Question

Please determine and discuss metrics by which you can determine if a medical technology/device is “too early” for commercialization. (discuss in detail)

Answer 1

For any medical technology/devise if they are not fulfilling below requirements then these cannot be commercialized or too early to be commercialized.

1 Product is not tested fully on all given medical permeters with given standards and with given timeline.

2 Product is too costly to afford by public/patients/hospitals at large.

3 Products substitutes are already existing and easily available in the market and are cheaper too.

4 Proper marketing is not done for the product and no basic training has been given to hospital doctors and medical fraternity.

5 Product takes time to produce in large numbers and this can create issue in demand and supply gaps.

6 Proper research is not done for what is the expected demand for it and how many patients are there worldwide or in any specific target area.

7 Target audience/hospitals are not sensitised about why they should use their medical technology/device as an alternate option.

8 No incentive is given to hospitals/medical fraternity for using their medical technology/device.

9 Medical technology/device is approved only in few cities/states/countries but not in many and this makes its mass production unviable and no economies of scale and specialization can be achieved.

Conclusion- Due to above discussed issues we can conclude that any given medical technology/device is too early for commercialization.