We were very busy at MedTech Innovation 2017 in Coventry last month, it was great to meet up with current and new customers and colleagues. I would like to thank everyone who visited our stand and also the many people who have been in contact with us since.
I have been reflecting on the discussions we have had before, during, and since this meeting and what questions SMEs in particular ask when they enter the UK Health and Social Care Market:
• Is the product/service suitable for the market?
• Is it novel, or an improvement on current available standard or best practice?
• Does it improve lives?
• Does it save money?
• Who would buy it?
• Why would they buy it?
• Is it compliant with regulation and legal to sell?
• Is it IP protected?
• What is the long, medium and short-term strategy?
To all of the above the answer could be “it depends”…..
What is needed
A clear understanding of:
• The market: competition, pricing, purchasing structures and processes, targets and objectives
• The product/service: who is impacted by it, does it save or cost time and money?
• The appropriate regulatory processes, how to navigate them and timescales to expect
• What protections to consider for Trademarks and IP
A plan to access the most appropriate points of the market and prioritise time and investment
A value proposition for specific market entry
A business case for prospective customers
A strategy for business growth
A clear strategy for mobilisation and growth
I think the reason we were so busy at MedTech Innovation, is that we have such a range of specialist skills and experience available through our network of skilled associates. When answering questions our responses came from many years of experience, across the industry in a range of disciplines. With so many questions to ask and answer, no one can know everything, and when you are starting out you don’t know what you don’t know.
So if you don’t know what you don’t know – get in touch and let us help you find the right questions and answers.