Healthcare innovation can be challenging, but rewarding. Factors influencing successful healthcare innovation include:
- Many/most innovations require regulatory approval;
- Intellectual Property defines and protects your idea, but the clock starts ticking the day you file;
- Development can require long horizons and significant capital;
- Reimbursement for approved products can be elusive; and
- Purchasing process by payers for approved products can be opaque.
Chris West serves as Entrepreneur In Residence for the University of Tennessee and is the President of the Memphis-based, nationally recognized ZeroTo510 Medical Device Accelerator. The attached presentation offers an overview of the development process used by ZeroTo510 to create products that solve needs in the marketplace and get a Minimal Viable Product (MVP) through regulatory approval and into the market as quickly as possible.