There has been a gradual shift in the Startup ecosystem in India. Three major influences controlling the economy dynamics, Government, Industrial, and Academia are collaborating to catalyze the process of innovation across the country. The reports by RBSA advisors reveal a substantial growth in the HealthTech market at an annual growth rate of 39% from FY20 -FY23. Indian MedTech initially held a worth US$ 10.36 billion in 2020 and is expected to increase at a CAGR of 37% in 2020–2025 to reach US$ 50 billion.
With excessive Media hype and favorable government schemes in the Med-Tech Segment, there has been a lot of romancing around the idea of being an Med-Tech entrepreneur. At a superficial stage, it might look like a lucrative opportunity to escape a conventional path, but it’s important to understand that merely an idea is not enough!
It may sound ironic but reality is execution part is the core soul behind a successful start-up of any kind. To understand this better here we highlight a few things to do and no to do for becoming a successful Health-Tech Startup!
Doing a proper market research to evaluate competitors & current market dynamics
An idea is good and profitable only if it brings good revenue. Technology and innovation isn’t of any use if cannot be monetized. It’s important to deeply analyze the current market trends and user demand before starting.
Choosing a reliable Contract Manufacturer
Being a new start-up you may not be aware of the different requirements to take your innovation to the market. There are multiple benefits of partnering with a Medical Device Contract Manufacturer:
- Regulatory Assistance
- Design & Engineering assistance
- Cost-optimized Manufacturing
- Expertise on different aspects of the project
Strategic & stepwise planning
When starting up everything might seem to look like its going in the direction until you face a major uninvited challenge. Strategic planning means having back-ups ready to combat the uninvited challenges. The planning might not seem to be very helpful in the beginning but as you ahead it will surely help you stay on track and remain profitable.
Creating a set allocated budget to avoid financial loopholes
Medical Device Development is divided into several phases and every step would require a certain budget. As a fresh start-up it’s difficult to understand how to optimize the cost at each level. You might spend a huge amount on prototyping but everything will become useless if the prototype fails. It’s important to divide your finances in a planned manner to remain efficient in handling unpleasant surprises.
You have a revolutionary idea but if you cannot impact fully communicate it, your idea is dead. Apple would have died without Steve Jobs being vocal about the revolutionary impact it promised. Maybe it’s the reason we remember Steve better than Wozniak when it comes to the Apple success story. The brain is always mighty but if the ideas remain buried they hold no value. Therefore, startups must focus on their pitches and content on different platforms to let people know the change they can expect with the product.
Putting too much into the pilot programs
As a startup, you should not put too much money into pilot programs. A pilot program is an important part of your project but its failure can incur a massive loss. It’s extremely important to figure out how much time and money you can risk investing at the pilot stage.
Lack of documentation & authentic supporting documents
Medical Devices are not the same as mobile phones or other general use commodity. They require specific cases and data to support the claims. Having clear documented data to support claims and technology use is the best way to get fast approvals for Go-To-Market. Improper documentation or irrelevant content without any supporting documents can incur massive loss and have legal implications.
Less Qualified or Budget Representatives
Businesses are made from people you have in your team. It’s important to invest in quality leadership and representatives. The faces you put in front eventually decide the scale your brand will attract in near future. Having inexperienced or budget representatives might initially look beneficial but in the long run, credentials of your team will also be a matter of concern for those who associate with your brand.
Highly complex technology
The technology can be revolutionary and may give an impactful result but if you complicate the task for the user then your product might not fit. For an instance, you have developed a device for surgery at a very low cost and with a high impact. But, if the surgeons don’t find it fitting in the workflow then it won’t be successful.
Being in silos
Getting approval from the people in your proximity is a different case. On the other hand, getting approval and acceptance outside your known area is what you should look up to. Once your product’s worth is established outside the circle you know the success of your product is guaranteed.
Schedule a consultation, If you are looking for Medical Device Manufacturing services to scale your idea