Product reinvention: the key to a successful new medical device
In their Medical Device Innovation handbook, William K. Durfee and Paul A. Iaizo, of the University of Minnesota, give an in-depth introduction to medical device innovation. This comprehensive overview covers all facets of developing a device from idea to commercialization. Let’s look at how reinvention can help you take your device to market.
As medical technology and knowledge improve and new scientific breakthroughs are achieved, the way a patient is treated for a specific medical condition evolves to the point that the treatment can be reinvented. This can be from a patient point of view, with new medical devices that reduce the treatment time, are less physically intrusive and increase the comfort during the treatment. But it can also facilitate a doctor’s work by streamlining medical procedures and increasing treatment accuracy, for instance, through cloud based trials or remote operated high-precision surgical robots. Lastly, the reinvention can benefit the manufacturing process, through materials used, production methodology or time to market.
Reinvention through thorough research
Before you start considering product development services for your first medical device prototype, it is important to have done in-depth research to ensure your medical device truly reinvents how a medical problem is approached. In their study, Durfee and Iaizo break down researching a medical problem in 4 areas:
- Anatomy: The structure and naming of relevant organs and tissues that are affected
- Physiology and Pathophysiology: the functions and dysfunctions of these organs and tissues
- Epidemiology: how widespread a disease or medical condition is
- Care Pathway: the current treatment journey a patient undergoes and the outcome of said treatment.
Your medical device needs to offer viable alternatives to existing products to help improve on these points in a way that supplants those currently available on the market.
The success rate and potential of an innovation or reinvention can be ascertained through clinical trials and tests, providing tangible results that will strengthen the feasibility of marketing your medical device as a better and worthwhile alternative for the healthcare sector.
The marketability of medical innovation
Of equal importance is the commercial value of your new device. Is your innovative idea worth the investment for potential backers? How will you convince them to help you take your product to market? You’ll need a sound business plan that answers questions like:
- Is there a need for your product?
- What are the costs and the resulting potential ROI investors can realistically expect?
- What medical problem is being solved?
- How is the intellectual property defined, are you licensing or selling a product?
- Is your product compliant with regulatory requirements?
Being innovative and reinventing the way medical problems are treated will make your product more enticing and increase the likelihood you’ll be able to commercialize your device.
Product development services
Product development services providers, like Technosoft, help you free up resources. By outsourcing product development, you can focus on pathological research, market study and financial planning. Infrastructure no longer becomes a factor to consider as we offer in-house manufacturing on all scales as well as clinical trials and testing. We feed you the information you need to ensure your focused innovative and financial efforts result in the best commercial outcome possible. On top of our product development services, we will help you prepare for regulatory compliance requirements like 510(k) submissions or any other legal requirements.
Technosoft can help you decrease your time to market by offering fully outsourced product development services that are transparent, cost-effective and resource optimized.
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