Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix® for Medical Devices Digital Services.
In an assessment of 21 global IT service providers catering to the medical devices sector, TCS was placed highest for Market Impact. The report highlights TCS' strong emphasis in areas of high opportunity such as Internet of Things (IoT), with several investments and case studies, and its wide portfolio of digital solutions that span all value chain elements, as key strengths. The report also noted TCS' focused investments in establishing digital labs and building IP with nearly 290+ patents within the medical devices space.
"With the increasing demand for remote monitoring and telehealth solutions, medical devices companies are pushing their product innovation into top gear, harnessing the power of digital technologies such as IoT, big data analytics, and AI, to develop smart medical devices," said Debashis Ghosh, Business Group Head, Life Sciences and Healthcare, TCS. "This leadership positioning is a validation of our strong domain and innovation-led approach within the medical devices space, our extensive portfolio of digital solutions, and the resultant market success."
TCS partners with leading medical devices companies in their growth and transformation journeys, accelerating both their product and business model innovation. The company offers a comprehensive portfolio of services and solutions for therapeutic devices, diagnostic equipment, surgical instruments, etc, spanning the complete value chain from product design and development to manufacturing, supply chain, quality and regulatory compliance and post market services.
Leveraging digital technologies like IoT, robotics, AR/VR, AI/ML, Digital Twin, 3D printing, and digital manufacturing, TCS helps medical devices organizations accelerate next generation connected medical products development, deliver improved patient care, ensure better clinical outcomes and information-enriched personalized patient engagement.
TCS has an extensive portfolio of intellectual property in this domain, including the TCS Connected Heath solution, TCS Connected Clinical Trials™ Platform, TCS Advanced Drug Development (ADD) Suite, and the TCS Bringing Life to Things™ IoT framework. These frameworks and platforms help accelerate the transformation and realize significant speed to value benefits. The TCS Connected Health Solution combines medical devices, health technology, digital technologies, and advanced analytics to enable early detection of health conditions and better quality of patient care.
"We are seeing a surge in demand for digital services in the medical devices industry, driven largely by the proliferation of smart medical devices, the ever-changing regulatory landscape, and pressure to reduce product development timelines," said Chunky Satija, Practice Director, Everest Group. "With growing interest in remote monitoring and telehealth solutions, demand for IoT and cybersecurity is on the rise. TCS's investments in building medical device-specific IP and digital labs, its strong emphasis on IoT, and its ability to engage in innovative commercial constructs, position it as a trusted and reliable partner for medical devices enterprises, earning it a Leader position in Everest Group's Medical Devices Digital Services PEAK Matrix Assessment 2020."
"Our strong focus on the therapeutic as well as diagnostic domains, innovation around connected devices, our 'Bringing Life to Things' IoT framework, as well as significant investments in digital offerings and next-gen technologies to create intelligent patient centric solutions, position us as a strategic partner to support medical device manufacturers in their digital transformation journeys," said Regu Ayyaswamy, Global Head, Internet of Things and Engineering and Industrial Services, TCS.
Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2258.8 as compared to the previous close of Rs. 2249.15. The total number of shares traded during the day was 227082 in over 5884 trades.
The stock hit an intraday high of Rs. 2299.95 and intraday low of 2253.3. The net turnover during the day was Rs. 512906346.
 Medical Devices Digital Services PEAK Matrix® Assessment 2020, Everest Group, June 2020