Being first mover guarantees nothing.
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 characteristics of the company’s strategic intent, risk exposure, resource capabilities, partner relationships, market conditions, and industry evolution increases an innovator’s potential for market success. There are advantages and disadvantages to the three primary market entry timing strategies of early mover, follower, and late entrant. Knowing these insights and understanding how these factors influence an innovator’s competitive advantage affects market success and drives the timing decisions made by innovators. Simply put, being first guarantees nothing and more parameters should be taken in account when considering market entry strategy.