Originally Published MX March/April 2006
EDITOR'S PAGE
The Challenge of Planning
When it comes to building and leading a medical technology enterprise, the number of ways that company executives can trip up is virtually infinite. In an environment where investor expectations are high and finances are often tightly reined, company leaders can frequently find themselves challenged to set priorities and invest company resources appropriately.
Medtech companies' actions can have serious consequences. Recruiting an inexperienced management team, frittering away scarce funding, producing faulty products, or antagonizing potential customers can each create difficulties that can drive companies into the ground.
Just as often, however, medtech executives find themselves dealing with tribulations associated with their companies' inaction. Failing to meet defined milestones, to comply with applicable regulatory requirements, to incorporate desired product features, or to anticipate shifts in the marketplace can cause just as many problems—with consequences just as severe.
Among all of these errors of omission, however, the one that creates the greatest amount of havoc is a failure to plan thoroughly for all the challenges faced by a regulated medtech company—including financial, regulatory, legal, reimbursement, marketing, and sales hurdles.
There's no way to adequately measure or compare the difficulties of business planning in various industries, but observers frequently comment on the extraordinary complexity of issues faced by medtech companies. Take this single issue of MX as an example. In this issue, readers will find articles about sensitizing employees to financial issues, preparing an emerging company for acquisition by a larger industry player, locating intellectual properties, managing a sales force, and implementing automated systems for customer relations.
With these topics and many more on their to-do list, medtech executives can use all the advice they can get. Making regular use of the expertise offered by MX authors isn't a bad place to start.
Copyright ©2006 MX
