Development Of A Commercialisation Strategy For A Medical Device Company In Canada : Bridging the gap between innovation and market entry

Abstract

The rapid growth of the older population coupled with the rise in chronic diseases has intensified the demand for advanced medical treatments. The COVID-19 outbreak was a wake-up call for the healthcare system, revealing the limitations of the hospital-centric model of care. The crisis highlighted the significance of patient-centric models of care. But penetrating such regulated industry is a challenge. The case company (Company A) intends to penetrate the Canadian market and identify the barriers to commercialisation. In this research, the author utilized an online qualitative survey coupled with semi-structured interviews with medical device executives in Canada to identify the barriers to commercialisation.

This research employed an exploratory approach by thoroughly reviewing existing literature on the commercialisation of medical devices, while paying special attention to the transition from ideation to market entry. The data obtained on the barriers to commercialisation was divided into five themes, namely: regulations, funding gaps, partnerships, branding, and geographical location. The results pointed out that a regulatory strategy was most relevant to the commercialization of medical devices. A lack of clarity in the Canadian regulatory process was also identified as the major impediment to medical device commercialisation in Canada.

The outcome of this research is the business model canvas for Company A, which includes building blocks such as key partners, key activities, resources, value proposition, customer relationships, channels, customer segments, cost structure, and revenue stream. A roadmap to commercialisation of a medical device in Canada was also provided. Company A can use the proposed roadmap to guide its commercialisation and market entry strategies in Canada.