Navigating the World of Consumer-Med Devices

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How can medical device companies interested in the consumer side of healthcare thrive? Young believes the key to success is partnering. “The model of partnerships is . . . the greatest opportunity for success,” he said.

Young pointed to consumer companies facing the hurdles with which medical device companies are already well-acquainted. For instance, he said, for a consumer company it “is too great of a mountain to try to understand all of the areas around regulatory.”

“[Consumer companies] don’t necessarily move faster as an organization, but of course without the regulatory challenges that the medical industry faces, they just naturally have a faster time to market. That creates a certa in expectation and almost a tendency to be impatient,” Young explained. There are plenty of challenges facing consumer health companies, as Young explained in an October 2016 article for Entrepreneur . Even with the right partner, obstacles can arise. Some of this can come from different company cultures.

Partnering companies can address these varying expectations by using meetings to guide each other through the various steps and aligning timelines.

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