Presentation on theme: "Commercial Options for Medical Devices"— Presentation transcript:
1 Commercial Options for Medical Devices Bill GibbonsCook Medical
2 “Eureka!” You have the next great… Properties known MaterialDeviceCoatingProperties knownClear understanding of method of usePatents filed (with university)Now some choices…
3 Options License the idea Develop a technology & sell it Develop a device & sell it to a companyStart a company
4 License the idea Patent applications in place Work through Technology Transfer at the University to understand the terms of licensureOverheadMoney to the department/lab/your salaryPersonal gainNetwork to companies OTT knowsPersonal contacts
5 Terms of licensure Usually low or now upfront money Expect royalty on sales (i.e. commercial success)Quality/breadth of ideaDevelopment timelineParticipation (i.e. further research) possibleUnderstand the terms of research with UniversityOverhead chargesTime allotmentExpected cost for development to saleable point
6 Develop a technology & sell it Idea that has been developed furtherUnderstand the uses of the technologyUnderstand its benefitsUnderstand its shortcomingsMore likely to lead to research fundingMore valuable to a company (higher royalty?)Licensure by field?Bigger company with be able to utilize technology more widely
7 Develop a Device Turn an idea into something real Make prototypes FunctionalTo scaleBench-top testedUnderstand competitive landscapeUnderstand the functional advantage & disadvantageExpect some upfront payment (likely low)Royalty on sales
8 Start a company Turn your ideas into a company $$$$ Staff Seed Angel Venture Capital (“VC”)StaffLeader first! (and most expensive)TechnicalFinancialRegulatory (FDA, Europe, & Japan)Can be consultants
9 Start a company-Expectations Detailed business planUnderstanding of the marketplacePositioning of company/productsClinical trials completeFDA/EU availabilityTestimonials from thought leadersPathway to marketExit strategyYour company has to be a threat!
10 Start a company-Considerations FacilitiesName (incorporation)Detailed business planGo to market strategyFunding in 2010 is extremely slimGoing public is not an option todayUnderstand the expected return from each investorUnderstand the value of the companyFunding≠value!!!
11 THE presentation Know the device Know the market Know your situation Usage/procedure/contextUnderstand the risksUnderstand both advantages and disadvantagesKnow the marketSizeCompetitionPricing/costsKnow your situationPatentsOTT expectationsYour availability and process
12 The deadly sins Lack of knowledge Exaggeration Know your audience Know the strengthsKnow the weaknessesExaggerationKnow your audienceMyopiaGreedUniversityPersonal
13 Summary Understand what you have Patent, patent, patent Idea, technology, or device(s)Market-competition, pricing, advantagesWork the detailsPatent, patent, patentWork closely with Tech TranferKnow your objectiveCall Cook first!