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Catalyzing Your Med-Tech NPI Journey

The Med-Tech Industry Needs a Rich and Robust NPI Pipeline.


In a healthcare landscape dominated by cost pressures and a shift towards value-based care, the medical devices industry stands at a crucial juncture. With a global market size of over $550 billion, medical devices contribute significantly to healthcare, yet they represent only 4.5% of the total healthcare spend. This disparity highlights the untapped potential of medical devices in transforming healthcare delivery.

The industry's move towards value-based care, in contrast to traditional fee-for-service models, emphasizes the need for innovative medical devices. These innovations are key to addressing not just the escalating costs of healthcare but to also fix and enhance the standard of care for patients. New product introductions (NPI) in the medical devices sector can play a transformative role by offering preventative solutions, reducing complications, and ensuring more efficient healthcare delivery.

A significant portion of growth in the med-tech industry, estimated at 60%, comes from inorganic innovations, such as acquisitions and strategic partnerships. This approach not only mitigates immediate challenges but also catalyzes sustainable growth. Industry leaders like Geoff Martha of Medtronic, Tom Polen of Becton & Dickinson, and Mike Mahoney of Boston Scientific underscore the importance of strategic inorganic innovation partnerships in driving long-term improvements and category leadership.

The Life Journey of a New Med-Tech Idea:

Picture
The med-tech innovation journey is illustrated in the accompanying figure using an orange curve. The journey comprises three primary regions:

  • Region 1: The Fuzzy Front End Innovation Phase - This initial phase is characterized by the exploration and discovery of requirements and potential solutions. It's a critical period where the groundwork for future innovation is laid, involving extensive research and concept validation, culminating into a product-market-fit. 
 
  • Region 2: The Structured Development Phase - In this phase, the development efforts to realize the conceived product are commenced, signifying a pivotal transition from conceptualization to realization. The development process is methodically managed through a series of stage-gates, ensuring systematic progress towards the final product.
 
  • Region 3: Market Launch and Commercialization - This final phase marks the entry of the product into the market, where it begins to make a tangible impact on the healthcare landscape.


Key Inflection Points in Med-Tech Innovation:

  • Point A: Establishing Product-Market Fit. This marks a significant milestone where the innovation is validated against unmet clinical needs, confirming its technical feasibility and commercial viability. Point A represents the commencement of the NPD (New Product Development) / NPI (New Product Introduction) journey in med-tech.
 
  • Point B: Demonstrating Clinical Efficacy. Here, robust and deterministic clinical data demonstrates the safety and performance of the innovation for its intended use, providing clarity on aligning reimbursement strategies with the clinical endpoints achieved.
 
  • Point C: Securing Regulatory Approvals. This crucial point is where the innovation obtains necessary regulatory clearances in markets of interest, paving the way for market launch.


Maximizing Value in Med-Tech Innovation: The Critical Role of the 'Squiggly' Front End Phase

We posit that the highest value per dollar spent is generated in Region 1. The termination of this phase is denoted by Point A on the orange curve. Should this endpoint shift to A’, the entire value trajectory would elevate, as depicted by the blue curve. The costs and stages in Region 2 fluctuate minimally, thus the innovation's accrued value hinges predominantly on Point A. This juncture acts as the foundational seed for any NPI initiative within the med-tech sector. Successfully identifying and addressing the correct clinical problem with an innovative solution that resonates with the end-user’s willingness to pay is the quintessence of med-tech innovation."


Embryyo is dedicated to advancing the frontiers of medicine with bespoke front-end innovation consultancy. We are realizing this mission by helping medical device companies in discovering unserved med-tech opportunities and conceptualizing early-stage IP growth assets, which could be potential candidates for an NPI uptake.

We take an exhaustive, multi-faceted view on identifying and selecting a potential med-tech NPI candidate. Here's what we can generate for you - 


1) A pin-pointed unmet clinical need statement, in a chosen clinical domain, backed with in-depth analysis on:
  • Trends and gaps observed from clinical datasets
  • Whitespaces and extrapolations from IP landscape
  • Health economics and outcomes research
  • Projections from reimbursement and regulatory data
  • Insights from investments and M&A activities 
  • Market size estimations and competitive positioning

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​2) An early-stage IP growth asset, addressing the selected clinical problem, accompanied by:
  • ​Thorough prior art search
  • Invention disclosure
  • Description of principles of action
  • Foreseeable technical risks and mitigation strategies 
  • "Reasons to believe" for technical feasibility
  • Technical de-risking and development plan
"With ideas it is like with dizzy heights you climb: At first they cause you discomfort and you are anxious to get down, distrustful of your own powers; but soon the remoteness of the turmoil of life and the inspiring influence of the altitude calm your blood; your step gets firm and sure and you begin to look - for dizzier heights."  (Nicola Tesla)
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​Copyright | Embryyo Technologies Private Limited. 'Embryyo' and 'Seeding ideas for a healthier planet' are registered trademarks of Embryyo Technologies Private Limited.


Embryyo Technologies Private Limited | Embryyo Inc.
Pune, India | Boston, United States
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