SOURCE: Cutting Edge Information

Cutting Edge Information

August 11, 2015 08:30 ET

Competitive Intelligence for Staffing Medical Devices Commercial Boards

RESEARCH TRIANGLE PARK, NC--(Marketwired - August 11, 2015) - As medical device companies usher products through development, it is essential that they form commercial boards to determine how best to market and sell their burgeoning devices. Staffing these boards appropriately, both in terms of adequate headcounts as well as the appropriate mix of functions, is crucial to a product's success.

In Cutting Edge Information's latest report, "Medical Device Development: Benchmarking Early-Stage Product Management and Promotion," device executives revealed numerous best practices associated with staffing commercial boards. Two of these suggestions are:

  • Form commercial boards early in product development to ensure delivery of a marketable product
  • Staff commercial boards with diverse functions and perspectives

"Involving commercial teams early in device development ensures that companies build products that become marketable assets," said Victoria Cavicchi, research analyst at Cutting Edge Information. "Commercial boards help by guiding engineers and developers to think about device salability."

Among the medical devices companies surveyed for "Medical Device Development: Benchmarking Early-Stage Product Management and Promotion," 28% establish marketing groups as early as concept and prototype development. A combined 59% have a dedicated marketing group before clinical trials begin.

When it comes to diversifying commercial boards, Mrs. Cavicchi says, "Commercial boards should be representative of several groups within the company like marketing, R&D, clinical and manufacturing in order to balance each group's requirements while maintaining a forward-looking approach to product development."

"Medical Device Development: Benchmarking Early-Stage Product Management and Promotion," available at http://www.cuttingedgeinfo.com/research/marketing/medical-devices/, guides medical device executives through new product planning and early-stage commercialization initiatives for US-based launches. Report highlights include:

  • Profiles of 11 medical device firms and their products, highlighting human and financial resources supporting development and commercialization, product development timelines and expected commercial success
  • Benchmarks for commercial board staffing across major development stages and broken down by device class, company size, function and key therapeutic areas
  • Strategic guidelines and expert advice on correctly choosing a product's regulatory pathway and determining the viability of partnering to support development
  • Data on anticipated US commercial success, including market size, market share and competition levels
  • Expert insights on selecting the best regulatory pathways for emerging products, implementing clinical trials and partnering to support development

For more information about medical devices and US-based commercialization, please visit http://www.cuttingedgeinfo.com/research/marketing/medical-devices/.

Contact Information

  • CONTACT:
    Rachel Shockley
    Marketing Team Leader
    Cutting Edge Information
    919-433-0211