What is a medical device accelerator?

A medical device accelerator can take many different forms and may be a program or initiative funded by a private company or public body. 

The primary goal of a medical device accelerator is to provide support - both financial and practical - to startups looking to develop, produce and market a new medical device. Generally this medical device will be a new solution or device or will be a device that improves on an existing solution.

A medical device accelerator has the primary goal of helping bring to market, and application, new medical devices that are able to improve patient outcomes and the work of those involved in improving patient care across a wide range of clinical disciplines and specialties. 

It may be a medical device which improves the accuracy of specific patient care, or it may be a device that makes the provision of healthcare more accurate and less prone to error or mistakes. 

What kind of support might a medical device accelerator provide?

Funding

This funding might range from an investment in building prototypes, to investment for manufacturing and production, to funds for marketing and distribution. 

This funding may take the form of actual funds, or it may be provided through making manufacturing or research and development fasciitis available to medical device startups as part of the medical device accelerator and its agreement. 

Facilities

Very often medical device startups require the facilities to make their products a reality. This can include a need for access to mechanical and electrical assemblies, cleanroom operations, lab space and production facilities. 

It may also include access to a business office, for managerial and administrative support with producing and selling a new medical product and for the day to day running of a new business trying to find its feet. 

Access to research and development teams and facilities is crucial for new startups. This can include support with future packaging needs, as well as configuration control and testing. 

Business development and marketing

A medical device accelerator or incubator can provide essential marketing strategy advice, techniques and assistance for new companies and device developers. This can include day to day advice and support with running a new company or startup, or can involve higher-level plans for distributing and selling a device once produced. 

It can include helping connect a new medical device producer to global sales and distribution networks that they may not have access to otherwise.

What are the main benefits to working with a medical device accelerator? 

1. Complete support throughout technical consultation, protoype production and viability stages. This can include advice on whether a medical device is viable, workable and marketable, including whether it will pass specific industry regulations. 
2. Working with a medical device accelerator can result in significant time savings in terms of time to production and to a position where it can be marketed. This is even more so if a medical device accelerator can provide funding, manufacturing, testing and research and development facilities under one roof. 
3. Working with a medical device accelerator and the comprehensive support it brings often will lead to an increased chance of a new startup completing the crucial R&D stages, which makes it more likely that a device will be manufactured and then brought to market. 

Chaban Group has the proven experience of working with medical device startups to bring their ideas to market. Their medical device accelerator has the proven experience to make new medical devices happen. To learn more contact us.