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Key Steps in Technology Forecasting

Originally Published MX May/June 2006

BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT

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Technology Forecasting

Medtech companies can benefit from using a structured method that enables them to forecast the emergence of new technologies and predict the readiness of those technologies for commercial application. Following are six key steps for effective technology forecasting.

  • Identify and prioritize customer needs to uncover potential market niches.
  • Hold ideation sessions to find solutions to meet unsatisfied needs.
  • Search for promising new technologies to facilitate the development of solutions.
  • Evaluate the impact that new solutions will have on the company.
  • Develop a strategic plan to map out the company's integration of emerging technologies.
  • Be aware of competitors and new technologies that could affect the company's path to market leadership.

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