Empowering Medtech Startups: Unveiling the Path to Commercial Triumph Within the European Union

Johnny Chaanine; Lamis Khoury

doi:10.26668/businessreview/2023.v8i9.3683

Authors

Johnny Chaanine https://orcid.org/0000-0001-5886-8046
Lamis Khoury https://orcid.org/0009-0006-9979-2563

DOI:

https://doi.org/10.26668/businessreview/2023.v8i9.3683

Keywords:

MedTech Startups, Commercialization Strategies, Europe, MedTech Success Factors

Abstract

Purpose: This research delves into the realm of Medtech startup ventures within the European Union (EU) context. It tries to shed the light focusing on their business strategies and challenges. A significant focal point is the imperative of a meticulously crafted marketing strategy, a strategy that addresses the market regulatory and prerequisites in addition to financial accessibility. The study will attempt to unearth profound insights into personal encounters and outlooks concerning startups in the Medtech sector.

Theoretical Framework: This research investigates existing literature and introduces a set of research hypotheses aimed at scrutinizing the triumphant trajectory of Medtech startups. Based on the Literature theoretical investigations, several proposition were derived. Proposition 1 advocates for the prominence of market leaders as a means to optimize returns and evade the peril of the "Valley of Death." Proposition 2 accentuates the role of academic engagements in aligning with genuine market requirements whereas Proposition 3 attempt to investigate the deleterious repercussions stemming from the intricate EU regulatory landscape on the commercial performance of Medtech startups. Finally Proposition 4 underscores the pivotal nature of timing across diverse startup phases, spanning from patent acquisition to market entry.

Design/Methodology/Approach: The research methodology uses a qualitative aspects, it encompasses interviews with founders, investors, and industry experts. Additionally, the research integrates case studies addressing both successful and unsuccessful Medtech startups within the European Union. The primary aim is to bridge the existing gaps in the literature surrounding the adept management of successful Medtech startup journeys and the intricate interplay between startups and flourishing business models.

Findings: Based on the investigations and tests, this study bequeaths valuable insights, serving as a cornerstone for evaluating and refining strategies, fostering successful outcomes, and nurturing the symbiotic relationship between startups and prosperous business frameworks.

Conclusion: This paper not only fills existing voids in the literature but also lays the foundation for prospective exploration. It offers an avenue for further expansion by potentially encompassing a broader spectrum of Medtech startups, thereby deepening our understanding of management strategies, marketing dynamics, and the intricate dynamics underpinning triumphant business models in the Medtech sphere.

Downloads

Download data is not yet available.

References

Ali, J. T., Mayes, S., Haeberle, H., & Cousins, M. (2017). The medtech innovation course: Description and initial experiences with a novel collaborative course model. Journal of Entrepreneurship Education, 20(2), 2651.

Bhhatarai, B., Walters, W. P., Hop, C. E. C. A., Lanza, G., & Ekins, S. (2019). Opportunities and challenges using artificial intelligence in ADME/Tox. Nature Materials, 18(5), 418–422. https://doi.org/10.1038/s41563-019-0332-5

Boni, A. A. (2013). A business perspective on IP: Open innovation vs. open source in commercializing biomedical opportunities. Journal of Commercial Biotechnology, 19(2), 55–59. https://doi.org/10.5912/jcb.599

Carey, J. W. (1993). Linking Qualitative and Quantitative Methods: Integrating Cultural Factors into Public Health. Qualitative Health Research, 3(3), 298–318. https://doi.org/10.1177/104973239300300303

Ceulemans, S. (2016). Assessing the Economic Value Relationship Between Academia and Industry. ProQuest Dissertations and Theses, 202. http://ezproxy.lib.ryerson.ca/login?url=https://search.proquest.com/docview/1952165380?accountid=13631%0Ahttp://sfx.scholarsportal.info/ryerson??url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&genre=dissertations+%26+theses&sid=ProQ:ProQ

Collins, J. M., & Dempsey, M. K. (2019). Healthcare innovation methodology: codifying the process of translating knowledge into better healthcare products, services, and procedures. Current Opinion in Biomedical Engineering, 11, 16–21. https://doi.org/10.1016/j.cobme.2019.09.003

Cologne, G. I. for Q. and E. in H. C. (IQWiG). (2008). Navigating the FDA Regulatory Landscape for Medical Devices. https://doi.org/NBK279214

Coviello, N. E., & Joseph, R. M. (2012). Creating Major Innovations with Customers : Insights from Small and. Journal of Marketing, 76(2), 87–104. https://doi.org/10.1509/jm.10.0418

Deloitte Touche Tohmatsu Limited. (2017). The High Cost of Bringing Medical Devices to Market. Journal of Medical Devices, Transactions of the ASME, 11(2)

Eucomed. (2011). A new EU regulatory framework for medical devices. In Europe (Issue November). Eucomed Medical Technology. https://www.medtecheurope.org/wp-content/uploads/2015/09/%7B23112011%5C_MTE%5C_Position%7D-paper-on-a-new-%7BEU%7D-regulatory-framework-for-medical-%7Bdevices%5C_Positionpaper%5C_0%7D.pdf

Europe, MedTech. (2019). The European Medical Technology Industry. https://www.medtecheurope.org/wp-content/uploads/2019/04/The-European-Medical-Technology-Industry-in-figures-2019-1.pdf

European Commission, E. U. (2017). {EU} Regulatory Framework. https://ec.europa.eu/health/md%5C_sector/overview%5C_en

Gassmann, O., Auer, M., & Macho-Stadler, I. (2016). Open innovation in fast-paced environments: strategies for startup firms. R&D Management, 46(2), 191–206.

Hirsch, R. (2013). The Medical Device Milestone Map. Na, December, 1–12.

