In MedTech, what does the term 'risk management' mean?

The term 'risk management' in MedTech specifically refers to the systematic process of identifying, assessing, and controlling risks that could potentially affect the safety and effectiveness of medical devices. This involves a thorough evaluation of potential hazards throughout the lifecycle of a medical device, starting from the design phase through to its use in clinical settings.

Effective risk management is crucial in ensuring that medical devices meet regulatory requirements and perform safely for patients. It helps in minimizing the likelihood of adverse events and enhancing overall safety and efficacy. This approach not only protects patients but also supports manufacturers in compliance with relevant standards and regulations.

The other options do not accurately define risk management. Marketing medical devices focuses on promoting and selling the products rather than addressing safety risks. Assessing healthcare costs pertains to financial analysis and budgeting in healthcare rather than managing risks of devices. Creating patient care policies deals with the guidelines for patient treatment and care practices, which is separate from the structured process of risk management in the context of medical technology.