Sometimes, it makes sense for a medtech company to outsource product development to bring their device to market faster and more efficiently. MassDevice.com editor Sarah Faulkner spoke to Minnetronix‘s VP of business development and marketing, Jim Reed, about how and when medtech companies should consider outsourcing product development to a partner.
Faulkner: How should companies prepare to approach a potential partner? What expectations do you have for a company that wants to partner with Minnetronix?
Reed: We have helped a huge variety of companies, from little startups to big multinationals and in between. I’d say the biggest predictor of success for them, which really means success for us, too, is clarity of what your objective is. If they need a rough-and-ready prototype for an animal study, that’s one thing. If they need a device that is going to go into human clinical trials in a different country with a low regulatory environment, that’s a different thing.
The more clear somebody is coming in, the more we can really help paint a clear road-map for them. You have a much more accurate idea of what it’s going to cost, how long it’s going to take, what the risks are, and so on.
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