From the voice of the customer to the successful commercialization of the technology, a medical startup requires a clear roadmap. A medical device startup business plan clearly articulates the value proposition and projected adoption trajectory for the technology. A robust medical device business plan consists of:
● Market Segmentation
● Competitive Positioning
● Development of a robust medical device business model
A medical device business plan also includes assumption-driven financial projections. A medical device startup plan is critical for the successful development and commercialization of a medical technology. For this reason, medical innovators rely on medical device consulting firms for market assessment, competitive analysis, the voice of the customer, risk analysis and financial valuation. The firm identifies realistic capital requirements according to the outlined development requirements. Outlining a sustainable growth strategy and well-defined milestones provide metrics that further help ensure follow-up funding. To convince skeptical investors, it is critical for the innovators to demonstrate an achievable and durable differentiation. It requires a compelling medical device startup business plan to show that the technology under consideration for development will realize forecasts and maximize return on investment. A customized medical device business plan is critical for:
- Lifescience companies seeking funding or exit
- Entities attempting to prioritize opportunities with the highest potential return on investment
- Medical device innovators seeking a road map for successful commercialization
A customized and comprehensive business plan incorporates the following business analyses and assessments.
● The Market Assessment
● The Competitive Analysis
● The Voice of the Customer
● The Risk Analysis
● The Financial Valuation
The Market Assessment
The market assessment identifies target markets for the technology and defines its potential for successful commercialization in each market. The market analysis uses data related disease prevalence, incidence and procedure volume to determine target market size. It includes a comprehensive target market evaluation for the technology. Medical device consulting firms review published literature, statistics, market data and other primary and secondary sources of information to conduct thorough market research and analysis for the technology. Medical device market analysis consultants identify key market trends driving revenues, scope and drivers, and target customer profile. This analysis also includes the delineation of current and emerging treatment modalities. Market analysts explain projected threats and barriers to market adoption.
The Competitive Analysis
The competitive analysis evaluates the current and future competitive landscape. The deliverables of the competitive analysis support decision-making that drives accelerated adoption. This analysis includes an assessment of target market space, product positioning and extension of the product line. It also includes the identification and evaluation of entities influencing the market perception of the technology. Determining the scope of current and future competition when the technology is in an early stage of development is critical to decision making.
The Voice of the Customer
The voice of the customer analysis includes direct one-on-one interviews with global key opinion leaders and physicians with aligned clinical experience. The direct input from these interviews determines the projected adoption. This analysis delivers opinions from the target market and primary users of the technology under consideration for development.
The Risk Analysis
In addition to potential adoption and return on investment, potential investors also consider risk mitigation in the development and commercialization strategy. An innovation is exposed to different risks associated with the technology, clinics, market acceptance, competition, regulations and finances. Risks analysis helps in prioritizing resources for the development and commercialization of the device.
The Financial Valuation
A defensible financial valuation throughout the technology life cycle resonates credibility with potential investors. A successful financial valuation considers the intricate nuance of the industry. It provides an independent defensible pricing strategy to decision makers. This pricing strategy is backed by strong methodologies and in-depth research.
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