Why Inventors Should Focus on Nano-Tech in the Medical Device Sector
Opportunities exist for smaller entrepreneurs and inventors to partner with larger companies in the development of medical devices that incorporate nanotechnology, said a recent Frost & Sullivan report.
Specifically, inventors should focus on high-growth medical device sectors such as wearables, point-of-care diagnostics, advanced wound care, and drug delivery systems, targeting conditions other than cancer. Larger medical device companies are pursuing nano-tech advancements in vivo imaging, medical implants and in vitro diagnostics, opening the door for smaller entrepreneurs to unleash their creativity and engage partnerships with these players.
“There are few impediments to the rapid commercialization and adoption of nanotechnology during development of medical devices. Even the challenges inherent in the scaling up of nanocoating technologies and nano-functionalization of surfaces for the improved performance of devices are almost negligible,” said the report.
The report suggests that entrepreneurs or startups that can out-innovate their peers and are quick to form strategic partnerships with industry majors are best poised to succeed early.
The report concludes that development of nanotechnology-based medical devices enables major cost reduction across the medical device value chain, as it offers very high bargaining power to suppliers of medical device OEMs (original equipment manufacturers).
Forming these early partnerships has been successfully illustrated in other sectors like energy. I recently wrote an article on The Patent Professor site which highlights how the inventor of the artificial leaf, an innovative solar powered device, pivoted from energy production to energy storage through a partnership with Lockheed Martin.
This allowed him to focus less on venture capital prospecting and more on creating ideas that could change the world and still earn him income. My more cynical readers will enjoy some of his comments which highlight how some industry sectors have an easier time generating startup capital after the initial patent has been granted.
If you are wondering how “healthy” the medical device industry currently is, these facts may help. Per Pennsylvania State Representative, Tim Brigs, this sector employs roughly 400,000 U.S. workers, generating approximately $25 billion in payroll, paying out salaries that are 40 percent more than the national average and investing nearly $10 billion in R&D annually. Indeed, some clients of mine like Alexander Gomez have been massively successful in the medical device sector, earning payouts exceeding $100 million on the eventual sales of their startup ideas. I would be happy to share some of my client experiences and knowledge of the medical device sector with you. Simply contact me using the form below.
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