Does MedTech Need Product Value Management?

Propel Briefing Note

Axendia was recently briefed by Chuck Serrin, VP Industry Marketing, Medical Devices & Life Sciences and Dario Ambrosini, Chief Marketing Officer, at Propel Software Solutions, Inc.   Propel has over 200 customers and 25,000 users worldwide, with a strong focus on the MedTech industry. They have received recognition and awards for their innovation and are considered an innovative cloud-native solution in the PLM space.

Propel offers a modern platform that helps companies unlock and maximize their product portfolio value. It focuses on capturing product quality, supplier, and customer data throughout the entire product lifecycle.

Propel aims to enhance communication, visibility, and profitability by providing a single continuous data thread from concept to customer via a Product Value Management approach.

Product Value Management

Product Value Management (PVM) is a concept that encompasses the management of product quality, supplier, and customer data throughout the entire product lifecycle by capturing and leveraging product information to maximize the value of the product portfolio.

“We are standing up and defining a new innovative software category,” said Chuck Serrin. “We have long talked about QMS and PLM, but what we’re now talking about is something much more encompassing – product value management, or PVM. We’re capturing that product quality, supplier and customer data throughout the entire product lifecycle.”

PVM focuses on connecting product and commercial teams, enabling seamless collaboration and insightful engagement across the entire value chain. It aims to enhance communication, visibility, and profitability by providing a single continuous data thread from concept to customer. PVM is an integrated approach that goes beyond traditional Quality Management Systems (QMS) and Product Lifecycle Management (PLM) solutions, incorporating elements of Product Information Management (PIM) to create a comprehensive and integrated product management framework.

Image Source: Propel

It’s a SaaS World

Axendia research shows that Life Science companies have become increasingly cloud-first.

“It’s a SaaS world and companies are looking to replace older disparate system. We’re actually doing a lot of replacements for the QMS systems that are hitting their head on a ceiling,” said Chuck Serrin. “We also see companies getting frustrated that they’re unable to bring their QMS into a fully integrated cloud environment,” he added. 

Propel has made a significant investment to be on the latest tech stack. “Salesforce made a big push to move to their new code base, which is the Lightning Web Components, and it’s a pretty big upgrade if you’re on the platform like we are. So, we put a lot of effort into getting that upgrade out.” commented Dario Ambrosini.  “We’ve not re-platformed. We’ve just upgraded to the latest Salesforce code base, which is fully low-code/no-code,” he added.

Key Features and Capabilities

Chuck Serrin highlighted some of the key features and capabilities of their solution that focus on product quality and the importance of managing the entire product lifecycle.

  • Ability to connect product and commercial teams, creating a single continuous data thread enabling collaboration and seamless engagement across the entire value chain.
  • Ability to capture and analyze product data throughout the lifecycle to help companies unlock their full value.
  • Ability to integrate with other systems through purpose-built connectors and APIs.

Propel offers features to enhance their platform’s capabilities and provide value to their customers including:

  • Supplier collaboration
  • Component insights
  • Electronic Instructions for Use (eIFU) portal, Adverse Event digital submissions and Product Registrations
  • Product information management (PIM)
Image Source: Propel

“There’s definitely a recognition that product processes live everywhere and our platform has that in mind. It is extremely flexible and easily connects to other solutions. The Salesforce ecosystem is native, we are a preferred NetSuite partner, and we extend to other solutions via APIs.” commented Dario Ambrosini.

Addressing the Need for Master Data

There is a deep need for master data management in the medical device industry, as companies have long struggled with data integrity and regulatory challenges.  The availability of data across the product lifecycle can mitigate these challenges.  The architecture of a modern PLM system allows for easy configuration and the addition of new capabilities, such as Bill of Materials (BOM) navigation and IFU management.                                                                     

Image Source: Propel

In addition, leveraging AI in the data management process is an innovative way to leverage the data and make more informed decisions.   “We’re seeing a lot more requests on the PLM side to be the ‘masters’ to feed AI models,” noted Dario Ambosini.  “Also having standardized data, or having a centralized location that can standardize data, to then be ingested and having it be as comprehensive as possible, is especially important to customers,” he added.

In Brief

Propel offers a comprehensive platform that addresses the needs of companies with a focus on product quality, collaboration, and value management.

To this end, Propel provides a comprehensive solution for companies looking to maximize their product value and streamline their processes.  The company’s integrated PVM approach goes beyond traditional QMS and PLM solutions, incorporating elements of PIM to create a comprehensive and product management framework

We will continue to provide updates on Propel Software Solutions as they become available.

To discuss how this initiative impacts your organization, contact to schedule an Analyst Inquiry on this topic.

The opinions and analysis expressed in this Briefing Note reflect the judgment of Axendia at the time of publication and are subject to change without notice. Information contained in this report is current as of publication date. Information cited is not warranted by Axendia but has been obtained through a valid research methodology. This report is not intended to endorse any company or product and should not be attributed as such.

Scroll to Top