Kaplan, S. (2020). How COVID-19 is affecting MedTech investments. MobiHealthNews. https://www.mobihealthnews.com/news/how-covid-19-affecting-medtech-investments

La Rocca, A., Ford, D., & Snehota, I. (2013). Initial relationship development in new business ventures. Industrial Marketing Management, 42(7), 1025–1032. https://doi.org/10.1016/j.indmarman.2013.07.001

Laage-Hellman, J., Landqvist, M., & Lind, F. (2017a). 5 R&D Collaboration and Start Ups. In L. Aaboen, A. La Rocca, F. Lind, A. Perna, & T. Shih (Eds.), Starting Up in Business Networks (pp. 139–170). Palgrave Macmillan {UK}. https://doi.org/10.1057/978-1-137-52719-6_6

Laage-Hellman, J., Landqvist, M., & Lind, F. (2017b). Business creation in networks: How a technology-based start-up collaborates with customers in product development. Industrial Marketing Management. https://doi.org/10.1016/j.indmarman.2017.07.009

Lakdawalla, D. N. (2021). The value of medical innovation during the COVID-19 pandemic. Journal of the American Medical Association, 325(19), 1965-1966. doi:10.1001/jama.2021.6145

Landry, R., Amara, N., & Siggelkow, N. (2006). Evolutionary dynamics of organizations. Administrative Science Quarterly, 51(1), 1–34.

Letourneur, D., Joyce, K., Chauvierre, C., Bayon, Y., & Pandit, A. (2020). Enabling {MedTech} Translation in Academia: Redefining Value Proposition with Updated Regulations. Advanced Healthcare Materials, 10(1), e2001237. https://doi.org/10.1002/adhm.202001237

Marten, T. (2019). Funding Engineering/Surgical Partnerships to Accelerate Commercialization of Academic Medical and Surgical Innovations: The Coulter Model for Translational Partnership between Medicine, Engineering, and Industry. In M. S. Cohen & L. Kao (Eds.), Success in academic surgery: innovation and entrepreneurship (pp. 159–184). Springer International Publishing. https://doi.org/10.1007/978-3-030-18613-5_12

Melander, L. (2014). Supplier selection under technological uncertainty in new product development projects. International Journal of Technology Intelligence and Planning, 10(2), 108–128. https://doi.org/10.1504/IJTIP.2014.068016

MTP Connect. (2020). Medical Technology, Biotechnology& Pharmaceutical {SectorCompetitiveness} Plan. {MTP} Connect. https://www.mtpconnect.org.au/images/2020%5C%25%7B20MTPConnect%5C%7D%25%7B20Sector%5C%7D%25%7B20Competitiveness%5C%7D%25%7B20Plan%7D.pdf

O’Brian, C. (2017). Investigation into the challenges encountered by regulatory affairs professionals working in the Medtech industry. https://research.thea.ie/handle/20.500.12065/2236

Parinding, K. A., Anwar, C., Paembonan, L., & Sir, S. Y. (2023). The Impact of Covid-19 Pandemic on Working Time Allocation and Income: A Study of Elderly Population in Indonesia. International Journal of Professional Business Review, 8(7), e01984. https://doi.org/10.26668/businessreview/2023.v8i7.1984

Prabadevi, M., & Subramanian, K. P. (2023). “Work Contentment” - an Enabler for Career Development-A Study With Special Reference to the Hospital Industry. International Journal of Professional Business Review, 8(5), e01738. https://doi.org/10.26668/businessreview/2023.v8i5.1738

Pienta, K. J. (2010). Successfully Accelerating Translational Research at an Academic Medical Center: The University of Michigan-Coulter Translational Research Partnership Program. Clinical and Translational Science, 3(6), 316–318. https://doi.org/10.1111/j.1752-8062.2010.00248.x

Porumboiu, C. (2020). The Importance of Emerging Industries: The Case of Biopharma. In M. H. Bilgin, H. Danis, E. Demir, & U. Tony-Okeke (Eds.), Eurasian economic perspectives: proceedings of the 28th eurasia business and economics society conference: Vol. 15/1 (pp. 3–12). Springer International Publishing. https://doi.org/10.1007/978-3-030-48531-3_1

Roper, S., & Cheney, G. (2015). Entrepreneurial marketing: A new perspective. International Small Business Journal, 33(2), 166–185.

Sennett, C., Halim, N. D., Zainal, H., Lumbanraja, A. M., & Hsu, L. Y. (2021). The impact of COVID-19 on the digital health landscape: What does the future hold? NPJ Digital Medicine, 4(1), 1-9. doi:10.1038/s41746-021-00456-5

Silva, E. L. da, Lima, G. C. de A., & Veiga, C. R. P. da. (2023). Achievements and Challenges of the Regulatory Compliance Program in a Large Philanthropical Hospital Institution. International Journal of Professional Business Review, 8(1), e01224. https://doi.org/10.26668/businessreview/2022.v8i1.1224

Tarabishy, A. (2015). The commercialization of innovation: what every manager needs to know. Cambridge University Press.

Vlckova, J., & Thakur-Weigold, B. S. (2019). Global value chains in the MedTech industry. International Journal of Emerging Markets, 15(1), 70–92. https://doi.org/10.1108/IJOEM-05-2017-0179

Wiltz, J., & DiStefano, J. (2016). The role of business model innovation in the commercialization of new medical technologies. Journal of Medical Marketing: Device, Diagnostic and Pharmaceutical Marketing, 16(4), 251–262.

Yock, P. G., Zenios, S., Makower, J., Brinton, T. J., Kumar, U. N., Watkins, F. T. J., Denend, L., Krummel, T. M., & Kurihara, C. Q. (2015). Biodesign: the process of innovating medical technologies. Cambridge University Press. https://doi.org/10.1017/{CBO9781316095843}