As the COVID-19 pandemic spreads, demand for urgent healthcare equipment is outstripping production capacity. With hospital and healthcare providers warning of a critical shortage of medical supplies, MedTech leaders are racing to meet a wartime need scenario. The Food and Drug Administration has chosen the expedited pathway for certain devices to address the public health emergency. Medical device companies can boost supplies of devices like ventilators and respirator masks.
Currently, several MedTech companies are focusing on urgently needed medical equipment. After the crisis, demand for other devices will return. This may lead to a shortage of MedTech supplies.
Medical device consulting companies can help manufacturers bring their technology to the market to cope with COVID-19 or situations after that. They offer due diligence services to support a device manufacturer’s investment decision in the medical industry. The services serve as a framework to achieve successful commercialization and the highest return on investment (ROI).
Commercialization Strategy Services to Understand the Market
Medical device manufacturers require information on market size, competition, and potential risks to develop a fortified strategy. The due diligence services by top medical device consulting firms include understanding the market and spotting target options to develop a blueprint for informed decision making.
The services also include insights by Key Opinion Leaders (KOLs) to ensure the technology meets market expectations. They also provide competitive landscape comparisons and insights into distribution preferences. Medical device consulting companies collect inputs through interviews with KOLs and experienced physicians. The collected information helps determine what physicians think about a device and its ability to get the highest ROI in the market.
Commercialization strategy services at a medical device consulting company also encompass risk analysis associated with different phases of the device development process. They include technology, competition, and market acceptance. Risk analysis as a commercialization strategy helps prioritize resources for successful development and commercialization of technology.
Financial Valuation Services for Defensible Pricing Strategy
Traditional financial valuation strategies are inefficient for medical device development. Only professionals experienced in the financial value of a device in the pre-clinical stage can capture its value. They are experts with knowledge about the nuances of MedTech. The professionals offer investors and manufacturers an independent pricing strategy supported by research.
Experts at medical device consulting companies help create a customized business plan to convince potential investors that the technology will achieve the highest return on investment. The plan is backed by the technology’s competitive position in the market, financial projects, and market segmentation. The professionals also evaluate the company’s revenue and identify potential acquisition targets to outline an exit strategy for the highest return on investment.
Competitive Analysis Services to Evaluate Competitive Landscape
Device manufacturers and investors require to evaluate the current market space, target area, and competitive market to ensure smooth adoption of their technology. At a strategic medical device consulting firm, professionals employ competitive analysis services to evaluate the potential competitive landscape and the target user. They consider both direct and indirect competitors to understand areas where the technology is going to enjoy success due to its unique features. Also, they consider medical device makers who can pose a challenge in the future.
The competitive analysis serves as a stepping stone for making investment decisions. Professionals analyze market entities like potential competitive space to help make informed decisions.
Whether it’s a medical device to cope with pandemic or technology to cater the deferred demand in the healthcare industry, investors and manufactures can work with experienced professionals at a medical device consulting company to understand the current market, competitive landscape, and determine the value of innovation.