Is your product an ugly baby?

by | 9 Feb, 2018 | Business, Business development, None

Is your product an ugly baby?

You’ve been working in your laboratory/office/workshop/shed/garage for years and you believe that the baby you have created is beautiful. What you see is:

You think everyone will want your baby.

The NHS will want to purchase your product, buyers will be falling over each other in the rush to give you their money, investors will be queuing at your door.

But no one is knocking, you’re running out of time and money and you are starting to think……

“Do I have an ugly baby?”

This is a very expensive route to get to a question that should have been asked at conception. In fact there are several questions which need asking throughout the process from idea to exit strategy.

• Is this a solution to a real problem, or just following an interest and finding a problem to fit it around?
• Will it make lives better/longer?
• Is there a market?
• How big is the market?
• Are there competitors?
• Who are they, and what are the products?
• Is your product an improvement on the competition?
• What price can you charge?
• How much will it cost to produce?
• Is there a profit margin?
• How long is it going to take before money starts to come in?
• How will you survive until then?

There are many more questions to ask, they are probing and challenging, but the alternative is potentially extremely costly in time, money and heartache.

This is why engaging consultants early in the process can save you money by helping you to ask the right questions, plan your roadmap to success and set milestones. Consultants with experience of your product’s potential sales environment can help prevent you from heading off-course. They can introduce you to key stakeholders, patient groups, clinicians and buyers. Being part of the MedTech and BioTech environment means that experienced consultants can advise on potential funding, support grant applications, and help in the writing of business cases, responses to tender invitations and presentations.

With over 40,000 organisations within the NHS consultants can advise on where to start, which doors to knock on, and what messages to take.

As an SME or Micro Enterprise, you can’t be an expert in everything.
One of the most valuable assets consultants offer is a sounding board. We have experience with different companies, of many sizes and structures, as well as multiple disease areas. We understand your concerns and share your interest and excitement about the potential of your product.

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