Once a business is launched, there are many activities that need to be undertaken to further expand its scope and maximize its potential. Many companies lack resources to conduct some of the necessary tasks, are removed from potential partners since they operate in a different market segment, or are simply geographically distant from the new target market. Business development issues are diverse, vary from company to company, and change during the business cycle.
Boston MedTech Advisors assists companies and organizations in numerous ways, including:
- Identifying complementary business opportunities
- Facilitating and supporting business relationships, product development, marketing and financing activities
- Analyzing alternative sales channels
- Serving as the business development arm for small companies and off-shore organizations lacking such presence in the US or Europe
- Introducing larger companies to technologies and products augmenting their current business
Case Studies: Business Development
An off-shore start-up company developed a technology for the orthopedic and rehabilitation market. The company requires ongoing business advice and support in penetrating the US market.
One of our principals handles the business development function for the company, providing ongoing presence, services and advice to the company’s management. The services provided are considerably more cost effective for the company than maintaining a local staff and office in the US . We identify potential distributors as well as clinical and business partners, handle the required communication and advance towards contractual relationships. In addition, we author business plans in support of financing campaigns and provide general management advisory services.
A large medical technology company is continuously seeking innovative technologies, mostly from small and young companies that can be integrated into its current product portfolio.
We have identified and presented to the company a number of technologies, and sourced a number of young companies seeking outlets for their products and strategic relationships.
A company developed a new technology to diagnose a medical disorder and planned to sell it mostly to its existing customer base.
We analyzed the market opportunity and recommended to the company to focus its marketing efforts on a much larger providers’ network, albeit outside its current market. Furthermore, we advised the company to postpone market introduction until the conclusion of additional clinical studies to demonstrate the efficacy of the technology by key opinion leaders in the larger market. We have also pointed to the company optimal distribution channels that could provide the required education and detailing effort required to successfully introduce the technology to the respective providers.