A new study by Cutting Edge Information found that 33% of medical device manufacturers look to technology that has already been created — platforms or hardware that exist either within the company or at other organizations — to develop new products. Other medical device companies may start from scratch, developing new technology to realize their brands’ full potential. Still, other organizations may use a hybrid approach — leveraging both existing and newly developed technology to maximize product performance.
With growing commercial competition, medical device companies must support their products early in the development process. However, according to the study, not all companies approach product development in the same way. It all depends on the resources available.
“One-third of survey respondents use existing technology — either internal or external — to develop their products. Another 24% are developing new technology,” said Victoria Cavicchi, senior research analyst at Cutting Edge Information. “Of those respondents that reported using existing technology, only Class 2 products are developed via internal technology.”
Half of surveyed teams supporting a Class 3 medical device report developing new technology while another 38 percent report using technology that existed externally. Meanwhile, 13 percent used other underlying technology. Teams at companies of all sizes — Top 10, Top 50 and small device manufacturers — report using pre-existing internal and external technology as well as developing new technology. Only Top 50 companies with medical technology business units surveyed for the study do not report using other underlying technologies.
“Medical Device Development: Benchmarking Early-Stage Product Management and Promotion,” available at http://www.cuttingedgeinfo.com/research/marketing/medical-devices/, explores the resources and best practices necessary to support new product planning and commercialization for US-based medical device launches. This benchmarking study includes:
- Profiles of 11 medical device firms and their products, highlighting human and financial resources supporting development and commercialization, product development timelines and expected commercial success.
- Data on anticipated US commercial success, including market size, market share and competition levels.
- Commercial board staffing benchmarks as well as best practices for integrating stakeholders across multiple firms and communicating throughout the development process.
- Expert insights on selecting the best regulatory pathways for emerging medical technology products, implementing clinical trials and partnering to support development.
For more information about medical device launches and US-based commercialization, please visit http://www.cuttingedgeinfo.com/research/marketing/medical-devices/.
Cutting Edge Information