How To Start Your Medical Device Startup: 7 Steps You’ll Need To Follow

October 2nd, 2023 | Private Medical Practice

If you have a great idea for a new piece of medical equipment or medical device, you’ll need to establish a startup medical device company in order to develop that idea and eventually take it to market. That isn’t a simple process.

Below, you can find a rough overview of the steps you need to follow to start your medical device startup. To get a clearer idea of the process and guidance for following it through, you should reach out to a healthcare strategist.

1. Decide What Type of Medical Device Startup to Launch

There are a variety of different medical device startups, and before you can establish yours, you’ll need to decide which type is right for your plans. Manufacturers develop designs for devices and make those devices from scratch. Distributors take the manufactured device and deliver it to retailers. Retailers take a device and sell it directly to consumers, and service providers attend to the maintenance of medical devices.

2. Choose a Name for Your Healthcare Startup

Once you know what type of medical device startup you’ll be founding, you can decide on a name for your venture. There are a few things that you’ll need to check when choosing a name:

  • You’ll want to prioritize choosing a simple name to make your business easier to recognize and spell. 
  • You’ll also want to choose a name that reflects your business. 
  • Finally, you’ll need to verify that the name isn’t already trademarked, and check the internet for a suitable available domain name. 

A healthcare consultant can help you pick a name that will support the success of your business.

3. Creating a Plan for Your Medical Device Startup

It’s time to create a comprehensive plan for your business. You’ll need to create an overview of your business and its history, a plan for marketing, a plan for operations, and a plan for your financial costs and sources of income.

You’ll also need to conduct industry, competitor, and customer analysis to determine the best position for your business. You’ll need to decide which type of legal entity your business should be and find a location. Finally, you’ll need to create a summary of the entire business plan.

4. Budget and Financing Your Medical Device Startup

Next, you’ll need to create a comprehensive financial plan laying out your budget for your startup medical device company. You’ll need to take into account the cost of research and development, operating costs, and the cost of equipment and tools. Prepare for operation by opening banking accounts and securing a company credit card.

After you know how much your business is going to cost, you’ll need to identify sources for financing. This might mean looking for investors or turning to traditional financing options like loans.

5. Register and License Your Startup Medical Device Company

You’ll also need to register your medical device startup and get all the proper licenses, permits, and insurance in place for operation. Your business will need to be registered with the IRS, be licensed to operate, secure any necessary permits from state or federal health departments, and be approved by the zoning board and the fire department. You’ll also need a variety of different types of insurance depending on your services.

You’ll need to put in the work to ensure your business stays compliant and the quality of your devices stays consistently high. A healthcare consultant can help you establish and maintain quality and compliance. 

6. Source the Right Medical Device Equipment

There is a wide variety of different equipment and technology that you may need in order to successfully run your medical device startup. This might include lab or testing equipment, and office, packaging, and shipping supplies. 

You’ll also need to purchase and establish the software needed to support your startup medical device company, whether that means an inventory management system, customer-tracking system, or accounting software.

7. Design and Develop Your Marketing Materials

Finally, before you begin operation, you’ll need to create a marketing plan and source any marketing materials. This includes designing a logo, creating a website, establishing a presence on social media, and designing and planning any other advertising you may need to get results.

Start Profiting From Your Medical Device Startup With Help From a Healthcare Strategist

Your great idea could change the world, but shouldn’t it make your life better, too? With help from a healthcare consultant, you can take your medical device startup company from the first design stages to profiting on the market. With the right healthcare strategies, you can make your device available to those who need it, and get paid what you deserve.

Rock Rockett has decades of experience navigating the healthcare industry from all angles, and he can put that in-depth knowledge to work for your medical device startup. He can help you get your startup off the ground or help you take your established startup in a more profitable direction.

Start making money off your great idea with help from a medical device startup consultant. Rockett Healthcare Strategies has the insights you need.