Reflections on Research: A Surprise of 2009
One of the surprises of 2009 business was how often early stage medical device firms ignored or put market information gathering and analysis way back on the back burner. Instead of discovering if their innovation really is an innovation, and how the external world they would compete in, stacks up, they dashed off with their limited resources to create a prototype, or secure a trademark, or other initiative.
While no one can predict the future, everyone can profit from current and ongoing competitive market intelligence that considers the elements that may impact a company's success. Misunderstanding or ignoring these elements about the external world - regulations, review of historical information, trends, competition, channel distribution, customers, market size, reimbursement, etc. - and any device is sure to fail.
Some entrepreneurs base decisions on assumptions that are out of date or based on hearsay or their own limited knowledge. Does your contemplated device truly fill a recognizable need? Is your device cost-competitive, or better yet, will it be value competitive?
If you're seeking funding, do you know what you need to know in order to convince the investor that your investment makes sense?
Can we provide an objective point of view derived from a systematic search strategy, using authoritative resources, to convince the potential investor that your device and management team will deliver on the promise?
See The Essentials of Research in Successful Product Development in MD&DI and through Medical Device Link: the online information source for the medical device industry: www.devicelink.com, search for "Halpern Info Services".