The most recent blog post regarding the graphical representation of the MedTech Innovation and Commercialization process generated a lot of interest.
Over the course of the next several weeks, we will go through each of the key stages of the process and take a deeper look at some of the key success factors surrounding each stage.
Bridging academia, the clinical research community and business accelerators are the focus of today’s blog and the week beyond.
I need to emphasize: the process of matching emerging technologies from university-based research with clinical unmet needs from their surrounding teaching hospitals is critical. This sets the foundation for creating a compelling product/business opportunity.
On Unmet Clinical Needs
My most successful MedTech start-up to-date, SoundBite Medical Solutions, resulted from over six months of research with my cardiovascular key opinion leader (KOL) networks across North America, Europe and Japan.
Only after in-depth discussions with KOL’s, where mutual trust and respect had developed over years, did the unmet needs of the future unfold. But you don’t need decades of experience and academic research like I had before being able to talk to the right users; the world of accelerators like Centech help open doors and networks for the young entrepreneur today.
When identifying clinical unmet needs with a novel technology, it is also important to anticipate unmet needs that will occur in the future. This means understanding healthcare megatrends, and typically involves business visionaries working with clinical visionaries.
It’s not just “what do you need today”? The successful start-up will see unmet needs that will occur 5, 10 years down the road. You can see hints of these unmet needs in the literature and hear it from end users. Always keep your antennae out and spot the repetitive themes in the things you read and hear about.
It’s important for universities and entrepreneurs to understand: The way you make your research more market-driven is by talking and listening to clinicians/users.
And a final side note: I’m currently reading the very interesting book Non-Bullshit Innovation, where the entire first chapter is devoted to dealing with effective ways to identify customer unmet needs. Spending time, working with, and even living among people in KOL networks are very effective ways of mating emerging technologies with clinical unmet needs.
As an example, look at Polytechnique Montréal’s TransMedTech Institute, where clinical research is integrally connected with biomedical engineering research at Ste. Justine Hospital, CHUM, Université de Montréal, and the Jewish General Hospital. The purpose is to match an unmet need with technological breakthroughs as well as to provide comprehensive services at the early stages to accelerate the development of MedTech solutions in cardiovascular, oncology and musculoskeletal disorders.
One final question: So, at the end of the day - what is more critical for a successful MedTech start-up? A clear and compelling clinical unmet need or a great technological breakthrough?
The answer will be given at the beginning of the next blog post. In the meantime, please feel free to share your thoughts on this through the comments section below or on LinkedIn.
My next blog will review the emerging technology transfer models that will rule the future world of MedTech innovation.