So, you have a medical device innovation and you’re ready to begin development. As you may know, the road to developing a device is a long and weary one. Well, here are 5 ways Vita Group raises the R/D industry’s standards, and will make your development journey something to be excited about!
1. Choosing an R/D Company
One main step inventors struggle with when developing their projects is choosing a R/D company. It can be hard to know what makes a R/D company the right fit for you. An important factor to keep in mind is whether a R/D company will prioritize your project. There are many R/D firms out there that take up to 10 years to bring your project to the market. They have no incentive to develop quickly because they stop their work at manufacturing anyways. Vita Group, on the other hand, is motivated to bring your project to the market as fast as possible. We provide multiple services such as regulatory costs/pathway, IP analysis, COGs manufacturing (international or domestic), a business plan/business strategy, and prototypes (version 1 to version 10). Your project is our priority, and our goal is to be efficient and affordable while guiding you through the development process.
2. Fundraising
Money is a major factor for bringing your project to the market, so it’s important to find investors who will help with funding. Unfortunately, there are no other R/D medical companies who will provide capital fundraising for your project. It just doesn’t exist. Vita Group understands this is a major issue in the industry, so we integrate capital fundraising into our development plan. Fundraising is a long, painstaking process, so instead of leaving you with the responsibility of finding large amounts of money, Vita Group partners with inventors to bring capital dollars to your project. We provide seed funding solutions and present your project to our network of inventors, investors, and partnered doctors. This step is super important for your project’s success.
3. Phase 0 to Phase 1
Another issue in the R/D industry is the standard of work in Phase 0 to Phase 1. Often, inventors are left in the dark when it comes to the progress being made on a project. Typically, engineers aren’t there for quick development, they’re engineering to engineer, which is why it usually takes a project 10 years to reach the market. Meanwhile, inventors are paying between $50k-$200k every month with little progress being made. At Vita Group, we take an aggressive approach to develop your project as quickly as possible. Our Phase 0-Phase 1 timeline lasts 5-6 months with monthly, at cost payments of $5k-$15k. During this time, we are conducting user research, assessing the market and current competitors, and working on concept development. We also develop up to 10 prototypes which we review and evaluate with you weekly, so you have a direct impact on the development of your project, and you know exactly the kind of progress we’re making. When partnering with Vita Group, you get a bang for your buck, and you know your project is in good hands.
4. FDA Regulatory Pathway
Let’s say your device has reached the end of Phase 0 and Phase 1. You have the research done and you have prototypes developed and refined. You go through Phase 2 and Phase 3, which involves testing prototypes, creating functional prototypes, and completing the manufacturing process. This is where many inventors get stuck, because now your device has to get FDA approved. This is one of the biggest hurdles inventors face when developing their project is the regulatory pathway. The next steps are unclear and you’re unsure of how to proceed. Vita Group has got you covered. Our company is designed to help you through the obstacles of bringing your project to the market. In Phase 4, we will submit your device for FDA regulatory and work until we receive FDA approval. After this phase, your project is ready for distribution.
5. Sales
Distribution is the last step to bringing your project to the market. When you’re working with a R/D company, they usually pass your project back to you with the responsibility to distribute, fulfill, and hire a sales team. You’ll have to hire a sales team that implements sales, provides storage for products, and markets your project. This entire process is extremely difficult, and it takes a while to find the right sales team for your project. When partnering with Vita Group, you don’t need to worry about distribution. Vita Group takes currently developed products and transfers that information to our plug-and-play sales team, Vita Solutions. Vita Group trains our sales team on the project's usage and specifics so they are experts and can achieve efficient distribution. Then, Vita Solutions introduces the project to doctors across the country, enabling a quick startup for distribution.
It can be overwhelming to look down the long road of development and wonder how you’ll ever reach the finish line. Hopefully, you found some valuable information in this article so you can look forward to bringing your project to the market.
Are you ready to learn more about developing your innovative medical device ideas?
Book a call to meet with our CEO Jason Scherer.
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