Can your medical device company adapt to the changing reality?
The medical device market has changed.
For many medical device product companies that sell hospital based products, the need to adapt to a new reality is imperative.
The tried and true go-to-market strategy of doing transaction based business with individual hospitals has become obsolete. Now decisions are being made on a system wide basis influenced by the GPOs and IDNs and other national entities that control the point of entry. The pressure within the healthcare system to reduce the number of vendors has squeezed certain players out of the game.
Can your leadership evolve?
Will your mhealth company become a “Killer App” or a “DOTCOM” Bust?
There are now many flavors of mobile health ranging to fitness apps to full blown FDA approved medical devices leveraging advanced sensing and cloud storage.
The current revenues for mHealth estimated to be $7B-$10B with expectations that the market will double in the next two years.
Those companies that can provide connected health solutions that have a compelling economic benefit to the healthcare system payers and consumers will succeed in the race to achieve “first mover” advantage in the mHealth market.
But C-Level talent and human capital with domain experience and an understanding of this complex market are in greater demand.
Will your nanotech company make it from R&D to commercial success?Nanotechnology is maturing quickly.
Using nanomaterials, devices like biochips, implantables, microfluidic diagnostics and medical textiles are being improved and made smarter and cheaper.
Medical sensor technologies utilizing nanotech will be one of the major components that will drive new disruptive technologies that will enable smart devices to become powerful medical diagnostic tools.
But many nanotech companies still struggle to commercialize and lack human capital and C-suite leadership to move from the R&D phase to commercial success.
Does your nanotech company have a winning strategy to accomplish this?
Do startups fail due to self destruction?
For tech startups the challenge of raising funds, managing burn rate and hiring effectively are among the top concerns of high tech startup founders and investors.
In the very early stages raising money to develop technology is paramount. But we have seen that founders can become so captivated with their technology that they lose sight of whether the market will want it once produced.
Developing products and technology where there is little market demand is the primary reason startups fail.
Often this stems from a founder or founding leadership team that may not have the breadth and experience to look upstream at the market requirements and craft their technology around what the market needs.
Does your team set you up to produce “must have” products and technology vs.”nice to have”?