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Medical Device Business Plan Template

Written by Dave Lavinsky

Medical Device Business Plan

Medical Device Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical device companies.

If you’re unfamiliar with creating a medical device business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a medical device business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your medical device business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a medical device business or grow your existing medical device company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your medical device business to improve your chances of success. Your medical device business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Medical Device Businesses

With regards to funding, the main sources of funding for a medical device business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for medical device companies.

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How to write a business plan for a medical device business.

If you want to start a medical device business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your medical device business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of medical device business you are running and the status. For example, are you a startup, do you have a medical device business that you would like to grow, or are you operating an established medical device business that you would like to sell?

Next, provide an overview of each of the subsequent sections of your plan.

  • Give a brief overview of the medical device industry.
  • Discuss the type of medical device business you are operating.
  • Detail your direct competitors. Give an overview of your target customers.
  • Provide a snapshot of your marketing strategy. Identify the key members of your team.
  • Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of medical device business you are operating.

For example, you might specialize in one of the following types of medical device businesses:

  • Class 1 medical device: This type of medical device is one that poses low risk to end-users and does not have too many regulatory controls. Stethoscopes and tongue depressors are some examples of Class 1 medical devices.
  • Class 2 medical device: This type of medical device could pose higher risk to end-users than Class 1, thus requiring the company to submit a Premarket Notification 510(k) form to the FDA before the product can be sold. Examples of Class 2 medical devices include catheters and surgical tools.
  • Class 3 medical device: This type of medical device poses more of a risk to the end-user than Class 1 or Class 2 devices. For this reason, companies selling Class 3 devices must go through a more stringent FDA approval before the product can be sold. Examples of Class 3 devices include cochlear implants and pacemakers.

In addition to explaining the type of medical device business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of customers served, the number of products sold, or reaching $X amount in revenue, etc.
  • Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the medical device industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the medical device industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your medical device business plan:

  • How big is the medical device industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential target market for your medical device business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your medical device business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of medical device business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other medical device businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes alternative medical devices and other types of medical device retailers. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

  • What types of customers do they serve?
  • What type of medical device business are they?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you make it easier for customers to acquire your product?
  • Will you offer products or services that your competition doesn’t?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a medical device business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of medical device company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide surgical instruments, implants, or test kits?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products you offer and their prices.

Place : Place refers to the site of your medical device company. Document where your company is situated and mention how the site will impact your success. For example, is your medical device business located in a busy retail district, a business district, a standalone building, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your medical device marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

  • Advertise in local papers, radio stations and/or magazines
  • Reach out to websites
  • Distribute flyers
  • Engage in email marketing
  • Advertise on social media platforms
  • Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your medical device business, including answering calls, meeting with potential customers, scheduling shipments, billing customers and collecting payments, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth customer, or when you hope to reach $X in revenue. It could also be when you expect to expand your medical device business to a new city.  

Management Team

To demonstrate your medical device business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing medical device businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a medical device business.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you keep 300 devices on-hand and will sell and restock your inventory every 3 months? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your medical device business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a medical device business:

  • Cost of equipment and office supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your business location lease or a list of medical devices in your inventory.  

Writing a business plan for your medical device business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the medical device industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful medical device business.  

Medical Device Business Plan FAQs

What is the easiest way to complete my medical device business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your medical device business plan.

Where Can I Download a Medical Device Business Plan PDF?

You can download our medical device business plan PDF here. This is a business plan template you can use in PDF format.

How Do You Start a Medical Device Business?

Starting a medical device business is easy with these 14 steps:

  • Choose the Name for Your Medical Device Business
  • Create Your Medical Device Business Plan
  • Choose the Legal Structure for Your Medical Device Business
  • Secure Startup Funding for Medical Device Business (If Needed)
  • Secure a Location for Your Business
  • Register Your Medical Device Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Medical Device Business
  • Buy or Lease the Right Medical Device Business Equipment
  • Develop Your Medical Device Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Medical Device Business
  • Open for Business

Don’t you wish there was a faster, easier way to finish your Medical Device business plan?

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business planning consultant can create your business plan for you.

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Medical Device Business Plan

NOV.06, 2023

Medical Device
 Business Plan

Medical Device Business Plan Sample

A medical device business plan is a document that outlines how to start and run a successful company that produces and sells products that diagnose, treat, or prevent diseases or injuries. Navigating the vast and expanding medical device sector presents thrilling opportunities alongside complex hurdles. A well-crafted business plan illuminates the route to success. Articulate your vision, milestones, tactics, and budgetary forecasts.

