Some 84 percent of plastics medical product manufacturers expect their businesses to grow in 2020, according to a recent survey by IQMS, which provides enterprise resource planning software to plastics and other manufacturers.
Louis Columbus, principle at IQMS, told Plastics News that if the survey looking at medical suppliers' expectations for 2020 had been done after the new and spreading coronavirus became well-known, manufacturers' reported priorities would have been different.
"The highest-performing medical products manufacturers who do outsourcing know supply chain metrics and how to control it. But now, in this world, that would be even higher-priority," he said. "I think the supply chains would have come up much higher than they did."
In December 2019, the software provider surveyed and interviewed 150 North American medical plastics manufacturers for explanations of the survey respondents' priorities and plans.
Just 3 percent of plastics medical products manufacturers said they expect to see business contract, and all of those were from paper and metal manufacturing industries, the study said.
Columbus said medical plastics manufacturers are "resilient in the face of uncertainty and labor shortages" and have "rock-solid confidence in their ability to deliver high-quality products."
Manufacturers said their top priority was to increase sales to existing and new customers, but not by dropping millions of dollars on marketing, advertising or promotion. Instead, their key strategy for growth is sticking with what they do best and improving on it, Columbus said.