Rather than speed-to-market, “speed-to-exit” is the goal for many medical device inventors and the capital firms that back them.
Commercializing a medical device requires a considerable time and resource commitment, as well as an above-average capacity to be tenacious. An easier route is to develop the technology to the point that it can be sold or licensed. That will provide the quickest route to getting a return.
You can speed up your speed-to-exit by engaging experienced medical device designers in the development effort. Physician-inventors and others with good ideas for advancing medical technology will know their specialties extremely well. What they need help with is how to turn their idea into a form that convinces others it could be a successful product. Simply having a new method or process or mechanism isn’t enough. Most people (potential buyers) can’t see the potential in raw technology. The technology needs to be brought to at least a basic level of practicality before people will see its value.
Experienced designers can help inventors avoid false starts and dead-ends. They’ll be able to identify the shortest development path possible. They’ll be able to enlist their network of resources and supply chain to make development happen fast. They’ll have a general sense of where the design can utilize stock components and where there will need to be some customization. They’ll bring an awareness of the regulatory environment that will help guide the project toward the most promising route to receive regulatory clearance.
In short, consider speed-to-exit instead of speed to market. Bringing experienced medical device designers onto the team will speed up development and will provide inventors and capital firms with the shortest speed-to-exit possible.