Make your medical product ideas come to life: Introduction

new ideasHardly a week goes by that I don’t hear about some new method of treatment or care for patients. Maybe you are toying with such an innovation right now. And, if you are contemplating a future time when your own idea or invention will bring about improved patient outcomes, then you must deal with some very critical realities right now. In fact, I would boil those realities down to five basic elements.

The “golden road to commercialization” is littered with jagged rocks, menacing pot holes, and unexpected crossroads. Learning about and applying these five basic elements is like a having a well-travelled guide shine some light on your path as you travel down that road. These five assessments for commercializing technology (the FACT™ Method), are based on my business experiences over two decades of working with physicians, inventors, startup companies, investors, patent counsel, universities, researchers and more.

Assessment number one in the FACT™ Method must be addressed very early in the innovation process: the ramifications of patenting your invention. Your novel device, system or service can best reach patients in need if it supported by strong intellectual property. But what does “strong” mean in this context? If you have a freshly issued patent, whether in India, Europe or the US, does that mean you are...

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