Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been recognized as a Leader in the Everest Group PEAK Matrix® for Medical Devices Digital Services1. 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."
Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3441.35 as compared to the previous close of Rs. 3457.55. The total number of shares traded during the day was 62318 in over 6040 trades.
The stock hit an intraday high of Rs. 3461.00 and intraday low of 3414.00. The net turnover during the day was Rs. 213944148.00.