Consulting and feasibility analysis

Consulting and feasibility analysis:

The first step upon accepting the idea for a new device and turning it into a commercial product, is analyzing its viability. In other words, determine whether in the end the idea and the way to it are realistic and practical.

The entrepreneur and idea doctor:

The person who comes up with the idea for a new medical device is often a doctor who specializes in a certain medical field, and with his experience he comes to the conclusion that if a certain type of applicator or tool was available to him, he could perform his action in a better way. From such experiences in real life, and from the fact that the required tool does not exist, many ideas have become patents and successful companies.

However, there are several aspects through which the idea can and should be tested, before proceeding with its development and entering into the high expenses involved.

Considerations:

Below are several examples of the many considerations that our company examines in order to assess their viability, and your chances of success.

>> Intellectual Property (IP). Are similar devices available on the market?

>> sell market research and business potential.

>> The outlook for regulatory requirements.

>> The technical characterization exam and the programming exam.

>> Competing methods that exist in the market.

>> Cost estimation.

>> Time to market forecast.

>> Reducing risks and improving success.

The results of the feasibility analysis can often show the entrepreneur that the idea is not yet ready and needs to be adapted or changed in order to reduce the risk, and increase the chances of success.