Why Your Medical Device Isn’t Selling: Insights from Chris Hanna
Breaking into the medical device market is more complex than just having an innovative product. The real challenge lies in understanding and navigating the intricate business landscape of healthcare. That’s why we’re diving into the crucial aspects of medical device commercialization, uncovering the common misconceptions that many innovators face, such as the idea that a great product will automatically find its market.
In this week’s episode, sponsored by Physician Growth Accelerator, we sat down with Chris Hanna, founder and CEO of Walnut Hill Medical, who brings his extensive experience in guiding medical device companies through the commercialization process in the United States. Chris sheds light on the importance of aligning product development with market needs, crafting effective business strategies, and partnering strategically with healthcare providers. We discuss the critical elements that determine whether a medical device will succeed or falter in the competitive healthcare market.
What we discuss in the episode:
- The importance of viewing healthcare as a business and understanding its financial dynamics
- Strategies for medical device companies to effectively commercialize their innovations
- The role of comprehensive business planning in securing investment and market entry
- Insights into the collaboration between engineers, healthcare professionals, and business developers to ensure product viability
- The impact of regulatory and reimbursement challenges on the commercial success of medical devices
Resources from this episode:
Social Media:
Responses