Playbook
A Guide to Sustainable Growth in Medtech
In this playbook, you’ll find lessons from 5 forerunners in the industry on how to establish solid pillars for a new business.
Key Lessons From This Playbook
Show scalability from the start: Don’t rush into commercialization. First, ensure your product meets clinical, economic, and user experience needs. Then, demonstrate the potential for your product to perform well, not just in initial markets but also globally. Aim to meet global standards and market demands to attract a wider audience from the start.
See regulatory processes not as barriers but as an integral part of medtech: Build a business-minded regulatory team that collaborates with other departments. Encourage back-and-forth communication between your regulatory and engineering teams. Make sure your regulatory team facilitates, not just gatekeeps, so that you innovate with compliance.
Align the 4 Ps (patient, physician, provider, and payer): Reassess and pivot your strategy based on stakeholder feedback and market dynamics, especially when original business models or partnerships don't align with your goals. Align your product development not only with real customer needs, but also with physicians and providers.
Have minimum requirements for partnering up: Select your partners carefully, focusing on those with a proven track record and the necessary stability to support long-term projects. Set a minimum investment threshold to manage the administrative burden and attract more sophisticated and less demanding investors.
Tackle a big Issue, aim for a vast market: Identify and address a significant, recognized problem in healthcare to ensure your solution resonates with both customers and investors. Aim for large markets where the potential for return on investments is clear. Challenge your product against potential market failures early to establish its viability and resilience.
