Medical device innovation seems to be happening at an exponential rate.
What is the driving force behind the speed of innovation?
One contributing factor is the modern day medical device entrepreneur. With so many tools and technologies at her disposal, navigating the pitfalls of medical device innovation is becoming slightly less risky than it was even as recently as a decade ago.
While the amount of capital required to bring a medical device to market is still substantially more than other products, the barrier has been lowered for the right type of entrepreneur that can see opportunities and take advantage of them.
With new affordable technologies like 3D printing and real-time video conferencing, capital expenditures have been greatly reduced allowing for more minds to focus on problem and solution.
So what does make a great medical device entrepreneur?
Traits of a great medical device entrepreneur:
• Has identified an opportunity
• Can research and understand the possibilities within an opportunity
• Knows that failing is always an option and that failure provides data that in turn leads to a better understanding of the problem and solution.
• Understands intricacies of research and commercialization or has a team that does.
• Understands how potential customers like hospitals and insurance companies do business
• Knows what they know – and knows what they don’t know
• Builds an A-Team from day 1
• Can be scientific, optimistic, and realistic.
While many of these traits relate to great entrepreneurs in general, the medical device entrepreneur faces a unique set of challenges. Many medical devices are mission critical and therefore are subject to tough regulatory parameters. While adhering to regulatory, medical devices must also be proven to be effective and price competitive. Combine all of these challenges and a medical device entrepreneur must have a sound and well thought out dynamic strategy that can change on at moment‘s notice.
One example of entrepreneurs that are changing the way we research, develop, and fund medical devices:
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