Successful commercialization and lifescience technology’s projected adoption trajectory articulation require a robust business plan. A medical device startup business plan includes market segmentation, competitive positioning and robust business model development with assumption-driven projections. A medical device consulting firm identifies realistic capital needs per development requirements. Sustainable growth strategy provides well-defined milestones and metrics that can further help insure follow-on funding. A compelling business plan helps in achieving durable differentiation and convincing investors that the medical technology will realize forecast and secure the highest possible return on investment. A medical device startup business plan is essential for:
- A medical device company seeking funding or exit for its novel technology.
- Entities attempting to prioritize and determine opportunities that have the potential to secure the highest potential return on investment.
- Medical device developers seeking a commercialization road map.
An emerging medical device developer requires a customized medical device startup business plan that includes the following assessments incorporating a broad scope of global business analyses:
- Market assessment
- Competitive analysis
- Voice of the customer analysis
- Risk analysis
- Financial valuation
To create a medical device startup business plan, an innovator is required to answer the following eight questions.
What are the unmet clinical needs?
Each target market has some unmet needs and segments that are not served by other technologies. Medical device unmet needs analysis requires an understanding of the competitive landscape, market research and workflow analysis for mapping task hurdles. Clinical needs and expected value are critical to a medical device business plan.
How good is the management team?
Building a successful medical device company requires a strong management team. This team can avoid mistakes and navigate through daily requirements.
How is the medical device different?
The technology under consideration for development should offer incremental benefits to achieve effective clinical outcomes and reduced costs. The company should expand the sector with its unique features that meet and exceed the current and future clinical expectations without disrupting workflow.
How is the medical device developed and manufactured?
A medical device startup business plan also includes medical device development, intellectual property and manufacturing. An innovative medical technology
develops a new medical design with unique features and methods. It is critical for a medical device developer to have realistic manufacturing cost expectations.
How will the company navigate the regulations?
The medical device efficacy and safety claims determine the ultimate commercialization success. The medical device company should invest in clinical design and proper patient population understanding. The company should work with medical device consultants to increase technology value.
What are the real budget requirements?
A medical device startup should have at least a five-year budget plan. This budget planning guides the developer to the right angel funding, investor or other sources.
Who will be the investors?
A medical device consulting firm conducts research and analysis to gather statistical data to attract investments. Consulting firms help in convincing investors that the technology can achieve the highest potential return on investment.
What is the medical device commercialization strategy?
In addition to focusing on medical device development, regulatory/clinical strategy and implementation, the company should also focus on the medical device commercialization strategy.
