This week, Novatek attended a MedTech event that included 3 short member presentations, which interestingly, all touched on the theme of partnership and collaboration. One large medical device company discussed a successful turnaround that involved growth through acquisitions. The combination of the organizations’ sales forces, as well as research and development expertise, is designed to enable the company to grow market share and to provide distinctively better solutions.
Another member company shared how a standard outsourced business need, such as insurance, provided a pharmaceutical company with critical risk management – and not how you would think. Acting as a true partner and business consultant, the insurance company identified a single point of failure in their client’s supply and storage practice of a billion-dollar revenue-generating drug.
A third presentation given by a unique university technology commercialization law program, discussed how they are successfully providing valuable and “low bono” services to technology companies by combining the University’s expertise in law with expertise in science, technology and engineering, and finally, business, finance and marketing to answer important commercialization questions for their clients.
These companies are not the only ones supplying and benefiting from partnerships. In today’s environment, manufacturers can no longer afford to build all core competencies in-house. If you’re feeling the competitive pressure, consider the following ways to leverage partnerships:
3 Ways Partners Increase Product Launch Success
- As the New York State Science and Technology Law Center at Syracuse University pointed out, innovation is inherently interdisciplinary. Using partners to provide expertise in disciplines where your company does not have core competence is paramount to a successful product design, strategy, and launch. Consider utilizing partners to provide an objective market analysis, predict regulatory obstacles, identify key sources of funding, or create user support materials to ultimately ensure a successful product launch.
- Due to the Affordable Care Act, health care providers are now incentivized and focused on improving patient outcomes. This means effective, result-driven devices and technologies are in demand and medical device manufacturers must get their products to market quickly to capitalize. Using partners with experience in regulatory, marketing, sales, and product launch can provide device manufacturers with faster launches.
- Execution is key to managing risk. If your team is strong in innovation or design, consider outsourcing to a partner to assist with delivering and supporting the product. You can’t win on an idea alone. The market requires attentive customer service, training, and on-going support.
To evaluate your company’s competence in critical product launch functions and potential need for partners…