Welcome to Our Blog
The classic quote, “it was the best of times, it was the worst of times,” which begins Charles Dickens’ A Tale of Two Cities, also describes the current atmosphere surrounding the introduction of innovative medical technologies. While advances in science, technology and our understanding of human illnesses have increased at a rapid pace, so has the resistance to new medical technologies, largely as a result of efforts to reduce health-care costs.
Companies with innovative technologies must cultivate a deeper understanding of their true market potential and develop strategies for successful commercialization in an atmosphere of increased hurdles put into place by governmental bodies, institutions and end-users.
With the above in mind, we have launched this blog with the objective of sharing insights and anecdotes to assist entrepreneurs and innovators in the successful commercialization of novel medical technologies. This forum will also serve as a platform for professional opinions on recent trends and developments within the medical device and molecular diagnostic markets.
Predicting the Future – Forecasting Initial Sales Revenue For Novel Medical Device Technologies
Developing accurate forecasts is important to medical technology companies for both the financial and operational aspects of the business. Forecasts assist the finance group as they develop revenue plans, determine appropriate expense levels, and forecast the...
The Pitch Deck – An Essential Element to Raise Capital to Support a New Technology Company
“Money never starts an idea; it is the idea that starts the money.” - W. J. Cameron A “pitch” deck is used to sell your idea and the associated technology to potential investors. A pitch deck should be a short slide presentation geared towards potential investors...
The “ABCs” of Medical Technology Reimbursement in a Hospital OUTPATIENT Setting
In the United States, Medicare's payment system for procedures performed in a hospital outpatient setting differs significantly from the system for inpatient payments (see my last blog post). Outpatient care includes services or procedures performed for patients...
The “ABCs” of Medical Technology Reimbursement in a Hospital INPATIENT Setting
As I indicated in my previous post, coding is the link between coverage and payment. Coding provides a mechanism for payers and providers to identify diagnoses, medical services, procedures, drugs, devices, laboratory tests, and supplies. Codes are used on claim forms...
Understanding Reimbursement for Medical Devices: Coding, Coverage, Payment and Payors
I am often approached by clients who are looking for answers as to whether their new medical technology will be reimbursed, or as is often the case, how their device can obtain greater reimbursement than older technologies they will be competing with in the...
Getting the Word Out (Part 2) – The Role of White Papers as a Part of Your Publication Strategy
You're faced with a dilemma, you have critical clinical data supporting your new technology based on a recently completed study that you need to communicate to your customers. Unfortunately, the deadline has passed for abstract submissions to key medical meetings...
Choosing a Web Development Partner
Medical device startups are not typically known for their cutting edge websites. There is an odd disconnect between the innovative nature of new medical technologies and one’s experience when interacting with their brands online. We can attribute much of this common...
How is launching a new product like running in a long distance race?
Recently I ran and completed the 20 kilometer of Paris race...this was the fifth year in a row I ran this race which begins and ends at the Eiffel Tower. As I think back on this year's race, and also prepare for the Seacoast Half-Marathon which will be held next...
The Importance of Reinforcing the Buying Decision – Part 2: Key Opinion Leaders
As a follow-up to my previous introductory blog post on reinforcing the buying decision, a key customer group which is essential to focus this effort on during your products initial introduction is key opinion leader (KOLs) you have worked with during the development...
Did I Mention Customer Retention? The Importance of Reinforcing the Buying Decision
You've recently launched a new medical technology and now have met your initial strategic milestone of having your first customers try the product and express their approval for how the product performed. Depending on the product and the technical requirements...
Getting the Word Out – Leveraging Medical and Scientific Meetings as a Part of Your Publication Strategy
"But the power of science lies in open publication, which, with the rise of the Internet, is no longer constrained by the price of paper." - Michael Shermer Rapid acceptance of new concepts and innovative medical procedures in the marketplace is key to the successful...
The Lure of Buying Market Data Reports
How often do you receive spam in your inbox from companies trying to sell you market reports? It's either the latest U.S. market data or information on global markets for a wide variety of medical conditions or procedures. Most come with an offer for a complimentary...
Preparation: The key to successfully exhibiting at a medical meeting or tradeshow
“By failing to prepare, you are preparing to fail.” - Benjamin Franklin Why does it always seem that there is a rush to get ready for tradeshows when you know months in advance when the meeting will occur? There always seems to be a last minute need to change booth...
Marketing Tips For the Successful Commercialization of Novel Medical Devices
The successful launch of a novel medical device technology requires a coordinated effort between several functional groups within a company. The coalescence of these group's activities in line with a predetermined project timeline are essential to timely and...
Check out our White Papers
Medical Technology Insights is an ongoing series of white papers developed by The Atticus Group addressing key topics of interest to companies developing and commercializing novel medical technologies.
Volume 1, Number 1 – October 2016
Avoiding a False Start: Marketing Tips for the Successful Commercialization of Novel Medical Devices
A failed product launch can be disastrous, both financially and to the reputation of the brand. The development and timely execution of a comprehensive strategic launch plan is required for the successful commercialization of new medical technologies. In this paper we review four areas where advanced planning by marketing individuals can assist with a successful product launch.
Volume 1, Number 2 – January 2017
Predicting the Future: Forecasting Initial Product Demand and Sales Revenue for Novel Medical Device Technologies
Sales forecasting for new medical technologies is both an art and a science. This paper reviews the benefits of developing a spreadsheet-based forecasting model and how various market factors and company-related parameters can influence forecasting for sales revenue and initial product build.
