Spreadsheet Errors: The Hidden Risk In MedTech

This article originally appeared in Forbes News on January 28, 2024.

Imagine discovering that your financial planner still used a rotary phone to make buy and sell orders on the stock market. Sounds absurd, right?

What if you learned that a recently built high-rise condo you were considering was designed with a slide rule? Would you feel safe living there?

While these examples might seem far-fetched, a similar analogy exists in the life science industry today. Many life science companies still depend on Excel spreadsheets as their primary tool for product development and quality control—even for bringing highly regulated products to market.

Although spreadsheets are familiar and widely used, relying on them for such complex processes can be risky. Spreadsheet errors in MedTech could lead to significant delays, costly product recalls, regulatory fines and, in the worst case, patient harm. This piece underscores the danger of relying on manual data management methods in an industry where precision is critical. Let's briefly examine why spreadsheets are so prevalent, delve into the challenges they can pose for MedTech and explore how to transition successfully to a more integrated approach.