I agree with the above replies, as medical devices become increasingly complex, the need for reliable, compliant, and cost-efficient supplier partners is of great importance to strategic sourcing and direct procurement executives. At the center of all decision-making is balancing quality and cost when finding and partnering innovative suppliers.
5 things to keep in mind when selecting a supplier:
-Total cost of ownership
-Product quality
-Supplier capabilities
-Consistency
-Risk
While taking these factors into consideration while selecting a supplier, there are some tools that could help in making this decision. For example, on-site visits of a supplier to find potential warning sign. Look at references to determine what are the reliability and capabilities of a supplier. The most successful strategic sourcing teams have developed a comprehensive internal tool to determine the best supplier through variables such as cost, quality, communication, expertise, capabilities and more. All these tools and other ones could to pick components of the highest quality at a reasonable price.