The 3 Key Ingredients Behind Every Successful Medical Device
They are often motivated mainly by one of two factors as medical device companies set out to create a new product: market objectives or technical advancement. These are essential Ingredients of every successful medical device that is well-conceived. But none of these can be followed in isolation. In reality, success lies in how well you manage three distinct needs: business goals, technology goals, and consumer needs, when it comes to creating the right medical device.
It can sound straightforward. But it can be difficult in reality and even counter-intuitive. The truth is that through a single prism, we all fall into the pit of looking at products. It’s normal, but it’s also risky from a business perspective. To the exclusion of the others, concentrate too heavily on just one of these three ingredients, and you will end up with a device that does not hit the mark.This kind of disparity is why businesses are launching medical devices that are extremely advanced but do not fulfil consumer requirements. Or devices that consumers enjoy that do not yield a decent profit margin to fulfil business needs.
Balancing the 3 Key Ingredients of a Successful Medical Device
Business goals. Before jumping into each device you bring to market, you need to start by clearly identifying your business goals. This may sound simple, but the fact is that it’s not always going to happen. Consider, for instance medical devices that are designed to take advantage of IP that research universities have already approved. In certain cases, during the development of the IP, the university was 100 percent focused on technology.Company priorities were beside the point. If a private corporation then brings the IP to market, they must first ensure that there is really a sound business case. To begin with, define two or three business-wise items that are particularly important for your next initiative and clarify what measures to get there need to be taken.
Technology objectives. Technology goals apply to the objectives of your organisation for the core technology or IP that will underpin your product. The medical device industry is so tech-driven that as their key jump-off point, many businesses start with technology goals. They start looking for ways to link the technology to real-life user needs or business objectives only after they create their technology and get patent protection.Even if your team leads with technical advancement in general, you need to back it up with a well-defined business case and a strong understanding of how the technology can fulfil the needs of your customers.
User needs. The desires of your users are directly related to your ability to achieve your business objectives. After all if your product is not effective in satisfying the needs of consumers, they will not see the value in your device. End-users think more about the experience of using the product (and of course, its effectiveness) when it comes to it than the under-the-hood technology that makes it all work. In the world of medical devices, consumer specifications seem to get the short end of the stick from the three ingredients.Let’s assume, for example, a doctor invents and creates a new device to communicate with a specific subset of patients to better meet their needs. From her viewpoint, the capacity of the system to fulfil certain user criteria is paramount. She relies on time and resources to develop a solution or technology that solves her dilemma. But the market constraints and opportunities associated with doing so may not have been considered by her.With the unit, will she make money? Are there any goods in the industry like this? Will she use patents to shield technology? Her hard work (and insightful insights into real user needs) might not be a good product if she does not bring certain business priorities to the project as well.
Balancing business goals, technology goals, and user needs doesn’t mean that on any project everyone is always given equal weight. Like seasoning a dish to taste, finding the correct mix for your business in relation to and individual device is the process of combining these three main ingredients.
The first step, therefore is to identify the business priorities, technology goals, and user needs of your organisation with respect to your particular device. To view all three of these components in a comprehensive and strategic way, we suggest carrying out a detailed project diagnosis.