Enhancing the Transition from the Ideation to the Successful Market Entry of Emerging Medical Technologies: A Qualitative Research Approach

Abstract

In an era marked by healthcare advancements driven by innovative technologies, the integration of emerging medical breakthroughs like VR, AI, and IoT has propelled the MedTech industry's exponential growth. Despite their transformative potential, navigating the MedTech commercialization pathway presents formidable challenges; new medical technologies either fail to reach the market or enter the market but do not add significant value to the health system. This study seeks to address this issue by comprehensively exploring the intricate dynamics that underlie the transition from ideation to successful market entry of emerging medical technologies. A thorough literature review accompanied by qualitative research with semi-structured interviews to gain insights from diverse stakeholders in the MedTech ecosystem, uncovering multifaceted perspectives that enrich the understanding of this complex process. The research identifies and analyses six dimensions crucial for the MedTech commercialization trajectory: organizational strategy, design strategy, business strategy, commercial strategy, marketing strategy, and post-commercialization strategy. The findings underscore the significance of factors such as a strong interdisciplinary startup team credible toward investors; careful designed strategies, influenced by input from patients and physicians and balancing internal control and collaborative development; a grasp of the MedTech ecosystem's value chain and early HTA to demonstrate the cost-effectiveness of the technology and guide a smart business strategy aligned with stakeholders’ incentives; safeguarding intellectual property ensures consistent revenue streams; strategically navigating the commercial pathways toward the professional care or the mass market; a strong marketing strategy to reach customer channels and boost sales and awareness; and adaptability to secure long-term achievements beyond the initial launch phase. Ultimately, the study develops a strategic roadmap that offers practical guidance to innovators seeking to navigate the intricate journey from idea inception to market success of emerging medical technologies. This research holds potential to foster smoother transitions and enhance the likelihood of successful market entry for emerging medical technologies, fostering a transformative impact on healthcare systems and patient outcomes.