Process
Step I | Step II | Step III | Step IV | Step V | Step VI| Step VII | Step VIII
The MedPanel Innovation Process provides a clear road map to develop new ideas in a heavily regulated market.
As you can see from the graphic below, there are eight steps to our process:
Step I Registration
The on-line registration process consists of; contact information, a mutual (two-way) non-disclosure agreement, personal profile information and a brief description of the new idea with any supporting documents.
Within 48 hours of registration the idea will be reviewed by MedPanel. One of three possible outcomes will result from the review; 1) MedPanel will indicate its interest in proceeding to support the idea, 2) an alternative to the MedPanel Process will be suggested or 3) additional information will be requested.
A secure, on-line account will be generated for each idea supported by MedPanel. The on-line account provides clients with a one location to access and review reports, recommendations and financial statements generated by MedPanel. Contents of the on-line account remain the property of each MedPanel client.
Step II Idea Confirmation
Focus: Do healthcare experts think my idea addresses an unmet need in the market?
Cost: $2500
Timing: 3-5 days
MedPanel will have no less than three to five individuals from its network of healthcare experts review and confirm the unmet need addressed by the new idea. The assessment report will be confidential and the background and expertise of each reviewer will be included in the online report. There is a nominal fee for this service and the report will be posted to your secure account within three business days of receipt of payment. A quote for this service will be provided within 3 working days following registration of the idea.
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Step III Intellectual Property Assessment
Focus: What are the potential roadblocks to patenting my idea?
Cost: Project Dependent
Timing: 5-8 Days
After confirming the idea will address an unmet need, MedPanel will then arrange a patent landscape review with one of our legal partners. This initial review will be provided free of charge for any idea that completes Step 2 - Idea Confirmation. Otherwise, a nominal fee will be assessed. A summary report of the patent landscape including potential roadblocks will be available in five (5) business days from date of submission to MedPanel's legal partners.
Step IV Market, Technical and Regulatory Assessment
Focus: Does the MedPanel assessment team think my idea technically feasible? What is my strategy for regulatory approval?
Cost: Project Dependent
Timing: 2-3 Months
Working with our partners, MedPanel will complete a market, technical and regulatory assessment of the idea. The online report (including notes from MedPanel partners - see link to example) will evaluate the idea, its corresponding market and describe any technical and regulatory roadblocks.
Each section of the assessment will provide information helpful in deciding to move forward with an idea. The market section includes; estimate of market size, sales potential for the idea, target customer and channel assessment and the competitive landscape. The technical review addresses; technical feasibility, manufacturing feasibility and prototype bench test results. The regulatory assessment will summarize the likely regulatory path for the idea in the largest applicable markets.
In addition to the final report, MedPanel provides a 360° online panel discussion with MedPanel and its partners assigned to the assessment. Clients interact directly with the assessment team to clarify and gain a better understanding of the scope of the effort to bring their idea to market.
MedPanel's quote itemizes each section and sub-sections of the assessment, thus allowing our client to manage costs by requesting only the assessmentss they need. All pricing is based on the preferred pricing that MedPanel receives from its preferred partners.
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Step V Business / Product Plan
Focus: Who will participate on my management team? How will my idea be financed? In detail, what are the steps to commercialization of my product?
Cost: $250,000 - $500,000
Timing: 6-12 months
The business plan for an idea is a "must have" for most strategic buyers. MedPanel's online business plan confirms the market attractiveness of the idea prior to the significant investment for product development. Typically at the end of this step decisions are made to assign a development team and arrange financing for the project.
The Business / Product Plan step consists of two sections; the business case and the project plan. The business case is built from research and includes; definition of product features, benefits and specifications, market analysis, channel strategy and competitive analysis. This section also includes building a technically feasible product concept which is then used to generate product cost estimates, manufacturing plans, gather customer feedback and build financial plans. The project plan describes the tasks and milestones covering product development through product launch. Additionally, the project plan details the tasks and milestones for the clinical, regulatory and reimbursement hurdles for the idea. In summary, the plan details the time, human and financial resources to commercialize the project.
MedPanel's quote itemizes each section and select sub-sections of the business plan step. As the plan is developed on-line updates will be posted to the account. Additionally, at the conclusion of the report MedPanel provides a 360° online panel discussion with the business plan team. Clients interact directly with the team to gain a clear understanding of the cost and the plan for commercialization.
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Step VI Development
Focus: Does a prototype of my product withstand clinical trials?
Cost: $100,000 to 500,000 +
Timing: 6 months
The end point of Development is a finished product prototype which will undergo extensive testing and evaluation in the next step of the Innovation Process. During this step, MedPanel and its Innovation Partners execute project plans providing online updates summarizing progress to key milestones. Additionally, progress toward meeting product specifications, product cost and launch date is reported. Marketing and production plans are detailed in this step in order to insure enough product is produced to support clinical trials and initial launch quantities. This step requires extensive collaboration among the inventor, MedPanel and its partners.
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Step VII Testing and Validation
Focus: Are all my chickens in order? Does the big picture (product, market environment, and business plan) make sense?
Cost: Project / Market Dependent
Timing: Project / Market Dependent
MedPanel and its preferred providers offer a service to complete an evaluation of a product just prior to launch. The scope of this step includes: product testing, customer acceptance tests, manufacturing review and a review of the financial merits and risk of the business / product.
Several testing options exist for MedPanel clients. Services include simulated internal use testing and quality tests. Customer acceptance tests include clinical field testing and market testing of marketing and sales materials supporting the product. The manufacturing review details capacity capability and expansion plans. The financial review summarizes the annual and three year financial plan for the product / business.
Testing and Validation requirements vary greatly depending on the product and existing capabilities of the client. MedPanel works with clients to develop specific proposals and costs for testing and validation services. As with all MedPanel services, online updates and reports are provided during and at the completion of the Testing and Validation process. The end goal is to confirm a product's readiness and financial requirements for full commercialization and launch.
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Step VIII Launch Planning
Focus: What are the details for launching my product?
Cost: Project / Market Dependent
Timing: Project / Market Dependent
MedPanel launch planning focuses on addressing the key requirements for a successful launch. MedPanel provides services for; determining initial product launch quantities, customer testing of clinical and sales training materials and pricing decisions. All of these services leverage MedPanel's global network of healthcare experts to gain deep customer insights to these important decisions. As with all MedPanel services, clients are provided with online reports.