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Medical Device Classification Influences Firms' Interactions With External Partners

20:00 EDT 3 Jun 2015 | Marketwired

RESEARCH TRIANGLE PARK, NC--(Marketwired - June 04, 2015) - Medical device manufacturers require significant human and financial resources to successfully launch brands in the crowded US market. While many firms opt to complete device development and commercialization entirely in-house, others look to partnerships or acquisitions to move their brands from the laboratory into doctor or patient hands.

A new report from primary intelligence provider Cutting Edge Information found that most surveyed device manufacturers (71%) prefer to keep product development in-house. However, of those products that do draw on outside resources, device classification impacts these interactions. Among surveyed companies supporting Class 2 devices, 23% report developing these products via joint ventures or collaborations with other stakeholders; only 12% report development via acquisitions. For surveyed firms that support Class 3 devices, a larger percentage looks to acquisitions (19%) over collaboration (6%).

"Medical device companies have to draw on a number of resources to complete product development and commercialization," said Victoria Cavicchi, research analyst at Cutting Edge Information. "For many organizations, these resources -- whether technological or personnel expertise -- may already be in-house. Other manufacturers may look outside to drive development -- either to partnerships for commercializing promising brands or acquisitions to fill in product portfolio gaps."

Surveyed Top 10 device companies are more likely to support products via collaboration or acquisitions, likely because they have the funds to do so. Of surveyed Top 10 firms, 80% supported brand development via external means-significantly higher than the overall 29%. "Medical Device Development: Benchmarking Early-Stage Product Management and Promotion," available at http://www.cuttingedgeinfo.com/research/marketing/medical-devices/, explores the resources and best practices necessary to support new product planning and commercialization for US-based medical device launches. This report includes:

For more information about medical devices and US-based commercialization, please visit http://www.cuttingedgeinfo.com/research/marketing/medical-devices/.

CONTACT: Rachel Shockley Marketing Team Leader Cutting Edge Information 919-433-0211 NEXT ARTICLE

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