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Tata Consultancy Services’ Co-Innovation Initiatives, Comprehensive Suite of Verticalized Intellectual Property, and Domain and Technical Expertise, Cited as Key Strengths
PRESS RELEASE
NEW YORK | MUMBAI, August 17, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been recognized as a Leader in the Everest Group PEAK Matrix® for Medical Devices Digital Services[1]. In an assessment of 21 leading medical devices digital service providers, TCS was placed highest for its market impact.
According to the report, TCS undertakes co-innovation initiatives using its extensive innovation ecosystem leveraging TCS Pace Ports™, to accompany clients in developing accelerators and platforms, in line with emerging trends and technologies such as IoT, 5G, and hybrid cloud. Cited as a key strength is TCS’ strong domain and technical expertise with a comprehensive suite of verticalized IP to complement its digital solutions and enable rapid development in the areas of connected health, predictive maintenance, quantum computing, medical imaging, etc.
“Major medical device companies are reimagining themselves as medtech enterprises by developing innovative products, surgical robots, technology-assisted procedures, and personalized care solutions,” said Vikram Karakoti, Business Head, Life Sciences, TCS. “With the core purpose of enriching patients’ lives, our deep domain knowledge, regulatory experience across therapeutic areas, and strategic investments in connected health, software as a medical device, generative AI, medical imaging, and cybersecurity uniquely position us to partner with medical device enterprises in accelerating their digital transformation journey.”
TCS offers end-to-end services to the medical devices and pharma industry spanning the product lifecycle, from ideation to product commercialization and supply chain management. TCS’ Medical Devices division is an ISO13485 certified design house that develops and implements manufacturing solutions that integrate shop-floor automation, manufacturing execution systems and enterprise systems.
TCS services include knowledge-based engineering, digital manufacturing, product lifecycle management, technical publications, unique device identification, engineering process outsourcing, plant solutions and manufacturing operations, asset management, remote monitoring, and diagnostics.
TCS provides transformational, industrial solutions in medical technologies that are shaping a new age of patient care. TCS is helping companies enhance their competitive advantage by working with them to enhance R&D productivity, reduce time-to-market, minimize costs, improve supply chains, tap new markets, strengthen relationships with partners, adapt to market changes quickly and proactively seek new opportunities.
The company offers a comprehensive suite of intellectual property, including TCS InTwinTM, TCS Connected Universe Platform, TCS Connected Clinical Trials™, TCS Advanced Drug Development (ADD) Suite, TCS Bringing Life to Things™ IoT framework and an intelligent field inventory management solution. These digital solutions and frameworks enable rapid development in connected health, predictive maintenance, quantum computing, and medical imaging.
“Growth in the MedTech industry is strongly tied with the rapid adoption of digital services across the themes of connected medical devices, manufacturing 4.0, supply chain visibility, and omnichannel customer experience. This has enabled MedTech’s to unlock not only operational efficiencies across value chain, but also deliver better customer experience for both clinicians and patients,” according to Chunky Satija, Vice President, Everest Group. “TCS' extensive understanding of the MedTech domain backed by its verticalized IP has enabled it to accompany its clients in their innovation journey. Clients laud the value it brings to the table while maintaining a flexible and agile style of working, hence earning it a Leader position in Medical Devices Digital Services PEAK Matrix Assessment 2023.”
[1] Medical Devices Digital Services PEAK Matrix® Assessment 2023, Chunky Satija, Everest Group, May 1, 2023
ABOUT TATA CONSULTANCY SERVICES (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 615,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
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