Success in healthcare technology businesses: Coordinating the value milestones of new product introduction, financial stakeholders and business growth
Paul C Hourd
Wolfson School of Mechanical & Manufacturing Engineering, Loughborough University, Leicestershire, United Kingdom
David J Williams
Wolfson School of Mechanical & Manufacturing Engineering, Loughborough University, Leicestershire, United Kingdom
PP: 229
Abstract
To get medical products to market, pharmaceutical, biological product and medical device businesses must successfully progress along a multidimensional path that leads from discovery or design concept to the commercial market. A multidimensional framework is applied to describe the product, finance and organisation axes that encapsulate the value creation process and dictate the activities, resources and business strategies critical for building a successful healthcare technology business. The challenge for pharmaceutical, biological product and medical device developers is to achieve value milestones within each dimension and manage the interplay between them. This paper has captured the high-level axes of a route map in order to bring together these essential challenges and assist start-up or spinout companies to navigate critical transitions within the milestone derived value chain that may enhance their chances of building a successful healthcare business.
Acknowledgements
The Engineering and Physical Sciences Research Council (EPSRC) and the Association of British Healthcare Industries (ABHI) supported components of this work. We would like to thank Richard Archer, John Bates, Stefan Ogrodzinski and Alan Barrell for their critical and supportive comments on the manuscript.
Keywords
healthcare technology, start-up company, value milestones, financial stakeholders, business growth, multidimensional value trajectory
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