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The Three Pillars of Medtech Success

Cary doesn't chase exciting technologies in medtech anymore. He knows firsthand that a viable startup idea must stand on three strong pillars: clinical evidence, workflow efficiency, and financial viability. “You need to address all three,” he explains, “or you’re really just going to be limited in terms of adoption.”

Clinical evidence comes first: clear, demonstrable benefits to both patients and providers. "Everybody can say their device is better, but there needs to be a clear data-driven benefit," Cary says. You need to prove what you’re doing with robust evidence—peer-reviewed studies, patient outcomes, and measurable improvements. On top of that, you need to take into account that healthcare evolves. That means you need to anticipate changes to stay ahead. “If you’re developing something clinically, you need to think out to 2030, not the current state,” Cary warns. 

Equally important is workflow efficiency. Clinicians are often stretched thin, and they’re naturally resistant to change unless it simplifies their lives. Even the best technology will fail if it disrupts how clinicians work. Cary knows this well: “If it takes more time, if it’s difficult to learn, difficult to use, you just don’t want to do it.” A product must integrate seamlessly into current workflows while anticipating shifts in care settings—whether in hospitals, outpatient clinics, or even at home. “For broad adoption, it has to work everywhere,” Cary emphasizes.

Finally, and most critically, there’s the financial piece. Cary doesn’t mince words: “Like it or not, it is the most important piece.” Healthcare systems operate on tight budgets, and any new solution must demonstrate clear financial value. It’s no longer enough to be better for patients if the costs outweigh the benefits. “If you haven’t already figured out how much this is going to cost, how much they might have to pay for it, and whether or not it’s financially beneficial, then you should probably just go back and continue tinkering,” he says. You must deliver savings or revenue opportunities, not just improvements in care.

Focusing on these three pillars not only enhances your product’s viability but also increases your chances of securing funding—especially in the early days when capital is your lifeline.

When it comes to attracting investors, Cary underscores two essential elements: comfort and excitement. Comfort comes from derisking your venture in the eyes of investors. “Put yourself in their shoes,” Cary advises. Investors need to see that you’ve addressed the key risks—market size, product development, clinical data, and financial sustainability. 

Excitement, on the other hand, comes from an enthralling vision and a leader they trust. “They often invest in the leader, in the founder, in the management team,” Cary explains.

Beyond these, building an investor network is also crucial. It’s a numbers game, Cary says, but a strategic one. Even if someone says no, they may provide referrals. Over time, this creates a web of connections. Tools like a simple interest form on your website can make it easier for potential investors to engage.

Commercializing with Control

Commercialization doesn’t start at launch—it begins the moment you start developing your idea. Cary says, “When you start your technological development, you need to be thinking about your regulatory pathway, your reimbursement pathway, and your commercial pathway.” 

For founders, the first step is self-awareness. If sales isn’t your strength, you need to bring in someone who has that expertise. “You really need to know yourself,” Cary advises. It might be a mentor, a board member, or an experienced hire—having a commercial mindset on your team is non-negotiable. This is to make your product both easy to sell and easy to buy. “Even the most mediocre salesperson should be able to succeed,” Cary says. Simplicity in the sales process is key to scaling effectively.

On top of that, Cary advocates for a measured approach to a commercial launch. “I’d rather go slow intentionally and then go fast soon after versus trying to go fast from the start, spending too much, and not having control,” he explains. Building early adoption and utilization first is crucial, especially for products that require reimbursement or changes in clinical practice. You need to gather feedback, refine your offering, and prove its value to key stakeholders. This sets the stage for rapid growth once the proper groundwork has been laid.

Honesty is another cornerstone of Cary’s philosophy. It’s easy to get excited about your technology, but he warns against believing your own hype. “You need to listen to the customers,” he says. Their feedback—whether it’s about price, usability, or necessity—might sting, but it’s invaluable. Success in the real world depends on understanding and addressing these concerns.

Commercialization is also about setting realistic expectations with your team, board, and investors. FDA clearance isn’t the endgame; it’s just one step. From training salespeople to creating market awareness, there’s a significant gap between regulatory approval and market readiness. “You only get one chance to launch,” Cary stresses, so it’s essential to plan for key inflection points and communicate those milestones clearly.