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Five Business Principles For MedTech Success in 2014 (#4)


Posted in Medical Device Business by Arundhati Parmar on December 11, 2013

 

Learn To Fail Early, Fast and Inexpensively

  • The new world order demands that players in the healthcare industry assume and share risk
  • That necessarily means medtech companies need to find a way to assume risk, fail early if you have to, and fail cheaply when trying new innovations
  • Medtech companies, cocooned in the world of cozy physician relationships, have a long way to go in this regard - only 14% of them told PwC that they have a formal innovation management program
  • Create a pot of money for new ideas and a time frame within which they can prove their viability
  • Find partners and collaborators in consumer electronics, telecommunications, and retail companies that have all entered the healthcare marketplace

 


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