Ximedica’s VP of Strategic Development, Melissa Bowley, will be speaking at Device Talks in June 2019 to share best practices in how to rightsize your development strategy.
What exactly is rightsizing your development strategy? What is a minimally viable product (MVP) and how does it apply when your customer is ultimately a patient? An MVP can be extremely valuable to minimizing risk and gaining a better understanding of your customer and market.
Start with the goal in mind
Most companies approach a development firm like Ximedica with an idea or prototype in hand and ask, “Can you develop this into a commercial product in a year?” The answer is often, “possibly, but is that really what you need?” Sometimes moving directly into development of a commercial product is the right strategy, but often we discover there are milestones along the way that may alter your strategy. Typically, we discover these insights by collaborating in a strategy session before we begin a program. As a rule of thumb, you should always start developing your strategy with the goal in mind.
Enterprise vs. Startup concerns
There are several fundamental questions worth exploring before investing your time and money.
If you are a startup, you might be attempting to secure the next round of funding. What do investors need to feel confident in your technology? These needs may include market data, functional proof of concept, regulatory feedback, or clinical data.
Perhaps you lead R&D or Product Management for a top 100 medical device company that is looking to beat your competition with a first to market technology. What functionality or features do you truly need in Gen 1 of your device? What additional features can you delay on and build into your multigenerational plan to provide your customers additional value, continued company growth and product launches in the future?
Key questions to ensure success
Staying hyper-focused on the goal at hand can result in creating tremendous value for investors, shareholders and customers alike. So here are some of the questions that can help define your strategy:
- What is the major milestone(s) I am pursuing? (e.g., first to market, first in human, proof of concept, filling a gap in my portfolio)
- At what points am I creating value and for whom?
- What need am I addressing for the end user (patient, surgeon, etc.)?
- What critical features of my product will address the need(s)? Which features can be added in future generations or line extensions?
- Have I truly tested that this solution will meet that need? How do I get that feedback and iterate quickly?
- What is my data strategy, and how can I maximize value in the connected ecosystem?
- Who is financing and are they willing to do so?
- If applicable, what is my reimbursement strategy?
- What is my regulatory pathway?
Join us at Device Talks in Boston on June 5th as we explore real world product examples of rightsizing your development approach, MVPs (minimally viable products) and some of the tools that will help you address some of these key questions.
For more information or to register for the event, visit https://boston.devicetalks.com/. We hope to see you there!