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sp2387 replied to the topic Funding in Medical Devices Industry in the forum Introduction to Project Management 6 years, 11 months ago
Funding is the most essential part undoubtedly on medical industry. Anything attached with medical can cost more due to its safety regulations. For use internally or externally on human being. To be compliant with these safety regulations are needed even before it can be launched in market. To answer the question, sure this costs are more than the given funds but in return it generates a good amount when patented if suitable for use in medical industry. Furthermore, patent gives right to generate income for upto 20 years by excluding any other competitor to do so. Also claims for copies and royalties may generate significant funds if the product is that useful. This funds can be used in more research and innovation of further improved products and creat more patents.