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Medical Product Development

Medical Product Focused Market Strategy

Boston Engineering Advantage

 

Product Development Strategy and Design: Choosing the Right Path

When it comes to medical device development, medical companies often face a critical decision: should they design an entirely new product or extend the life of an existing design? Each approach has distinct advantages and challenges, and selecting the right strategy requires careful consideration of market demands, innovation potential, and cost implications. Boston Engineering provides expert guidance to navigate this decision-making process, ensuring that companies make informed choices that align with their long-term goals.

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Designing a New Medical Product

Creating a new product is a bold move that can redefine an industry and establish market leadership. This strategy allows businesses to leverage the latest technologies, address unmet needs, and differentiate themselves from competitors.

More About Navigating the Challenges of Designing a New Medical Product
Pros
  • Innovation: New designs allow for cutting-edge technology and novel approaches to patient care. This could involve integrating emerging technologies like artificial intelligence, nanotechnology, or advanced materials
  • Market differentiation: A unique product can help stand out in a competitive landscape. This could mean offering features or capabilities that no other device currently provides.
  • Improved patient outcomes: Innovative devices may offer better efficacy or safety profiles. This could include more precise diagnostic tools, more effective treatment delivery, or reduced side effects. 
  • Intellectual property: New designs create opportunities for patents and market exclusivity. This can provide a competitive advantage and potential licensing opportunities. 
Cons
  • Higher development costs: Designing from scratch requires significant R&D investment. This includes costs for research, prototyping, testing, and clinical trials. 
  • Longer time to market: New products face a more extensive regulatory approval process. This could involve multiple rounds of clinical trials and regulatory submissions. 
  • User adoption hurdles: Healthcare providers may need training on entirely new systems. This involves time and resources for education and training programs. 
  • Manufacturing complexity: New designs often require new production processes and equipment. This could involve significant capital investment in new manufacturing facilities or equipment. 
 

Extending the Life of an Existing Medical Product

Enhancing an existing product is a cost-effective and strategic way to maintain competitiveness. This approach builds upon a proven product foundation while incorporating incremental improvements to keep customers engaged.

More About Navigating the Challenges of Extending a Medical Product
Pros
  • Cost-Effectiveness: Incremental improvements are generally less expensive to develop. This leverages existing research, development, and manufacturing infrastructure. 
  • Faster time to market: Modifications to existing designs often have a smoother regulatory path and involve abbreviated approval processes for certain types of changes.
  • Established user base: Healthcare providers are already familiar with the core product. This reduces training requirements and can lead to faster adoption of improvements. 
  • Streamlined manufacturing: Existing production lines can often be adapted for updates. This minimizes disruption to manufacturing processes and supply chains. 
Cons
  • Limited Innovation: Incremental changes may not keep pace with technological advancements.
  • Market saturation: Extended designs may struggle to differentiate in mature markets. This can lead to price competition rather than feature-based competition. 
  • Missed opportunities: Focusing on existing products could mean overlooking emerging needs and might result in failing to address new market segments or clinical needs. 
  • Diminishing returns: Each iteration may offer less significant improvements than the last. This can make it harder to justify upgrades to customers. 

New Product Design vs. Product Lifetime Extension Checklist

Boston Engineering’s Medical Product Checklist provides a comprehensive guide to evaluating whether your organization could benefit from revising an existing product design or developing a new one. 

This checklist helps your company to evaluate important considerations including the current market landscape, technological factors, regulatory environment, manufacturing capabilities, patient impact, and more. 

Click here to download the checklist

Product Development Case Studies

Adapter Expands Stroke for Universal Compatibility

Adapter Expands Stroke for Universal Compatibility

CASE STUDY
Saving Lives with Accelerated Development of Mechanical Ventilators

Saving Lives with Accelerated Development of Mechanical Ventilators

CASE STUDY
Improving Public Health with Affordable Disease Tests

Improving Public Health with Affordable Disease Tests

CASE STUDY
Commercial Exoskeleton That Protect The Lives of U.S. Soldiers in Combat

Commercial Exoskeleton That Protect The Lives of U.S. Soldiers in Combat

CASE STUDY
A Robotic Fish That Defends Our Homeland Against Deadly Attacks

A Robotic Fish That Defends Our Homeland Against Deadly Attacks

CASE STUDY
Technology that Disrupts the Rapid Disease-Testing Market

Technology that Disrupts the Rapid Disease-Testing Market

CASE STUDY
Smithsonian Astrophysical Observatory Advances Deep Space Research

Smithsonian Astrophysical Observatory Advances Deep Space Research

CASE STUDY
Snowboard Innovator Sharpens its Competitive Edge with Redesigns

Snowboard Innovator Sharpens its Competitive Edge with Redesigns

CASE STUDY
Handheld Tool Recharge Improves Usability and Performance

Handheld Tool Recharge Improves Usability and Performance

CASE STUDY
Robotics Start-up Yields High Growth in the Agricultural Industry

Robotics Start-up Yields High Growth in the Agricultural Industry

CASE STUDY
 

Product Development Management Consulting

Are you asking questions? Are you asking the right questions? Do you have the correct processes in place? Product development management consulting helps businesses streamline their product development process, making it more efficient, effective, and profitable.

Product companies face a variety of challenges that can impact their success in the marketplace. These challenges can include everything from rapidly changing customer needs and preferences to supply chain disruptions and intense competition. To overcome these challenges, product companies may need to seek management consulting help.

Learn more about Product Development Management Consulting

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