A really bright idea is a wonderful start for any medical diagnostic or device company. Developing the bright idea in to a product ready to see the light of day is something of a challenge, with innumerable obstacles and hurdles.
Navigating the path through product development, in-house testing, clinical evaluation, regulatory approval, planning for commercial launch as well as the inevitable additional funding rounds, takes concentration and constant focus on the end result.
The first steps are fundamental for the team to have the confidence to undertake all the tasks leading to launch. A comprehensive review of the market, competition, technology and an understanding the needs and work practices of customers is that critical first step.
Product development has to continually keep in perspective the unmet needs and problems customers have with existing products and practices. Prototypes can then be designed with the characteristics and benefits that will make them appealing at launch, with sufficient margin to be profitable.
Keeping costs under control is a thankless and endless task, with staff costs being a significant factor. It may be easier and less draining on cash flows to use experienced freelancers for specific tasks, than employ permanent staff. A freelancer will bring experience, an outside and sometimes more objective perspective, as well as the ability to work to a timescale and budget, so making financial management slightly easier.
Navigating the path through product development, in-house testing, clinical evaluation, regulatory approval, planning for commercial launch as well as the inevitable additional funding rounds, takes concentration and constant focus on the end result.
The first steps are fundamental for the team to have the confidence to undertake all the tasks leading to launch. A comprehensive review of the market, competition, technology and an understanding the needs and work practices of customers is that critical first step.
Product development has to continually keep in perspective the unmet needs and problems customers have with existing products and practices. Prototypes can then be designed with the characteristics and benefits that will make them appealing at launch, with sufficient margin to be profitable.
Keeping costs under control is a thankless and endless task, with staff costs being a significant factor. It may be easier and less draining on cash flows to use experienced freelancers for specific tasks, than employ permanent staff. A freelancer will bring experience, an outside and sometimes more objective perspective, as well as the ability to work to a timescale and budget, so making financial management slightly easier.