If you’re embarking on the journey of getting a medical device to market, then you already know that you’ll be putting a lot of time and money into it. On average, it costs $31M to launch a 510(k) medical device, and $94M to launch a PMA medical device. With so much at stake, it’s important to make a smart medical device investment by partnering with an experienced medical device partner who can help you successfully get your product to market.
Why It’s Worth It
When you’re already spending so much money working to get your medical device to market, you may find yourself struggling to justify the cost of partnering with a medical device partner. That being said, it’s even harder to justify not hiring a qualified professional to help you get it right since you are putting so much money into your medical device.
When you hire a medical device partner, they’ll act as a guide on your medical device journey so you can get your product into the hands that need it most.
What else can they do for you? We’re glad you asked.
Support & Speed
A medical device partner can provide support from the very beginning of your product design stage, helping you create a regulatory strategy to gain market approval. Not only that, but because they’re so familiar with the process, they can also speed up results through clinical trials, compliance audits, and more.
If you’re introducing an innovative medical device to the market, then you’re going to need approval from the FDA, and this isn’t a step you can afford to mess up. If your product is non-compliant from the get-go, then there’s a good chance that there are going to be issues down the line. This isn’t just frustrating — it’s expensive, too, costing the medical device industry about $36B annually. A medical device development partner can help you quickly correct existing issues so you can keep moving forward without troublesome roadblocks.
When you’re developing a medical device, you have to recognize that you’re not the only one trying to bring a product to market. You have competition, and working with a medical device partner will give you a competitive advantage. Having a medical device design team working on your product means they’ll be with you every step of the way, helping you reevaluate your product and make changes as needed so you can develop the best medical device at the best price.
Turning your idea for a medical device into a viable product is a long, rigorous process. When you choose to partner with a medical device partner, you can get help on some of the most difficult parts of the entire journey, allowing you to simply focus on one thing: successfully getting your product to market.
The Best Medical Device Investment
When it comes down to it, you have a long road ahead of you if you want to successfully launch your medical device. At C3 Medical Device Consulting, we help everyone from small startups to large corporations take their medical devices from idea to finished product. As a medical device company, we proudly partner with those looking to complete their project the right way. To get started with your medical device development today, schedule a free consultation.