A business plan should also demonstrate how you will stand out from the crowd, satisfy users, adhere to regulations, and uphold ethical standards. A medical billing business plan is a specific type of medical device business plan that focuses on how to provide billing and coding services for healthcare providers.

In this article, we will provide you with a medical device business plan sample that you can use as a template or a reference for your business plan. We will cover the following sections:

  • Executive Summary
  • Company Overview
  • Industry Analysis
  • Customer Analysis
  • Competitive Analysis
  • Marketing Plan
  • Operations Plan

Management Team

  • Financial Plan

Executive Summary Section of Our Medical Device Business Plan

Business overview.

Medix is a medical device company that develops and sells innovative and affordable devices for diabetes management. We aim to enhance the well-being and health results of those managing diabetes. We aim to offer user-friendly and dependable products that assist in tracking and regulating blood sugar levels.

Products and Services

Medix offers two main products:

  • Medix Glucometer – A smart glucose meter that connects to a mobile app via Bluetooth and provides accurate and instant readings of blood glucose levels.
  • Medix Patch – A wearable patch that continuously measures blood glucose levels through the skin without needing finger pricks or test strips.

Customer Focus

Medix focuses on serving people with diabetes, seeking convenient and affordable solutions to manage their condition. According to the IDF Diabetes Atlas 10th edition report , 537 million adults (20-79 years) live with diabetes – 1 in 10. Experts predict that this number will rise to 643 million by 2030 and 783 million by 2045. Therefore, there is a huge demand for effective and accessible diabetes care products.

Leo Clark and Aria Bennett, two experienced entrepreneurs with biomedical engineering and business administration backgrounds, founded Medix. Leo is the CEO and head of product development, while Aria is the COO and head of marketing and sales. A team of qualified engineers, designers, developers, marketers, salespeople, and advisors supports them.

Success Factors

Medix has several competitive advantages that will enable it to succeed in the medical device industry:

  • Innovation with cutting-edge technology to create novel devices
  • High standards of quality and safety in every aspect of devices
  • Customer satisfaction by providing user-friendly devices
  • Social impact by addressing a major health problem globally

Financial Highlights

Medix seeks $5 million in seed funding to launch its products and scale its operations. The company projects to generate $1.2 million in revenue in the first year, $3.6 million in the second year, and $10.8 million in the third year, with a gross margin of 60% and a net profit margin of 20%. The company expects to break even in the second year and reach a valuation of $50 million by the end of the third year.

Company Overview Section of Our Medical Device Sales Business Plan

sample business plan for medical device sales

Who is Medix Medical Supply?

Medix dedicates itself to developing and selling innovative, affordable, and reliable devices for diabetes management. Our products help people with diabetes to monitor and control their blood glucose levels with ease and effectiveness, leading to better health outcomes and an improved quality of life.

Medix Medical Supply History

Medix is a company that provides innovative solutions for diabetes care. It was founded by Leo Clark and Aria Bennett in 2023, who both personally experienced the challenges and frustrations of living with diabetes. These challenges included frequent finger pricks, expensive test strips, inaccurate readings, and complicated insulin injections.

They started Medix with their personal funds and an incubator grant to address these issues. Medix developed two products – the Medix Glucometer and the Medix Patch – to make diabetes monitoring and treatment easier, more accurate, and more affordable.

The Medix products have received regulatory approvals from the Food and Drug Administration (FDA) and the European Medicines Agency (EMA). They are now ready for launch in the US and European markets. For more information, please refer to our dentistry business plan .

Legal Structure

Medix, an LLC registered in Delaware, USA, has obtained ownership by Leo Clark (60%) and Aria Bennett (40%). Additionally, the company has applied for a patent for its products in the US Patent and Trademark Office (USPTO).

Industry Analysis Section of Our Medical Device Business Plan

The medical device industry is one of the world’s most innovative and dynamic sectors. Fortune Business Insights reported that the global medical device market was valued at $512.29 billion in 2022 and can grow from $536.12 billion in 2023 to $799.67 billion by 2030, at a CAGR of 5.9%.

