Playbook
Unconventional Strategies for Medtech Success
As the tides shift in the medtech industry, it’s becoming more essential than ever to think outside the box—solving problems creatively, hitting multiple targets at once, and maybe even securing some revenue. Here’s some unconventional wisdom straight from the trenches to help you navigate the road less traveled.
Key Lessons from this Playbook
Look at the world through collaborative lenses: Try to build an infrastructure for collaboration. It’s especially great if you can bring in big players. Pool resources and share risks to enhance your capabilities, which can lead to mutual benefits throughout the product life cycle.
Stay lean and nimble: Keep operations minimal and outsource as much as possible instead of hiring full-time staff. Keep a core team made up of people who can wear multiple hats. Use your limited funds wisely by focusing on hitting major milestones—like human studies or regulatory clearance.
Prioritize lived experience: Experts are useful but they can’t replace lived experience. Bring in the people who actually have the need you’re addressing and who will use your product, whether they are stroke survivors, diabetics, cancer patients, or individuals with chronic pain.
Find alternative ways to validate: Collaborate with industries outside of your direct market, especially if you can solve problems for them. For clinical trials, you can team up with companies that are already running research. This can provide early validation, revenue, and a broader market for your technology.
Leverage sales insights from the frontlines: When approaching M&A, identify an internal champion within the acquiring company—someone who believes in your product. Also, get feedback from sales representatives on your team. Their direct experience with a product's real-life applications can be pivotal.
