Medical Device Development: Thinking Globally, Acting Locally

By Timothy Blair, director of global business development, and Seth J. Goldenberg, Ph.D., senior principal scientist, NAMSA

Growth in the global medtech space is healthy, with opportunities expanding beyond traditional markets (US and EU) into the rest of the world. North American and European markets still predominate the top 10, but key Asian and South American markets are on the rise, both on their imports and exports. Incorporating international and emerging markets at an early stage of product development is critical for long-term success in getting to market, but also in bringing regulatory and quality costs down by getting started smart. From a medtech development standpoint, thinking globally when developing the “get-to-market” strategy for your device product needs to become the rule rather than the exception. Large companies are already planning globally, and even they find it challenging, so it is particularly challenging for startup and medium-sized companies due to a lack of the right resources or the best strategy.

Understanding market opportunities form a regulatory, reimbursement, and healthcare delivery perspective, as well as understanding market fluctuations, is the first step in planning a global strategy.