What are the 10 essential components of a successful commercialization plan in the medtech industry, and why are they often overlooked?

This episode explores the critical role of commercialization in the medtech industry. The conversation explores the reasons behind the high failure rate of medtech startups and emphasizes the importance of a comprehensive commercialization plan, cybersecurity considerations, and the pursuit of wisdom over speed. 

Today’s guest is Craig T. Ingram, a medtech and healthcare technology consultant who helps companies avoid going broke by focusing on effective commercialization strategies. Craig is the Chief Commercialization Strategy and Growth Advisor for Int'l Commercialization Growth Partners. 

Key points: 

(3:21) The Commercialization Roadmap

* Many companies lack a written commercialization roadmap, focusing instead on sales and marketing plans. 

* Key components of commercialization include regulatory affairs, product design, production, and alliances and partnerships, which are often overlooked. 

(10:11) Cybersecurity 

* Cybersecurity is not evil but a critical necessity, similar to insurance, to protect against malicious activity and data breaches. 

* Cybersecurity can be viewed as a means of preventing malicious activity rather than just protecting data. 

(24:51) Value vs Expertise

* Many manufacturers struggle to evaluate cybersecurity vendors, often prioritizing cost over specialized expertise. 

* Applying the same commercialization strategies as large companies is ineffective for startups and small to medium-sized enterprises. 

(34:20) Wisdom vs. Speed in Business

* The "move fast and break things" mentality prevalent in Silicon Valley can be detrimental to proper commercialization. 

* Effective commercialization requires a focus on getting it right rather than being right, and a willingness to learn and adapt.

The Med Device Cyber Podcast is brought to you by Blue Goat Cyber, cybersecurity professionals specializing in providing elite cyber solutions for medical devices. Learn more about securing your product and business from cyber-criminals by visiting https://bluegoatcyber.com 

If you’re interested in our services or partnering with us, schedule a Discovery Session: https://meetings.hubspot.com/blue-goat-cyber/discovery-session 

Thanks to Craig T. Ingram for being on the show. Connect with Craig on LinkedIn: https://www.linkedin.com/in/craigtingram 

Learn about Int'l Commercialization Growth Partners: https://www.medicalsalesgrowth.com/ 

Christian Espinosa is the CEO and founder of Blue Goat Cyber. Trevor Slattery is the Chief Technology Officer / Director of MedTech Cybersecurity at Blue Goat Cyber. 

Christian Espinosa on LinkedIn: https://www.linkedin.com/in/christianespinosa/ 

Blue Goat Cyber on LinkedIn: https://www.linkedin.com/company/blue-goat-cyber/ 

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Trevor Slattery on LinkedIn: https://www.linkedin.com/in/trevor-slattery-34852b1a9 

Feedback? Questions? Contact: https://bluegoatcyber.com/contact/ 

Learn more about Christian Espinosa, buy his books, or invite him to speak on your stage: https://christianespinosa.com/ 

Christian Espinosa on YouTube: http://www.youtube.com/@ChristianEspinosaOfficial 

The Med Device Cyber Podcast is your essential resource for medical device cybersecurity. Each episode we dive into the latest threats, solutions, and best practices to protect modern healthcare technology. Whether you're a provider, a manufacturer, or a cybersecurity professional, gain the knowledge to safeguard patient safety by subscribing to the Med Device Cyber Podcast. 

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This episode was produced by Story On Media: https://www.storyon.co/