The medical device industry is driven by several factors, such as:

  • The increasing prevalence of diseases and the aging population
  • The rising demand for minimally invasive and personalized treatments
  • The advancement of technology and digitalization
  • The emergence of new markets and segments

Customer Analysis Section of Our Medical Supply Business Plan

Demographic profile of target market.

Medix’s target market is the US market, which ranks third for the highest number of people with diabetes. We target diabetic people looking for convenient, affordable solutions to manage their condition. 

According to the National Diabetes Statistics Report by CDC, here are some interesting stats about why the US market is best for Medix:

  • 37.3 million people have diabetes (11.3% of the US population)
  • 28.7 million people are diagnosed, including 28.5 million adults
  • 8.5 million people are undiagnosed (23.0% of adults)
  • 96 million people aged 18 years or older have prediabetes (38.0% of the adult US population)
  • 26.4 million people aged 65 years or older (48.8%) have prediabetes

The demographic profile of our target market is as follows:

  • Age – We target all ages, mainly the young and middle-aged, who are tech-savvy and have more money to spend. A CDC report says 34.1 million adults aged 18 years or older—or 13.0% of all US adults—have diabetes.
  • Gender – We target both males and females, as diabetes does not discriminate by gender. A NIDDK (NIH) report says a higher percentage of men (41%) than women (32%) have prediabetes.
  • Income – We target all income levels, mainly the low and middle-income who need better healthcare solutions. An NCBI (NIH) report says 80% of the adults worldwide with diabetes live in low- and middle-income countries (LMICs).

Customer Segmentation

Based on our market research and customer feedback, we have identified four main customer segments for our products:

  • Segment A – Tech-savvy innovators who value quality, performance, and convenience. They share their views online.
  • Segment B – Cost-conscious buyers who seek affordable and effective products. They trust their peers’ recommendations.
  • Segment C – Health-conscious improvers who want products that motivate and support them. They join online health communities.
  • Segment D – Compliance-driven users need products that ensure safety, security, and simplicity. They depend on their health providers and caregivers.

The table below summarizes our findings:

Based on the table, we have decided to target segments A and B as our primary segments, and segments C and D as our secondary segments.

Competitive Analysis Section of Our Medical Equipment Producer Business Plan

Direct and indirect competitors.

Our direct competitors are other medical device companies that offer similar or substitute surgical medical equipment for diabetes management. Some of the major players in this category are:

1. Abbott – A global healthcare company that offers a range of products for diabetes care with mobile apps for real-time data and insights.

  • Strong brand recognition
  • Global presence
  • Innovation capabilities
  • Customer loyalty

Weaknesses:

  • Limited availability
  • Technical issues

2. Dexcom – A medical device company specializing in CGMs for diabetes management. These devices use sensors to record and transmit data to a receiver or a smartphone.

  • High accuracy
  • Reliability
  • Convenience
  • Customer satisfaction
  • Short sensor lifespan
  • Skin irritation

3. Medtronic – A medical technology company that offers a range of durable medical equipment for diabetes care, such as insulin pumps, CGMs, and APSs. The system connects to a mobile app to monitor and control settings.

  • Leadership position
  • Advanced technology
  • Clinical evidence
  • Customer support
  • Safety concerns
  • Regulatory hurdles
  • Competition

Our indirect competitors are other healthcare providers or solutions that offer alternative or complementary ways to manage diabetes, such as medications, diet plans, exercise programs, coaching services, etc. Refer to our hospital business plan to learn more.

Competitive Advantage

Medix’s unique value proposition and competitive advantage over its competitors are:

  • Medix is more innovative
  • Medix is more convenient
  • Medix is more versatile
  • Medix is more affordable
  • Medix is more user-friendly

Marketing Plan Section of Our Medical Device Business Plan

Promotions strategy.

We will promote our products using online and offline channels to attract and retain customers. Our promotional mix consists of:

  • Advertising – Online platforms (e.g., Google Ads, Facebook Ads) and offline media (e.g., newspapers, billboards) to deliver relevant and engaging messages.
  • Public Relations – Press releases, media interviews, podcasts, webinars, etc., to generate positive publicity and exposure. Social media platforms (e.g., Facebook, Twitter) to interact and communicate with customers and stakeholders.
  • Sales Promotion – Discounts, coupons, free samples, free trials, referrals, loyalty programs, etc., to stimulate sales and repeat purchases. Contests, sweepstakes, giveaways, etc., to create excitement and buzz.
  • Personal Selling – Direct sales, telemarketing, email marketing, etc., to contact and persuade customers to buy our products. Online platforms (e.g., Amazon, eBay, Shopify) to sell our products directly.

