There are important things entrepreneurs need to consider before commercialisation. The fundamental question is whether your medical device is a sustaining technology or is it a disruptive one?
A sustaining technology is one that relies on incremental improvements. For medical technology, this may be a diagnostic test that has improved sensitivity or accuracy to detect bladder cancer, or it may be a medical device that has improved functionality compared to currently available models. For sustaining technologies, it may be worth pursuing a licensing strategy, rather than competing directly with big competitors. This is where the owner of the intellectual property licenses the technology to another company to manufacture, market or distribute. Click for further information on licensing opportunities.
A disruptive technology is a game changer. It shakes up the industry, is groundbreaking and creates a completely new industry. Think of the introduction of the first smartphone, 3D printing, the first automobile, the first minimally invasive surgery, etc. In these instances, it is recommended that a medical device company pursue a start-up or spin-off strategy where raising capital in the early stages of commercialisation is pivotal. Pursuing a licensing strategy may not be suitable for disruptive game changes, particularly when the product may reduce the sales of a competing company’s existing product line. Click for further information on start-ups and spin-offs.
At Inner Maven, we can search the market for competing technologies and evaluate whether your product is sustaining or disruptive. Following this evaluation, we can then assist you to pursue the most appropriate market strategy.