The Next Era of Launch Excellence in Medtech

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ARTICLE SUMMARY:

Innovation remains the primary driver of value creation and growth in the medtech industry. However, “lower hanging fruit” innovation opportunities have largely been exhausted, willingness to pay for incremental innovations is diminishing, and competition is growing. Medtechs must invest in launch excellence for success in the next era of industry innovation. By Ilya Trakhtenberg and Nathalie Herman, L.E.K. Consulting.

Given the dearth of more accessible opportunities, medtech leaders are necessarily directing their innovation investments towards increasingly more challenging disease states and unmet needs. These innovations exhibit higher regulatory risk and require longer development timeframes with greater R&D investment. To yield an attractive return on investment (ROI) for these innovations, it is that much more critical to realize their full commercial potential. But commercializing breakthrough innovations in medtech has never been more difficult and medtechs have too often settled for mediocre launches, reflecting outdated approaches and, at times, insufficiently ambitious expectations. Medtechs need to refresh long-standing launch playbooks and invest in launch excellence capabilities to be successful in the next era of industry innovation. L.E.K.’s MedTech Launch Center of Excellence can inform these efforts with insights gleaned from best-in-class launches, experiences from dozens of L.E.K. projects, interviews with successful medtech operators, and relevant best practices from pharma and biotech.

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