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pi29 replied to the topic Funding in Medical Devices Industry in the forum Introduction to Project Management 6 years, 8 months ago
Hi Everyone, My thoughts are that a risk assessment and market discovery would have to be done. Is there a large demand for this new device and do the pros outweigh the cons risk wise? Would it be making a significant impact on the health of the population? Are there other projects in the company that would make a more significant impact on society and that could use the extra funding. Companies might investigate ways to cut back on costs, like by reducing the cost of manufacturing yet not compromising safety. If the device is ever patented and it does make it on the market, the company would maybe have to raise it’s prices so as to actually make profit out of this. This is specially true since patent protection lasts up to 20 years and afterwards anyone can begin manufacturing and selling your invention. Overall if the project is something that has a high demand or is very promising in improving the current state of those who need it, I don’t believe the project should be dropped due to a lack of funding. There are a variety of ways to obtain money for research, though difficult.