We can classify medical devices in two broad categories, advanced “technological” devices (like surgical instruments, prosthesis…) and commodity-type medical and surgical supplies (like a suture, or a glove).

I am going to focus today on the first ones, the advanced technological devices. To envision, design, produce and sell a new medical device, the new start-up will need to compete on three different levels.

First one, product innovation: to be competitive, the new medical device must confer one (or more) of the following advantages. If you are bringing a new medical device to the marketplace, ask yourself the next questions, and see in how many you get a positive answer:
(1) Does my medical device reduce procedure time, and therefore procedure costs?
(2) Does it enable less invasive procedures?
(3) Does it improve clinical outcomes and extend life expectancy?
(4) Does it reduce patient hospitalization time?
(5) Does it shorten recovery time?
(6) Does it facilitate patient care in less expensive settings?

Second one, product performance: to be competitive, the medical device must be superior to other medical devices used for the same purposes, in product reliability, clinical outcomes, and MDs perception of the quality of the product. The product needs to deliver. Good marketing to physicians is therefore essential.

Third one, product price: to be competitive, the new medical device needs to understand that healthcare will be more and more price sensitive in the future, as costs skyrocket. Pitching the introduction of a new medical device in a clinical environment as a cost reducer (either because it costs less, or because its use avoids complications or some other different costs) is always a good idea.

Understanding these levels may mean the difference between success and failure.