If you’re considering investing in medical devices, you want to pick wisely because not all medical devices are created equal, and choosing the wrong investment can easily spell financial ruin. On the contrary, selecting the right medical device investment can mean incredible success and fortune. Considering these three technical things can help you make a worthwhile investment in medical devices that you’ll be proud about for years to come.
3 Must-Haves for Medical Device Investment
Whether you’re a new investor or a seasoned pro, here’s what you should account for when it comes to investing in a medical device.
Feasibility is vital when it comes to making smart medical device investment decisions. After all, it’s virtually impossible to get your investment back from a product that is not feasible and will not work in the real world. If you’re not sure how to judge feasibility on a product, one great place to look is at feasibility studies.
Early feasibility studies are clinical investigations of a device that are designed to evaluate the device’s design concept against initial clinical safety and device functionality standards. When conducted correctly, these feasibility studies guide device modifications and adaptation down the road. While there’s no way to guarantee that a device will be a success, investing in something with ample feasibility studies is as close as you can get.
What does accessibility mean in the world of medical devices? Put simply, accessibility refers to the percentage of the population that could use or benefit from a given medical device. This is important for a few reasons.
According to the US Census Bureau, about 12.6% of the general population has at least one disability. That means about 40 million Americans struggle to obtain quality healthcare. This discrepancy is due, in part, to a lack of accessible medical equipment. If a medical device investment is accessible, it means the maximum number of people can access the equipment. Examples of highly accessible equipment include weight scales, x-ray machines, examination tables and chairs, and radiological equipment.
Finally, you must consider acceptability. In the world of medical device development and investment, there are several considerations for determining risk acceptability. For the device to be regarded as a smart investment, the benefits need to be plentiful. As long as the benefits of the product outweigh the potential negatives to such an extent that residual risk is within an acceptable range, the device can be considered a smart investment.
Making Better Medical Device Investment Decisions
If you’re interested in investing in medical devices, it can be challenging to choose the right opportunity. This is a highly saturated field, and new medical devices are being introduced daily. How can you tell which ones are a worthy investment? Fortunately, when you focus on these three critical factors, you can better decide what’s a smart medical investment and what better to pass over. While the medical industry moves rapidly, knowing how to evaluate new medical device startup products accurately increases your ability to stay on the cutting edge.
At C3 Medical Device Consulting, we’re committed to helping corporations and startups design their medical devices so they can successfully bring them to market. Schedule a free consultation with our team of medical device design professionals today to learn more.