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jdc46 replied to the topic Funding in Medical Devices Industry in the forum Introduction to Project Management 6 years, 2 months ago
The funding of a project is dependent on the corporate strategy. If a medical device corporation aims to improves preventative healthcare, the company will take on projects that align with prevent diseases. This can be screening technology or improvement to implants that may introduce disease complication. If the project fills a highly desirable market gap, without a doubt the company should allocate funds to the project. However, if the project does not align with the corporation’s mission, then the company should not lose focus on funding the project. There are instances that such a project might be so promising that it calls for the company to extend their strategy to penetrate a new market sector. In these cases, a careful risk analysis must be evaluated to ensure the success in investment to expanding the company.