Medical products business plan

Medical device startup process

Electro Med Services, Inc. Once an IDE has been obtained and pending investigational review board applications are approved, clinical studies will commence with the assistance of Dr. A flexible, ergonomic wrap has been designed to position the coils over key regions targeted by each specific application. Premium Therapy's true innovation resides in its use of electromagnetic stimulation technology in a therapeutic setting along with its patented delivery device and multiple user-friendly applicators. Prices are inclusive of both customer service and technical support as the specialty distributor will provide these functions. Medical Device Development Business Plan — Sustainability and Expansion Strategy The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. The pain relief attained regularly persisted for several days. In fact, once the patient is shown how to use the EMIT system, there will be no need for continued healthcare provider input other than routine follow-up. We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality medical equipment and instrument a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while. Thus, with decreased healthcare professional requirements and home healthcare applications, use of the EMIT system will result in an overall decrease in healthcare costs for the patient while providing superior clinical results. As a result of these limitations, existing functional pulsed electromagnetic stimulation devices are not well tailored for therapeutic applications. The company is potentially profitable in year one only if a proposed licensing agreement can be closed. Wholesale and Retail Prices. Once success has been demonstrated in these markets, expansion to other markets, such as the treatment of stress incontinence, will be considered and new product development will be explored. EMIT MX Applications Prevention and Treatment of Muscle Atrophy: The Premium Therapy EMIT MX system addresses the unanswered need for atrophy prevention and treatment in conditions resulting in patient immobilization for greater than two weeks, such as in the case of hip, knee, and shoulder surgery; spinal cord injury; and a number of other cases.

The complications that can arise from neurogenic bladder and bowel are significant. Using these channels, along with intentionally facilitating publicity, Premium Therapy will be able to generate a demand pull from individuals with conditions treatable with the EMIT system.

While each of these technologies attempts to treat the same conditions as the EMIT system, both have severe limitations. Medical Device Development Business Plan — Sustainability and Expansion Strategy The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure.

Studies have shown that electromagnetic stimulation of sacral an area of the lower spine nerve roots acutely abolishes unstable contractions in patients with this condition making this a condition that will likely be treatable with the EMIT system.

Business plan proposal

The wraps will also be contoured and fit to the region targeted making application even more consistent and effortless. Not only will the EMIT system treat multiple, previously poorly-managed diseases, it will do so in a user-friendly manner with cost-effective, home-healthcare applications. Top Line Stimulus Corporation: Top Line Stimulus' main offering is a hand held coil similar to the Leetonus LeeTone product for the stimulation of specific nerves and nearby tissue. Seven patents are initially incorporated. It is expected that the specialty distributor selected for Premium Therapy's technology will use a markup of approximately 50 percent in determining retail price. An example of a potentially profitable new indication for the EMIT system is found in the treatment of the major cause of stress urinary incontinence—a condition referred to as "idiopathic detrusor instability. In both human and animal models, pulsed electromagnetic stimulation has been shown to increase bladder and bowel pressures, and to thereby effect evacuation. We hired experts who have good understanding of the medical device development and manufacturing industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in the United States of America. The models will be promoted separately in each of their disparate markets and specialty distributors will be utilized in order to rapidly form robust distribution and sales networks. In promoting Premium Therapy's technology to this population, the most important factor will be concrete research results displaying the superior efficacy of the EMIT system compared to existing technologies. Furthermore, healthcare providers are persuasive in consulting patients concerning novel therapies and those healthcare providers who have embraced Premium Therapy's technology will be powerful advocates.

They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the startup capital to 3 major sources. An important step will be the establishment of the EMIT system at key medical institutions throughout the country.

Medical device marketing plan example

A strategic partnership has already been formed with the Physical Therapy department at Harvard University. We have been able to critically examine the medical device development industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The Arrays of Overlapping Coils AOCs are single-patient devices, as they are not designed to withstand the harsh resterilization procedures. If possible, present a specific economic report that shows value e. Below is a table of contents, for example: Executive Summary 1. This unit is designed for a trained operator, such as a physical therapist or physician, to hold the stimulating coil over a specific area of the body in treatments for atrophy, muscle spasms, and decreased blood flow. Treatment of Neurogenic Bladder and Bowel: There are currently no devices that offer noninvasive treatment for the conditions of neurogenic bladder and bowel.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Programmable logic controller LC : The logic controller is a sophisticated, but easy-to-use device designed to provide pulses of current, which create electromagnetic fields when channeled through the coils located in the various wraps.

medquip business plan

Current Status of the Project and Investment needs 1. In order to tap the full potential of the market, Premium Therapy intends to utilize the services of regional specialty distributors. Not only will the EMIT system treat multiple, previously poorly-managed diseases, it will do so in a user-friendly manner with cost-effective, home-healthcare applications.

Another market addresses a well-defined and unanswered need in endoscopic surgery: the clearing of fundal pools of blood and tissue during surgical procedures. This ability to stimulate new cartilage growth creates a tremendous potential to reverse the degenerative changes of arthritis, a disease characterized by the destruction of existing cartilage in and around joint spaces.

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A Sample Medical Device Development Business Plan Template