When breakthrough innovations are crucial to the progress and evolution of your industry, startups will often rise to meet the challenge. But recent trends in the Biotech and Medical Equipment Engineering industries are presenting many challenges for startups. These changes stifle medical engineering, making it difficult for MedTech startups to fulfill their valuable role as industry disruptors and innovative powerhouses.
This is an enormously important issue since startups play a pivotal role in improving our healthcare, medical technology and bettering the wellbeing of Americans. So, how can startups in this increasingly competitive space keep up with big corporations?
Challenges to Innovation in Healthcare
While success in the medical technology industry is entirely possible for startups, the problems these companies are experiencing in today’s landscape are increasingly challenging to overcome and coming from two sources, the actual devices, and their technology, and the marketplace processes.
Industry Challenges for MedTech Engineering Start-Ups
Even before COVID, medical devices and healthcare engineering was struggling to keep up with several challenges:
- The Internet of Things (IoT)
- Software as a medical device
- Medical devices and cybersecurity
- Healthcare robotics
- Supply chains
Challenges in the Marketplace
According to a recent MedTech podcast, innovation itself is facing an uphill battle competing with larger engineering firms in the following processes:
- Staying current with shifting regulations
- FDA certification of innovations/devices
- Marketing and profitability
- Submissions to the mainstream market
While many of these startups are better equipped to tackle the challenges that come from novel medical devices and technologies, they are often less familiar with the procedural challenges listed above. Because of this, many startups never see their innovations reach the market. Those who do can often be out-maneuvered by their larger competitors.
This is because, comparatively, corporations who don’t necessarily have exciting, groundbreaking ideas are familiar with those nuances. They understand how to navigate the red tape and hoard the market, leaving very little room for startups to thrive.
Are Things Really That Bleak for MedTech Startups?
Whether you’re a MedTech startup or the local pizzeria, COVID-19 hasn’t been easy on smaller businesses. Meanwhile, more prominent companies are finding ways to stay afloat and increase their profits.
Even still, as proven by Gener8tor’s gBETA Medtech accelerator program, there is still plenty of room in the space for success – and that is especially true for MedTech startups based in the Minneapolis/Twin Cities area.
So what are the top MedTech startups in the Midwest doing to separate themselves in this challenging market?
The key for Engineering Startups Getting Ahead in 2021
The challenges facing startups in the Biotech and Medical Equipment Engineering industries are diverse and continue to evolve. Because of this, the best step to overcoming these challenges is to hire the best talent in the industry.
Ensuring your startup has the best talent can help you stay on top of rapid innovations, guide your startup around shifting regulations, and power through complex bureaucratic processes. It all comes down to recruiting the right people who have the training, expertise, and proven history to help you overcome the evolving challenges of MedTech engineering.