Thu, Feb 09|
Online via Zoom
InnovatorMD MasterClass: Commercializing Your Device Ideas
Time & Location
Feb 09, 2023, 5:00 PM – 6:30 PM PST
Online via Zoom
About the Event
One of the most overlooked components in medical device development, is the proper considerations surrounding being able to successfully commercialize it to market. Medical device development has always been about assisting physicians and clinicians in their work to improve patient outcomes, while helping better contain rising healthcare costs which is more important today as ever.
Full and proper planning and awareness considerations of the commercialization process is often an afterthought in the early and even late stages of new concept development. It is common practice in the development process, to assume that novel concepts that seemingly make huge sense to the creator (who is often the potential end-user), will simply “sell itself” if the endeavor can just get funded, developed, and approved for market introduction. The reality is, however, that even though creator and end-user may see great utility in a new device, it has to be developed with a sound business strategy component in mind which will make it a viable business pursuit. Otherwise, it is futile for any company to fund, develop, and complete the FDA clearance process – especially, if you haven’t validated clearly how it will be successfully purchased and paid for somewhere in healthcare. And in the US, understanding possible reimbursement avenues that are currently in place, or that can potentially be developed to be in place is also key. There are many fantastic ideas that can come about, however in the end they may not get paid for. We all can think of things that are nice to have, however when it comes down to paying for it we really aren’t willing to do so.
Our discussion brings to light early consideration of what is needed to properly investigate and plan for executing a commercialization strategy throughout the entire device development before attempting to go to market. We will consider the different ways of validating a new concept’s ultimate value in healthcare. It is important to make critical decisions on the “if and how’s” in making a new device concept successful in the market. We will consider things like pre-concept investigating, prototype analysis and go to market due diligence which fully evaluates patient improvement considerations and end-user features and benefits considerations, plus supply chain processes and purchasing system accessibility. You want to ensure that your newly vetted and approved solution can potentially get the best chance for exposure and acceptability in the right departments and hands of clinicians. Understanding the implications involved with which markets, regions, and countries to launch to first and how in-depth your sales and marketing efforts might need to be to penetrate where you launch to. Lastly, it is often falsely believed that marketing and promotion may not be as important with medical device introductions compared to other industry segments because the value proposition is more obvious and apparent, or the competition is less. However, marketing is as king as ever with new device introductions for so many reasons we will discuss.
Instructor: Mike Russell
Executive expertise with strong product development, commercialization, and business development leadership background in the MedTech industry including:
- Start-up Experience
- Executive leadership for over 15 years and 14 companies
- Instrumental in helping build 5 companies to profitability resulting in acquisition/sell
- Expert consultant for more than 18 additional medical device companies
- Extensive international as well as domestic development expertise
- Organized/managed clinical studies
- Ticket type