What Leads to Company Underperformance & Failure?
As a medtech company operating in such a nuanced industry and selling into a siloed marketplace, the odds are stacked against you. With upwards of 75% of US-based, early-stage medtech companies never seeing success, bringing an innovative technology to market is a Herculean task. Succeeding in this space isn’t easy, but you can be a success story if you plan for market access early.
Failure to plan for market access early is one of the key causes of company underperformance and failure.
TTi Founder & CEO, Dr. April Zambelli-Weiner, recently shared what you can be doing to avoid this fatal mistake and plan for market access early on the latest episode of Medical Device Success hosted by Ted Newill.
TIPS TO ENSURE MARKET SUCCESS
1. Develop a market access roadmap which draws together expertise and allows for consensus around the optimal path – one that accelerates your market trajectory with high ROI activities – early..
2. Adopt an ROI mindset. Maintaining a cost mindset can have significant ramifications on company viability and success.
3. Collect economic data early and leverage the investments you’re already making as well as real world data (RWD).
4. Publish on every opportunity you have to begin communicating your value story – whether that be feasibility studies, pre-clinical studies, or definitive studies. The marketplace wants to see a track record of evidence. Evidence is your flywheel!
5. Don’t assume that what might actually be discriminators are differentiators. Articulate your value proposition through independent customer research.