Feasibility analysis and consultancy
The first stage in taking an idea for a new medical device and turning into a marketable product is the analysis of its feasibility, in other words, whether the finished idea and the path to it are realistic and practical.
The Doctor and the Idea
The originator of an idea for a new medical device is often a doctor who specializes in a certain medical area and through his experience, reaches the conclusion that if there was a certain kind of applicator or tool available, they could perform their procedures in a better way. From these real-life experiences, and from the realization that the needed tool doesn't exist, many ideas become patented and successful companies.
However, there are a number of angles from which the idea can be examined, before proceeding with development and entering into the extensive costs associated with it.
Below are a few examples of the many considerations that Paramedical Device will examine in their feasibility study and estimate your chances of success.
- Intellectual property (IP). Whether similar devices might exist.
- Potential numbers that could be sold.
- Expected regulatory requirements.
FDA, GMP, CE, FCC, ISO
- Materials requirements, chemical resistance, toxicity, sterilization etc.
- Competing techniques on the market.
- Projected cost per device
- Projected time to market.
Reducing Risk and Improving Success
The results of the feasibility study can often show the entrepreneur that the concept is not yet ready and needs to be adapted or changed to reduce risk and improve the chances of success.
The feasibility of taking medical devices from the idea stage to marketing a finished product is one of the areas of expertise provided by Paramedical Device.
To learn more about Paramedical Device's feasibility study and other engineering and business development services, contact us now.