Innovating the right product for the right audience is foundational to MedTech and Healthcare innovation, and tapping into the many voices of buyers (partners, distributors, clinics etc.) and users (physicians, patients etc.) early in the commercialization process is vital for success. Patients, physicians, nurses, administrators, etc. often offer hidden insights, inspire new ideas, bring innovators back to reality, and help position innovations for commercial success. They a

The word “innovation” gets a great deal of lip service in MedTech and HealthCare and for the right reason. Innovation can drive growth, boost profits, and slash the competition, not to mention change the world for the better. But when an innovation is not branded, the impact is usually short-lived, if it occurs at all. Putting “new” or “improved” on a brochure or website is unlikely to create any lasting sense of differentiation, drive behavioral change or support allocating

It happens all the time. A healthcare or a medical startup is ready to bring an innovation to the market. Before the company can earn a reputation of trust and credibility—for commercialization—it needs proof of clinical efficacy and safety and possibly final product enhancements based on its performance in the real world. Many companies partner with a prospective customer for a pilot to remedy this challenge and it often seems like a promising way to the market. Healthcare i

Market selection, is the foundation of all commercialization and marketing based decisions. Targeting is important because commercial success strongly depends on the company’s knowledge and understanding of the group(s) of customers who share similar needs and buying behaviors and which segments are more likely to adopt the innovation. Don't ever assume that the fact that you have a superior Innovation will ever ensure adoption. And Innovation adoption is the key! For example

Timing is everything, and when it comes to "timing strategies", many Health Care and MedTech innovators default to, “I’m going to market when the new product is ready to launch,” without much purpose and intention about their order of entry into a new or existing market. Or, they assume that being first-to-market will automatically equal a competitive advantage and ensured profits. Well, think again. Understanding key timing concepts, pitfalls to watch out for, and the unique

It's an old Alvin Toffler's quote, and he is right. Managing the Strategy Development Process Is Essential for Commercial Success The days of developing robust, static strategic plans are gone. It’s just not effective anymore. Elements like customer needs and wants, technology, market trends, the competitive landscape, and the way customers connect and interact with brands change way too fast. This is especially true for startups, when the future is hard to read and the most

Many people use the terms “launch” and “commercialize” interchangeably, but they’re different functions of the innovation process. Many new healthcare innovations are launched into the market, but few reach commercial success and generate a profit. There are two distinguishing factors between launching and commercializing an innovation: the timing and the goal of the initiative. Launching is a much smaller-scale process: it occurs when the innovation is developed and ready fo

Commercializing an innovation in any industry is hard, but it’s especially complex in healthcare related fields. Research and experience indicate that even the most promising ideas face an onslaught of commercialization challenges. There are many forces that can kill an innovation, both internal and external: Confusing the processes of launch and commercialization. Overlooking the early adoption lens. Leading with a technology solution and looking for a problem later. Not fig