MEDILINK PRoFiT
™
INNOVATION AND PRODUCT DEVELOPMENT PROCESS
Independent research has shown that
companies are notoriously poor at identifying
and progressing new product opportunities,
with 90% of product launches ending in failure.
In response to sector feedback, the programme
calls on Medilink’s broad experience and expertise
in the innovation space to help healthcare
organisations grow and achieve their goals more
quickly and effectively.
The single most important differentiator between
winners and losers, is the quality of the innovation
process and techniques used to identify customer
needs, identify the right types of technology and to
develop and select optimum concepts.
The diagram opposite shows Medilink’s PRoFiT™
Innovation and Product Development Process,
highlighting the multiple factors that influence taking
a product from concept through to launch. The
benefits of this process include significantly higher
sales, profits and turnover, a reduction in the cost and
time of product development and the avoidance of
failed projects.
In addition, Medilink offers project management
and ‘hands on’ support for the development of new
products and services (see below and diagram
opposite). This new service is being delivered by
Medilink’s Innovation experts Dr Patrick Trotter and
Dr Paul Watt, who have over 40 years experience of
working in research and business development within
global medical device, bio devices and life sciences.
The PRoFit Innovation and Product Development Process utilises multiple
processes for helping companies identify new product ideas. We can apply
these to all your innovation and new product development projects to
reduce risk and enhance commercial return.
Due diligence - early stage
technologies
According to the British Venture Capital
Association, only 10% of all investments
are successful. Medilink provides
early stage market opportunity and
technology feasibility assessments to aid
potential investment opportunities and
reduce technical and commercial risks.
Technology strategy
development
Our experts will sit down with key
members of your company and scope
out where you want to go as a company
in terms of new products and help
formulate a plan of action
using portfolio
analysis and
other tools,
to get you
there.
Technology mapping
Customer needs
A process to identify gaps in technology
areas. The outputs include:
In addition to traditional market
research, there are techniques
now recognised as providing better
outcomes for ensuring you deliver the
right product into the right market.
Techniques such as ‘Lead user’ and
particularly ‘Ethnography’, help you
to understand what the customer
really wants.
• Generation of ideas
• Identify technologies in your
strategic space
• Highlight intellectual property (IP) that
needs to be licensed or generated
• Identify competitor technologies
• Highlight technology trends
Clinical evidence reports
Competitor landscaping
An evaluation of all clinical data is
required for all CE marked products sold
in Europe.
This technique is an excellent tool to look
at your product landscape and what the
competitors are doing in terms of:
• What they have in development
• Who they are partnering with
such as academics, clinicians
and other companies
• What IP they are generating
or acquiring
• What clinical studies they
are conducting
• What products they have, and
who they have recently acquired
04
In addition to meeting legal
requirements, clinical evaluation
reports can help you identify
opportunities to increase the number of
product claims and therefore providing
competitive advantage.
Medilink can help produce preliminary
short clinical evaluations or more
detailed evaluations.
We have extensive experience in writing
evidence reports as outlined in the
European Commission Guidelines on
Medical Devices MEDDEV 2.7.1. REV 3.