The Difference Between Launching and Commercializing a MedTech Innovation!
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 for its first release into the market. Commercialization is the holistic process of converting ideas, research, and concepts into viable products that obtain customer acceptance, cross into mainstream adoption, and ultimately generate a financial return on the innovation. Launching is critical, of course, but it’s actually a subset of commercialization. Once you know the difference between launching and commercialization, it will be easier to effectively plan and strategize your healthcare innovation’s launch and commercialization.