We will use a value-based pricing strategy that reflects the value and benefits of our products and our competitive advantage. We will also offer competitive pricing that matches or undercuts our competitors’ prices.

We will charge $100 for each Medix Glucometer and $50 for each Medix Patch. We will also generate recurring revenue from the sales of test strips ($0.5 each) and insulin cartridges ($10 each). We estimate that each customer will use an average of 100 test strips and 12 insulin cartridges per year.

Operations Plan Section of Our Medical Device Business Plan

Operation functions.

We do these core activities to offer our products and services to our customers:

  • Product Development – We research, design, test, and improve our products using agile methods, customer feedback, market trends, and tools like GitHub, Jira, Figma, etc.
  • Manufacturing – We produce our products on a large scale and high quality by outsourcing to a reliable contract manufacturer.
  • Distribution – We deliver our products to our customers quickly and cheaply using direct and indirect channels in different regions or countries.
  • Customer Service – We support and assist our customers before, during, and after their purchase using various channels and methods.

Milestones and Timeline

We have these specific goals and objectives to track our progress and success in our operation functions:

  • June 2024: Complete R&D, testing, prototyping of products
  • September 2024: Obtain regulatory approvals and certifications
  • December 2024: Launch marketing campaign and product launch in the US
  • March 2025: Market research for Europe entry
  • December 2025: Launch Europe marketing, market entry
  • March 2026: Invest in production capacity
  • June 2026: Expand manufacturing workforce
  • December 2026: Evaluate production, increase to 100k units/month

Management Team Section of Our Medical Device Business Plan

Founders and co-founders.

Leo Clark, a biomedical engineer with type 1 diabetes, and Aria Bennett, the daughter of a type 2 diabetic and a business administrator, founded Medix. Leo is responsible for the product development function, while Aria leads the marketing and sales function. Both have several years of experience working in their respective fields and personal and professional experience with diabetes.

Other Key Team Members

  • Alice Lee – Our chief engineer
  • Bob Chen – Our chief developer
  • Carol Wang – Our chief designer
  • Dave Jones – Our chief marketer
  • Emma Smith – Our chief salesperson

Financial Plan Section of Our Medical Device Business Plan

Key revenue and costs.

Medix’s main sources of revenue, along with pricing, are:

  • Medix Glucometer – $100 for each Glucometer
  • Medix Patch – $50 for each Patch
  • Test Strips – $0.5 for each test strip
  • Insulin Cartridge – $10 for each cartridge

We estimate that each customer will use an average of 100 test strips and 12 insulin cartridges per year.

Medix’s main categories of expenses are:

  • Cost of Goods Sold (COGS) – Our main cost of goods sold is the cost of materials, components, parts, and additional supplies. We estimate that the COGS per unit is $40 for the Medix Glucometer, $20 for the Medix Patch, $0.1 for the test strip, and $2 for the insulin cartridge.
  • Operating Expenses (OPEX) – Our main operating expenses are the costs we incur for running and operating our business, such as salaries, rent, utilities, marketing, advertising, R&D, etc. Our OPEX will be 40% of our revenue in the first year, 35% in the second year, and 30% in the third year.

Funding Requirements and Use of Funds

Funding Requirements – We seek $5 million in seed funding to launch our products and scale our operations. We have already raised $500,000 from our savings and a small grant from a local incubator. We need an additional $4.5 million to cover our expenses for the next 18 months until we reach the break-even point.

Use of Funds – We will use the funds for the following purposes as highlighted in the below chart:

Projected use of funds of medix - Medical Device Business Plan Sample

Key Assumptions

  • Market size for our products is 10% of the total number of people with diabetes in the US and Europe
  • Market share is projected to grow from 107,000 customers in 2024 to 444,000 customers in 2026
  • Sales volume is projected to grow from 321,000 units in 2024 to 1.33 million units in 2026
  • Gross margin is projected to be 60% in all three years
  • Net margin is projected to grow from 20% in 2024 to 30% in 2026

Financial Projections

Based on the above assumptions, we have prepared the following financial projections for the next three years:

Income Statement

Projected Income Statement for Medix - Medical Device Business Plan Sample

OGSCapital – Your Partner for Medical Device Startup Success

With over a decade of experience, at OGSCapital, we have helped various entrepreneurs craft winning business plans. Our consultants provide end-to-end support – from market research and competitor analysis to realistic profitability forecasts. We understand the medical device industry inside-out, including regulations, manufacturing, and distribution.

