🔥 Find me at MedicalDevicesGroup.net 🔥
5 min reading time
I recently shared this exchange with a Medical Devices Group member over chat. He gave me permission to share it with you.
Do you agree with my assertion he’s in for a long road ahead?
Website address: http://medicaldeviceevents.com/
Location: Sydney, NSW, Australia
Joe: hi! We honeymooned in your fine country.
Joe: might you be at the 10x Medical Device Conference so we can meet in person? do you make it out to the states at all?
Visitor: yes, that sounds good
Joe: With whom am I speaking?
Visitor: Ash Collins from telemedicineAustralia.com.au
Joe: I recognize your name. we exchanged emails, yes?
Visitor: OH,,YES,,I REMEMBER
Joe: you left your email on a chat box
Joe: I took a look at your site
Visitor: i have written a telemedicine program and is currently under development. i was talking with my legal advisor and she mentioned that my business models are not quite right—i should be able to make more models for such a product.
Joe: it’s a tough business… highly competitive as you well know. tough to gain a critical mass of adoption.
Visitor: that is right, very tough,,,very new in Australia,,,a lot of resistence to adoption by practitioners in particular
Joe: most will fail or be bought out on the cheap
Joe: practitioners can be stubborn longer than you can be solvent… let’s just say, I wouldn’t want to invest my money there
Visitor: that is what i told to my legal advisor—i don’t want to raise the cost for user. That will help with more adoption
Joe: adoption won’t happen without A LOT of spending on your part… and time… which no amount of spending will accelerate
Visitor: that is correct
Joe: so, do you have that kind of money and patience?
Visitor: perhaps yes–currently what we do it just to raise awareness at the practitioners level and public. since TMA established, we have not had a good decent revenue from telemedicine
Joe: this is unsurprising
Visitor: instead we spend our time to raise the awareness
Joe: do you have other revenue streams?
Visitor: except few sporadic sales, no other regular revenue, unfortunately
Joe: nervous for you… what else do you have to fall back on?
Visitor: but I am sure my new solution would revolutionised the sector, at least in Australia
Joe: a hard sell… I believe *A* solution will revolutionize but (no offense) probably not yours, which I would say to anyone trying telemedicine
Visitor: why not me? 2 years of writing a program—and i am a GP myself
Joe: good for you… but the market doesn’t care about your investment of time and resources
Joe: the odds are against because many players and only one or two will win
Joe: Ash, I am underinformed. you have spent much time on this. I’ve spent 10 minutes chatting with you but I’m seeing the same phenomenon in America
Joe: “everyone” knows this is the right thing to do and that it will happen but we haven’t reached the tipping point and the best product may not win. The best MARKETED product and the best FINANCED product will win
Visitor: i know that, which is why i am looking for partner on that… i have the best product but now i need the best finance so i can the best marketing on that
Joe: I hope you do and, yes, encourage you to list yourself on the Medical Devices Group discussion
Visitor: i will
Joe: Ash, this has been a good conversation, do you mind if I share it with some of my readers?
Visitor: no problem, thanks for the contact, i may see you in the conference in May
Joe: I’d like that a lot. And thanks, I’ll send you a link to it when published.
Visitor: have a great night
I would not want to skate to where all the existing players are gathering for generalized telemedicine as the competition is going to be brutal with deep pocket players.
I would make sure my medical device a patient uses can store and upload its own testing information to where it is needed easily following HIPPA rules so a patient can present his data to his clinician as needed.
I think that marketing and funding are necessary to be up to a threshold level to succeed. They both are over rated however. As an example, IDEO is one of the largest contract product development firms in the world. They are expensive, so their customers are well funded and have the “best” marketing and well connected mgmt money can buy. Yet look at the percentage of products that succeed. Not many.
The main thing I believe is timing. That timing needs to be considered in the Eco system you will be in.
That is much harder to assess because there are many subtle things you don’t know about in the Eco system and especially as to how it is changing. So that means you need to morph your product in response to changes as they occur. A couple of masters at doing this can be found in consumer products in Jobs and Bose. They were more than anything else masters at timing.
One way to improve your chances in this regard is to raise money from your likely customers and stay close to them during the whole process. That is why crowdfunding done right (highly focused with end to end process in place) can be huge as a listening post. Does not yet exist. But will.
The other way element is to be very humble as to what you don’t know in regards to timing so that you can be open to change.
The third element is that the company needs to be constructed with great respect around these points. Traditional organizational structures as well as traditional thinking will not be as productive in our new flat world.
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