Business Plan for Medical Innovation
A robust business plan provides a clear roadmap to achieve commercial success and clearly articulates a lifescience technology’s value proposition and projected adoption trajectory.
A compelling business plan is the foundation to achieve durable differentiation by outlining for investors and the company alike the pathway for an innovation to realize forecasts, capture market share and maximize ROI. Companies with a carefully constructed business plan are more likely to achieve their targets within the projected budget as the steps are clearly outlined. Clear market analysis with the anticipated target market ensures that the innovation under development will meet or even anticipate market needs. Confirmation of market needs is an iterative process, as market trends evolve with competitive product offerings and technology advancements.
Early stage angel, venture capital and corporate investors alike pursue medical technology innovators with a clear, thoroughly developed strategy that fully considers market potential, the competitive opportunity, and prepares for anticipated potential hurdles to adoption. Furthermore, a company’s business plan should be regularly updated to reflect changing markets, product lines and company objectives over time.
Essential to guiding a successful company and product launch, a well-defined Business Plan includes market segmentation, competitive positioning and development of a robust medical device business model with assumption-driven financial projections. Realistic capital needs are identified per outlined development requirements. Metrics provided by an outline of a sustainable growth strategy with well-defined milestones can further help insure follow-on funding for the medical device startup.
The Strategy Inc. Business Plan is essential for:
- Medtech developers with a novel technology seeking funding
- Lifescience companies preparing for exit
- Entities attempting to prioritize opportunities, technologies or target clinical applications and determine those with the highest potential ROI
- Companies seeking a commercialization road map
- Startups and medical device innovators building their go-to-market strategy
- OUS entities developing a strategy for US market entry
- Established companies seeking to redefine company goals, targets or strategy to achieve
A Strategy Inc. Business Plan is a comprehensive assessment that incorporates a broad scope of global business analyses:
- The Market Assessment defines the potential for commercial success within each of the identified target markets
- The Competitive Analysis facilitates the identification and assessment of a potential market space, product positioning and feature set identification for a selected product
- The Voice of the Customer determines projected clinical adoption based on one-on-one interviews with global opinion leaders and in-the-trenches physicians
- The Risk Analysis outlines the most direct path to successful commercialization while mitigating the known and potential risks of product development
- The Financial Valuation includes a ProForma with five to ten-year revenue projections based on a risk adjusted bottoms-up sales analysis which includes a defensible projected product adoption, a pricing matrix and projected cost of goods forecasts
Strategy Inc. offers a range of financial services to facilitate fund raising activities at the highest valuation, identify acquisition targets and outline exit strategy.