Many medical device companies have decided to launch their investigational products initially in Europe. Representing one-third of the global medical device market, the European Union market provides a significant opportunity for medical device start-up companies. However, according to an article in MedCity News, it can create many challenges that require proper preparation.
The article written by Greg Davis, Founder and CEO of MedCelerate Consulting Group, provides six mistakes to avoid along with a brief synopsis. Pitfalls to avoid when launching your product in Europe include:
- Chasing conflicting commercialization options: Analyze your strategic options and stay laser-focused on what’s important.
- Believing the CE Mark approval proves product viability: Focus your energies post-CE Mark building your clinical data set.
- Going broad before understanding how to go deep: Select 20-30 accounts to test and refine your sales strategies.
- Underestimating what it takes to increase product supply tenfold: Establishing a robust supply chain takes significant time, expertise and effort.
- Relying on distributors to develop new markets/technologies: Distributors do not have the incentive or patients to build for the long-term.
- European talent equally motivated by the “The Big Payout”: Top talent from the industry-leading companies are well paid, value stability, and enjoy rich benefit packages.
As more start-up companies look to Europe to launch their products, Mr. Davis list provides a good check list to consider. Can anyone else build on this list? Let us know your thoughts.
Photo Credit: Horia Varlan