries has finally reached a compliant agreement on how the issue should be held. Smaller and medium sized companies breathed a sigh of relief as the new agreement offers them a better competitive edge against the medical tech giants that target most of their clients.
The new changes consisted of tighter regulations over the medical equipment released, unannounced device manufacturing facility inspections and personnel background checks. Furthermore, manufacturers will be responsible in limiting liability towards themselves. There are plenty more regulations passed that haven’t been covered here as well.
Why are Life Science Translation Services Important?
With each company needing to ceremoniously check their units for quality and durability, they must as well ensure that other countries can operate the machinery. Because they supply the EU and outside countries with medical equipment, doctors, nurses, and other medical staff will need it translated into their primary language so they could learn how to operate the devices more effectively to save lives. The slightest mistake in translation could cost a patient his/her life as the doctor was unable to understand how to perform the correct procedure. According to healthcareitnews.com preventable medical errors continue to be the No. 3 killer in the U.S. after heart disease and cancer, taking the lives of some 400,000 people per year. That statistic is in the U.S. alone, comparatively, in the EU, data consistently shows that medical errors and healthcare related adverse events occur in 8% to 12% of hospitalizations according to euro.who.int.
EU Medical Technologies Market Size
With the new standards passed, companies can now take advantage of the guidelines they must follow and can now market their medical devices to multiple countries. To prevent liability issues, quality translating of the 23 different languages in the EU are necessary. Also with the proper medical translations, companies are able to market their products more globally and profit from the increase in clientele. The market for Healthcare products in the EU are staggering with roughly 10.4% of gross domestic product spent on healthcare. Of this figure, around 7.5% is attributed to medical technologies. This adds up to roughly $125 billion U.S. per year. The spending on medical technology varies significantly across European countries, ranging from around 5% to 10% of the total healthcare expenditure according to ub.edu.
In Need of Quality Translation Services?
GlobalVision’s duty is to ensure quality and understandable life science translations, so that healthcare professionals and insurance companies have the means to help those in need. Take advantage of the increasing medical technologies market and invest in quality healthcare translations at GlobalVision or elsewhere. As an extra bonus, by covering the language needs of the EU, you can additionally target North, Central and South America, as well as many countries in Africa!