Validating Demand in Medtech

Key Learnings From Bryan’s Experience

• Building a strong competitive moat goes beyond securing patents. True differentiation lies in the unseen details—your trade secrets, software code, and unique manufacturing processes. While patents are valuable, it's the proprietary knowledge and execution that truly fortify your position in the market and give you a significant competitive advantage.

  
  

• Validate market demand before falling in love with your technology. Engage with potential stakeholders, including physicians, ASCs, administrators, and technicians, to refine your value proposition. Train your sight on simplifying complex processes to offer substantial operational benefits. 

  
  

• To survive the medtech minefield as a startup, one of your most important tasks as a CEO is to surround yourself with good advisors and mentors who will help you refine the company’s story. It’s also imperative to own your circumstances and make the best of them, moving your venture forward by always maintaining momentum. 

“I was an entrepreneur trapped in a lawyer's body,” says Bryan Lord. He started his career as a technology lawyer but knew there was a world of venture creation beckoning him. 

No denying that it was a winding road. Bryan joined a semiconductor company—an MIT spinout specializing in advanced semiconductor materials. "In a lot of ways, it's been baptism by fire, learning on the go," Bryan reflects. He was exposed to additional challenges and opportunities within the startup ecosystem, working across sectors such as enterprise software, consumer products, and clean-tech as well. Eventually, he entered medtech through Pristine Surgical where he became President and CEO. 

Pristine's flagship product, Summit, is a 4K, single-use digital arthroscope that streamlines arthroscopic procedures. It simplifies operating room setup and teardown and enhances image quality all while being safer and more cost effective than legacy endoscopy equipment. The system replaces high-maintenance reusable scopes, which require extensive cleaning and sterilization between uses, with a single-use device, eliminating the risk of cross-contamination and reducing the time and cost associated with maintenance. It also features cloud-connected image and video storage with automated inventory management. 

Post-510(k) clearance of their device, the Pristine team focused on gathering feedback, fine-tuning the device, and identifying its unique selling points. Today, Summit is fully commercial with aspirations to expand its arthroscopy product offering, as well as expanding into laparoscopy and flexible endoscopy.