Commercialization Plan of Diabetic Monitoring Devices Name of Student University Executive Summary Commercialization and business development plan of a medical device would require focus, integration of services and many other specialties. The co ordination of varied multi complex activities is pre requisite for the time and cost efficiency and the collaboration of specialist are required for the medical product development…
The study will highlight the entire commercialization plan developed for the Health Kart Diabetic Monitoring device which includes the patenting, drafting and the quality control process. Table of Contents Technology 6 Product Description: HealthKart Diabetz 6 Key Success Factors 6 Patents 7 Process of Acquiring Patents for Diabetic Monitoring Device 9 The Firm: Health Kart Diabetes 10 The Business Opportunity 11 Value Proposition 11 External Players 12 Market 13 Market Dynamics 13 External Forces 13 Environmental Impact 13 Marketing Strategies 14 Strategic Positioning of HealthKare Diabetes 17 Quality Control Monitoring Process 21 Action Plan 23 Implementation of Milestones 24 Marketing Tasks 24 Timings 24 Mass Targeting Strategy for HealthKare Diabetes 24 Commercial Risk Assessment 25 Financials 26 Conclusion 27 References 28 Background: Commercialization of Diabetic Monitoring Devices The commercialization activity is regarded as an important business activity, which leads to the development of a new market plan for the introduction of a new product into the market (Ahmed & Rafiq, 2002). This activity involves the formulation of new marketing strategies and also the development of effective marketing devices, which would help in checking the feasibility of the marketing plan. Commercialization would also help in monitoring whether the marketing activities adhere with the executed plan (CIM, n.d.). However, commercialization would also include various marketing strategies required for the launch of new product and production process, which would also require financial and non-financial assistance from the management perspective. The study will deal with commercialization of diabetic monitoring devices, which forms an integral part among the medical equipment. Diabetic monitoring devices not only help in checking the glucose levels of an individual, but also prevent from increasing the glucose levels in medical patients. The main objective of the monitoring devices would be to check the glucose content and the concentration of glucose levels in an individual. The study will deal with the commercialization plan of diabetic monitoring device, which has been the aid for several medial patients. The author of the study has formulated a marketing plan, which consists of varied marketing strategies for introducing new product into the market and also for the development of a commercialization process for this particular product. Technology Product Description: HealthKart Diabetz The product would be named HealthKart Diabetz and will be initially marketed in the US and UK to cater to the needs of the mass population suffering from diabetes and other glucose content related diseases. The main objective of the marketer would be to develop a product whose functionality would be simple and would produce accurate results. The medical device would help in providing quantitative test and would reflect the glucose content in the blood levels of the individual. The product will help in monitoring the glucose level of an individual and the results can be shown to the doctor for daily adjustment in the treatment, checking high and low level sugar content, understand whether the patient requires change in the existing diet and exercise plan. The product will be environment ...
Cite this document
(“Commercialization plan for Medical devices Essay”, n.d.)
Retrieved from https://studentshare.net/marketing/102178-commercialization-plan-for-medical-devices
(Commercialization Plan for Medical Devices Essay)
“Commercialization Plan for Medical Devices Essay”, n.d. https://studentshare.net/marketing/102178-commercialization-plan-for-medical-devices.
Firstly, a practice plan is needed to improve management oversight role for such a sensitive institution. In a well-implemented plan, managerial roles and service delivery can be projected to deliver impeccable results as opposed to an implementation arrangement without a particular plan.
A Product is defined as a tangible commodity and intangible service which helps the company to deliver superior performance. (1) Implications of Launching a Product into the Market in terms of Commercialization The key elements in the development and commercialization of the new product would include market development and penetration agility, markets share momentum with a suitable competitive advantage and profitability, which measures the rate of return concept as well as the shareholder’s growth (Ardalan, 2009).
The most essential areas of financing in a commercialization plan include advertising, sales promotion and marketing of the product. According to Rafinejad (2007), the main aim of commercialization is pushing the product in the international market to ensure that it competes successfully against other products already in the market.
This is a very critical process and preparation is a not an option if the business goals have to be met. Therefore, the management of any company have role carry out a thorough analysis of the target. More so, the international market is never homogeneous and hence varying strategies have to be developed in order to cater for the varying market niches.
Although such a model is effective in generating a new level of clientele and integrating services and/or products with a new environment, it is oftentimes the case that a given company/organization or business entity has grown to such an extent that it is necessary to expand internationally.
In the recent past, organ transplants have become a routine practice in major hospitals to the sharp incline in organ demand. To meet this high demand, some sections of the medical practitioners have called for the commercialization of this sensitive process.
To be able to overcome the market resistance to a new product, guerilla marketing technique is being proposed.
It is a common belief in the minds of many people that, INNOVATION and TECHNOLOGY are one and the same. But this is not true . Though both are related to each other in many ways, they are not one and the same.
Medical technology has undergone a sea change in the last two decades. With the aid of these, the previously fatal conditions are no longer fatal, and technological expertise applied through innovative devices now can do wonders. Consequently, medical devices have become important parts of deliverables in medical care.
elp of washer decontaminators) medical instruments is to provide completely clean and hygienic medical devices, which are not dangerous for the Reprocessing personals and have received the proper treatment in order to disinfect and sterilize medical devices. (Ryan, 2005, 15) It