Optimizing your medical product’s time to market
Medical innovation is driven by the ever-present demand for new products in the healthcare sector. As technology evolves and new methods of device manufacturing and distribution are developed, product design companies are under pressure to shorten their time to market.
Priorities when designing a new medical product
US-based company PA Consulting conducted a survey in 2016 among medical device and pharmaceuticals companies to find out what they prioritize during product development. The survey showed that reducing time to market was considered a priority by 56% of respondents. It makes sense for a product design company to want to optimize every step of the production cycle. In doing so, you are not only shortening time to market, but also developing a better methodology, decreasing the product development cost, and increasing the maximum profit margin of your finished product.
How to optimize your processes and reduce time to market
A novel idea that solves a medical problem must result in a device that can be produced with relative ease if it is ever going to become commercially viable. To achieve this, the product development procedure that your product design company develops must put equal emphasis on:
- Core competencies:
As a device manufacturer, you will have access to specific resources in line with your business model. You must identify whether these in-house resources, like qualified personnel and infrastructure, can be improved upon to meet project requirements in a way that makes financial sense. There is no point in building a new lab from scratch or hiring a new team of engineers if they won’t benefit you in the long run.
- Compliance requirements
One of the bigger hurdles a product design company must overcome, and something that can really affect your time to market and increase cost is ensuring regulatory compliance requirements are met. Healthcare regulations are very strict, as they should be. For your product to be allowed access to market it needs to meet various health and safety standards. If you develop your product without a classification and clearance criteria in mind, you run the risk of seeing your eventual submission denied.
- Smart outsourcing strategies
Having a clear understanding of available in-house resources and the regulatory requirements your product will need to abide by will help you make an informed decision about what you outsource. Choosing the right product design company for device development can help reduce costs and shorten turnaround times. A trustworthy product design company will understand the importance of good prototyping. They will help you engineer a product that has real-world application potential and is optimized to make use of the most effective manufacturing and production processes. Through their network, your outsourcing partner will also provide you with the right facilities and resources for clinical trials and testing.
Properly managing your product development process and knowing when and what to outsource will result in more than just a shorter time to market. It will also give you a clear financial and practical overview and help you define the market value of your end-product. You’ll deliver a device that solves a medical problem, is easy to manufacture and will not cost too much to mass produce. In short, by optimizing your time to market, you are optimizing your product’s commercial appeal and increasing the chances of finding the right financial backers to take your device to market.
Technosoft is a product design company that can help you with in-house prototyping, manufacturing, testing and clinical trials for medical devices. We can also help you prepare for 510(k) submissions and other regulatory affairs.
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