So, you want to open a medical device startup business? There are probably thousands of things going on in your mind right now. As with opening any company, there are many steps you need to take before you can go to the market. But where do you begin? It’s easy to get discouraged considering all the stuff you have to do, not to mention the challenges you are about to face. But, if this is your dream, you need to do something to make progress.
Here are some essential tips for a medical device start-up.
1. Research the Medical Device Industry
The first step to opening any business is researching the market and gathering as much information about the industry. The medical technology industry plays a crucial role in the healthcare sector. It is responsible for developing medical devices that simplify the prevention, diagnosis, and treatment of different diseases and illnesses. Some of the most popular medical technology devices include pacemakers, dialysis machines, and imaging instruments. The market size of the global medical technology industry is a whopping half a trillion dollars! Thus, a medical device startup can be a promising business endeavour.
When doing research, you must also define your potential market, including the strengths and weaknesses of your competitors. You should also determine the time it will take for your products to get off the ground. Understand the pre-existing demands in the market and study your target consumers. Remember that starting a medical device business without knowing your customer base can be suicidal. If you knew the size of your customers, you wouldn’t end up getting overwhelmed by customer demands once your business starts to pick up.
2. Getting Your Company Values Right
The startup phase is the perfect time to think about core values since it’s much easier to make changes early on and ensure that every aspect of your medical device business is in alignment. Strong core values can benefit startups in many ways. It encourages efficient hiring practises, minimises turnover rates and absenteeism, increases productivity, and improves overall work quality. More importantly, your core values can serve as your guide in making crucial company decisions, improving relationships with customers, and boosting employee morale.
Determining your company’s core values early on can significantly impact the type of organisation your medical device startup will become, so make sure you choose wisely. When deciding the values to build your company, think about the common values that many successful businesses have. One of these is innovation. Innovation is the value that could give your medical device startup the most significant competitive advantage. If you encourage your employees to innovate, they can bring breakthrough ideas to the company.
Another value is transparency. By being transparent both externally and internally, from your marketing campaigns to relationships with clients and suppliers, customers will be able to trust your brand easily.
3. Think Manufacture and Storage
The other vital aspects that medical device startups should consider are manufacturing and storage. The supply chain for medical device products is one of the most critical and challenging industries in the logistics sector. These include proper storage, inventory control, handling, lot tracking, and transportation – all are crucial to delivering safe, accurate, and high-quality medical devices for the end consumer.
The medical device sector produces various products that need specialised handling and care. Thus, companies should consider using robots and automated systems in manufacturing and warehouse storage. In addition, they should consider hiring SCADA development engineers who can programme and maintain these systems.
As a medical device startup, the last thing you want is for your products to be recalled just after launching them in the market. Thus, maintaining an accurate chain of custody, from the manufacturing stage to the warehouse and until the products reach the retailer is vital.
Working with medical device recruiters who can help you search specialists in the sector can lead to a fast and efficient hiring process, not to mention saving time in finding highly skilled candidates. Specialist recruiters exist for a reason – they help fill gaps that an in-house recruitment team cannot fulfil. They work directly with clients on medical device job vacancies and act as a middleman between employers and potential candidates.
Once the recruitment agency receives your request for open roles to fill, they will start posting vacancies on job boards and source suitable candidates according to the job description. They will also conduct phone screening interviews and provide you with a shortlist of qualified candidates. When you approve the list, they will arrange interviews between you and the candidates.
In most cases, medical device recruiters already have a talent pool of prospective candidates for your medical device startup, which they can easily access. This will save you plenty of time in sourcing and shortlisting candidates. Moreover, the medical device recruiters can handle the early stages of recruitment, giving you plenty of time to carry out more important tasks in setting up your company.
5. Training Staff
Many industry experts emphasise the importance and benefits of training staff – having a more competitive workforce, improved employee retention, and higher employee engagement. Unfortunately, some startup companies would think of training as an unnecessary expense. Usually, startups work with a limited budget, posing unique challenges. As a result, employee training can quickly take the backseat since funds are invested in other aspects.
But medical device startups need to see the value in providing proper staff training. Staff must be trained regarding manual lifting and hygiene standards, especially those who work in manufacturing and warehouse settings. The ongoing development of your team should be a crucial step in establishing your startup company. If you develop your employees, your business can grow as well.
The cost of staff training should not be a barrier to professional development since there are now many ways to deliver valuable training relevant to the roles and industries, which does not involve spending a significant amount of money.