Starting your R&D project
17 May 2018
R&D in the medical industry is one of the most, if not the most, important things. With the world being as innovative as it is right now, it is no strange thing that R&D spendings within the medical industry are rising. Not only the big corporations are accountable for this rise in spendings, more and more startups are trying to enter the market. Entering this market can be tricky for startups, especially with all the regulations and the high costs of research and development. A good preparation for starting your R&D project is key, and a few points are mentioned below that can help you with process.
The first point of interest when starting your R&D project should not even be mentioned, but it is the most important one. When starting a new project, identifying consumers wants and needs should always be the first step.
When the first step is met, having a clear overview of your project is crucial. In modern times, using tools that are static, such as documents, will not help you anymore. Instead, work with services that make it possible to share real-time information with your co-workers and customers.
Secondly, before starting your R&D project, analysing the market could safe you a lot of time and effort. Knowing whether a product already exists in a market, what the price range of your product is and what the potential market value for you device is are only a few subjects to research. Furthermore, knowing the timeline to get to the market, based on which class your product is, the costs of development and whether the device can receive reimbursement are crucial to know before starting the development.
When all of your research has been completed, possibly the hardest part of starting your R&D project arises: finding investors. The research for the market analysis will definitely help, but it will not be enough. When pitching in front of a group of investors, realise that some don’t know anything about the market. Make sure to present a clear overview of the market and technology which meet the level of understanding. Moreover, make sure you are realistic. Not only about the financial forecasts, but also about your solution to the problem. Does you product really save money while improving the outcome? And show proof for this.
After starting your R&D project
When all of your preparation is done, and when you have found investors for your new project, the fun part of your project begins. Especially for startups, these points can help a lot with launching a project. Just remember; A good beginning makes a good ending.