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By Susie Faries, CEO, SciMed Partners, Inc.
Several times a month, I’m approached by companies from abroad investigating an American market entry. As most med device folks know, the U.S. constitutes the world’s single largest and most lucrative medical device market — $156 billion in 2017 and expected to grow to $208 billion by 20231 — offering new opportunities for companies from other countries. Here’s the catch: Despite viable technologies and products, many of those “coming to America” are often unprepared or find themselves awash in decisions that they did not imagine confronting. After seeing dozens of these situations, I have compiled a list of risk mitigation factors that help contribute to market entry success.
1. Prioritize Market Focus Over Engineering
I always reiterate the importance of understanding market forces and factors versus engineering and product factors for success. It’s essential to have a well-engineered, viable product; however, it is even more critical to understand the market a company is entering. The ability to see beyond the “dollar signs” of the market opportunity to the nuances, segments, and moving parts is critical to market success.
If you’re out for investment, yes, it’s essential to showcase the product and engineering and avoid business plans. …
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