In the Medical Device industry, the early bird gets the worm. There will always be a need for better-performing devices and reliable supplies, but with countless companies looking to enter the lucrative healthcare industry, the market is extremely competitive. One of the most pressing barriers to entry is missing your window of opportunity. A timely, competitive advantage is key to reaching the market and reaping a greater return on investment (ROI).
What is the window of opportunity?
In marketing, the window of opportunity is the time frame when a product is most needed, wanted, or profitable in its industry. The healthcare market’s intricate dance of supply and demand is constantly evolving with advancements in technology. Private practices, clinics, hospitals, and drugstores need innovative products, from complex catheters and glucose monitoring systems to simple tongue depressors and disposable gloves. Entering the window of opportunity could be a matter of innovating products before other major companies do, thus taking advantage of a gap in a market to meet consumer or healthcare provider needs. Missing your window of opportunity could jeopardize thousands of dollars spent designing, developing, and producing your concept.
What might cause you to miss your window of opportunity?
If you’ve done your research, the moment you come up with a concept for a medical device is the beginning of your window of opportunity. Time is ticking, and the window is shrinking. You’ll want to shorten time to market before the competition increases. Medical device development is a difficult process in the United States with the FDA’s regulatory pathways: premarket submission (510K), quality system (QS) regulation, labeling requirements, and more. By the time your device reaches the market, a larger corporation with a more familiar brand may have already provided a solution that consumers trust.
How do I enter the window of opportunity?
Here are some steps to research the market so you don’t miss your window of opportunity:
- Identify products similar to your concept.
- Investigate the cost of all possible competitors – will your device sell based on innovation or price?
- Determine growth areas to define your objectives.
- Identify your end users.
- Identify prospective partners or larger companies that may be interested in purchasing your device.
It is extremely important to be time-sensitive while developing your device. The more market-responsive you are, the more likely you’ll succeed. It is a balancing act to beat your competitors to the finish line while maintaining the quality and effectiveness of your device. Via Biomedical can help you by providing a reputable, dependable, and efficient development team and manufacturer committed to meeting your project timeline and producing a quality product.
Via Biomedical has helped countless clients bring their medical devices to market within the perfect window of opportunity. Our skilled project managers can help you bring your products to market yourself or provide suggestions on how to sell your concept to a larger firm. Read our case studies to see how we have adapted our process to provide unparalleled quality and customer service. Contact us to learn more about our engineering and manufacturing capabilities.