Whether you need help with your hospital feasibility study , medical equipment manufacturing business plan, or medical supply store business plan, we tailor our approach to your specific product and goals. Partner with us to launch your startup on the path to profitability and rapid growth.

Frequently Asked Questions

How to start a medical device business.

A strategic business plan is a key ingredient in a startup medical device company. But that alone won’t cut it – the company also requires a talented group of professionals, structured product development procedures, a plan for meeting regulatory guidelines, and effective marketing tactics. A distributor or a medical equipment supplier can help distribute the devices.

How profitable are medical devices?

The medical equipment industry is booming with high growth potential. The average operating margin for medical equipment and supplies companies averages 2.87%. The medical device market will grow at a CAGR of 5.5% to 5.9% from 2022 to 2030.

How do I market my medical device?

As highlighted in our Medical Clinic Business Plan , some popular marketing channels to market a medical device include online platforms, social media, trade shows, conferences, webinars, publications, referrals, and testimonials. A medical equipment rental company can also help market the device.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

sample business plan for medical device sales

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Medical Device Business Plan Template

Written by Dave Lavinsky

Medical Device Business Plan

You’ve come to the right place to create your Medical Device business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Medical Device businesses.

Below is a template to help you create each section of your Medical Device business plan.

Executive Summary

Business overview.

MediTech LLC is a medical device company that sells Class I medical devices to hospitals, clinics, and other establishments in the medical industry. We manufacture a long list of devices including surgical instruments, syringes, and bandages. We know that patients can’t receive quality care if medical professionals don’t have good tools. Therefore, our mission is to provide the best medical devices in the industry so that all hospitals and clinics can provide the best care possible.

MediTech LLC is founded by Sarah Nelson. Sarah has considerable experience as a surgeon and used hundreds of medical devices throughout her career. She knows exactly what it takes to make high quality medical products and has made it her mission to create the best medical devices in the industry. Her expertise and knowledge of the industry will give us a considerable advantage over the competition.

Product Offering

MediTech LLC sells a long list of Class I medical devices. Class I medical devices are low risk devices and are unlikely to cause any harm to users. These include bandages, surgical tools, bedpans, gloves, and surgical masks. Our product list will grow and change depending on which devices are in high demand.

Customer Focus

MediTech LLC will primarily serve hospitals, clinics, and other medical organizations. Some products will be sold in stores to the public, including bandages, gloves, and face masks.

Management Team

MediTech LLC was founded by Sarah Nelson, a licensed and experienced surgeon. While working in the medical industry, she was frustrated by the quality of the medical devices she used. Her hospital routinely purchases low quality devices to save costs and this would affect the quality of her care. She researched what it would take to make higher quality versions of these products and decided to start a company that provides better quality devices for an affordable cost.

Success Factors

MediTech LLC will be able to achieve success by offering the following competitive advantages:

  • We will provide the best quality medical devices in the industry. Our devices will help improve the quality of care that our clients give their patients.
  • MediTech will price all of its products moderately so all of our clients and customers can afford them.
  • Our founder has years of experience as a surgeon in the medical industry, bringing a vast amount of medical knowledge to the table. This will help us create perfect medical devices and products that all medical professionals will be eager to use.

Financial Highlights

MediTech LLC is currently seeking $1,400,000 to launch. The funding will be dedicated to the facility build out, purchase of initial equipment, working capital, marketing costs, and startup overhead expenses. The breakout of the funding is below:

  • Facility design/build: $500,000
  • Equipment: $200,000
  • Six months of overhead expenses (payroll, rent, utilities): $400,00
  • Initial supplies and inventory: $100,000
  • Marketing and advertising: $100,000
  • Working capital: $100,000

The following graph below outlines the pro forma financial projections for MediTech LLC.

MediTech LLC Pro Forma Financial Projections

Company Overview

Who is meditech llc.

MediTech LLC sells high-quality Class I medical devices to the medical industry. Our management team knows from experience that patients can’t receive the best care possible if physicians aren’t using the best tools. However, many medical organizations order lower quality devices in order to save on costs. At MediTech LLC, we are committed to making the best medical devices in the industry that are more affordable than the competition.

