When a company goes through the process of delivering state-of-the-art, reliable, and profitable medical technology, every step is crucial. These steps are, without exception,
- Selecting the right vendor to produce your product
- Ensuring Product Quality Throughout
- Delivering the Product to the Market On Time
But which step is the most challenging? In my years within the engineering and MedTech fields, I would have to say that Time to Market is the toughest aspect, simply because it relies wholly on all other aspects of the process.
Think about it. A shoddily produced item, a poorly tested or unsafe item, and an item that fails to meet regulatory standards won’t make it to the shelf. Every delay wastes time and money and causes you to potentially lose out to competition.
The good news is that if you properly manage and stay on top of the other three aspects, time to market won’t be a problem.
- Communicate, communicate, communicate. Across all teams, continually.
- Identify and fix problems early on
- Keep standards high
- Stay transparent
- Set and communicate realistic deadlines to shareholders and the public
- Make quality and safety your priorities
If you follow these steps, time to market will be less of a headache. But what does this process look like on the ground?
Making Time To Market Work
The MedTech field is highly competitive and ever-evolving. Experts Predicts an AI revolution in medicine in the coming years, and investors and corporations had best take heed. How can you deliver the best products to market on time?
Invest in a vendor with a proven track record of
- Product Quality
- Seamless Integration With Existing and Upcoming Tech
While many startups can hold promise, you’re not looking to take a gamble here. Go with an established and trusted business. Ask around, and seek out former clients for feedback.
Next, communicate effectively with all teams. Make sure the engineers and manufacturers are all talking. Keep your ears open and aware at every level. Encourage honesty among your teams;
- Lying About
- Concealing or
- Minimizing Issues
could cost your company big time on the market.
Remember, trust takes years to build and can be destroyed in a moment. I still know folks who refuse to ever buy a Toyota, in light of the deadly 2007-2010 accelerator defects. These defects were initially concealed and denied by the company, and the results cost people their lives. The company has changed a lot, the CEO is different, but all these friends of mine can remember more than a decade after those crashes.
Keep that in mind. Another vital tie-in here is compliance. A compliant product is a trustworthy and finished product, and is more likely to hit that market on time.
Make sure the product is not only well-made but compliant. Again, this is crucial to ensuring the product reaches customers on time and stays competitive.
- Don’t blow off any aspect of product features or hardware that might be an issue.
- Communicate above and beyond with agencies and bureaus.
- Check and double-check everything.
- Keep an excellent and meticulous legal team on retention. Remember, safety equals money in today’s economy.
If you follow all of these steps consistently and professionally, time to market shouldn’t be an issue.
I’ve seen countless businesses with a good product concept fail because they missed their chance. The product was theoretically great and would have made them millions. But by the time it was released, the competition had done far better. What happened? Corners were cut early on that cost the company in the long run.
When releasing MedTech into the market, a key concern that could make or break your company is Time to Market. Blackberry was on top of the PDA market, but it failed to see smartphones on the horizon. It rushed to get ahead, and finally folded.
The lesson? Time to Market needs to be on the nose; lagging can cost you. Be sure to invest heavily in quality AI and stay aware of trends and upcoming developments. Keep all of your ducks in a row and you’ll be ready to release ahead of your competitors. Don’t skimp on safety, regulations, or legalities. Plan for the time this takes, and deliver a great, safe, and future-proof product on time.
The brand trust you’ll gain by following this process could make you a market leader, and cement your company’s success for decades.