Three Pitfalls An Inventor Faces Developing A Product For The Medical Market

If you are an inventor and you have developed a product that will be used in the medical field, there are a few important things that you need to understand. From the first flash of an idea until the stage where the product is released and available for purchase involves many steps, there are many pitfalls along the way. The following are just a few examples.

You have not done enough market research

This is a big issue for inventors in general, but it takes on greater importance for a medical invention because the research can be difficult. The important thing to keep in mind is not to be completely set on your invention, even when you have put a lot of work into developing it. Further, there may not be enough demand for your invention. While what you have to offer may be an improvement to what is already being used, it may not be enough to make customers switch. Or it may be that there is not enough demand because the market is simply not large enough. There are medical invention companies that can assist you in determining the viability of your product.

You don't think you need a patent

Sometimes an inventor may think there is no reason to get a patent immediately because they want to raise the capital to start their company and begin production. However, no investor is going to pay unless the product is protected by a patent, or at least there is a patent-pending. Although you don't want to get a patent too soon, if you have done the marketing research and are confident, then you need to build a working prototype and get a patent. Even if you decide to sell your invention to a medical manufacturer, potential investors will not be interested in buying it unless you can show that it has a patent.

You haven't thought about a distribution plan

Depending upon the complexity of your invention, you may find that it is extremely difficult to sell to healthcare professionals throughout the country and the rest of the world. Hospitals and healthcare groups have buyers and purchasing agents who go through various distributors, so you may need to sell to these distributors. However, you may find resistance to buy something from a new company. You may be able to get around this by licensing your product to a medical manufacturer, but at this point, you may need legal assistance.

Medical inventions can be more difficult to bring to the market. Inventors face all of the normal barriers to overcome, but potentially with greater pitfalls. These include insufficient marketing research, not understanding the need for a patent, and not understanding the specialized nature of medical product distribution. However, medical invention companies can offer you assistance. Contact a medical invention assistance company for more information.