  MediTech LLC produces a long list of medical devices for the medical industry. These include bandages, surgical masks, gloves, surgical instruments, and bedpans. All of our products are Class I devices, meaning they present a low risk to the user.

MediTech LLC is founded by Sarah Nelson. Sarah has considerable experience as a surgeon and used hundreds of medical devices throughout her career. She knows exactly what it takes to make high quality medical products and has made it her mission to create the best medical devices in the industry. Her expertise and connections in the industry will ensure that MediTech LLC achieves its mission.

MediTech LLC History

Sarah Nelson founded and incorporated MediTech LLC as an LLC in June 2023. Though the company is currently running out of a small rented office, it will move to a large warehouse once the lease is finalized.

Since incorporation, MediTech LLC has achieved the following milestones:

  • Developed the company’s name, logo, and website
  • Determined equipment and fixture requirements
  • Identified and established relationships with potential clients and suppliers
  • Begun recruiting key employees

MediTech LLC Services

MediTech LLC manufactures and sells Class I medical devices. These include (but are not limited to) the following:

  • Surgical instruments
  • Non-electric wheelchairs
  • Stethoscopes
  • Surgical masks

Industry Analysis

The medical industry is dependent on the access to high-quality medical devices and products. From gloves and masks to EKG machines, every device used in the care of patients needs to be high quality and always in working order. Devices that are poor quality or don’t work properly can cause significant problems when being used to care for patients.

Medical devices are categorized into three classes. Class I devices are devices that pose very little risk to the user. These items include bandages, surgical instruments, and gloves. Class II devices are intermediate risk devices. These include intravenous pumps and CT machines. Class III devices are high risk and require a great amount of regulation. These devices are also critical to sustaining life. These include pacemakers and brain stimulators.

According to Fortune Business Insights, the medical device industry is valued at $539 billion and is expected to grow at a CAGR of 5.9%. Medical devices are constantly in high demand and are essential for the success of the medical industry. Therefore, now is a great time to start a new medical device company.

Customer Analysis

Demographic profile of target market, customer segmentation.

The company will primarily target the following customer segments:

  • Medical clinics

Competitive Analysis

Direct and indirect competitors.

MediTech LLC will face competition from other companies with similar business profiles. A description of each competitor company is below.

Smith & Smith

Smith & Smith is a large corporation that sells thousands of products, including cosmetics, hygiene products, and certain medical devices. The medical devices they primarily produce include bandages, ointments, and low risk surgical and physician instruments. They sell many of their products to the general public (such as simple wound care devices) but also sell some devices to the medical industry. They will be a major competitor since they sell primarily Class I devices. However, they currently do not produce as many medical devices as MediTech LLC plans to produce, which gives us an advantage in the market.

MedMonitor is a medical device company that manufactures Class III medical devices. Some of their products include breast implants, pacemakers, implanted prosthetics, and defibrillators. They do sell some Class I and Class II products, such as gloves, wound care items, and surgical masks, but they are not a major manufacturer of these products. As such, we expect that MedMonitor will only be a minor competitor in the market.

MedSource is the source for most of the medical industry’s Class II medical devices. They produce a long list of devices including syringes, testing kits, contact lenses, and blood pressure cuffs. They do produce some products that can be categorized as Class I devices, but their product list does not overlap too much with ours. As such, we expect that MedSource will only be a minor competitor.

Competitive Advantage

MediTech LLC enjoys several advantages over its competitors. These advantages include the following:

  • Management : Sarah Nelson has been extremely successful working in the medical industry and will be able to use her previous experience to design and manufacture the best medical devices in the industry.
  • Relationships : Sarah knows many of the local leaders, business managers, and other influencers in the medical industry. These relationships will help her have access to quality materials and create an initial clientbase.
  • Affordability : Thanks to Sarah’s connections within the industry, we are able to access high-quality materials for our products for an affordable cost. As a result, we can price all our products more moderately than the competition.

Marketing Plan

Brand & value proposition.

The MediTech LLC brand will focus on the company’s unique value proposition:

  • High quality medical devices
  • Affordable pricing
  • Client-focused service

Promotions Strategy

The promotions strategy for MediTech LLC is as follows:

Social Media Marketing

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. MediTech LLC will use social media to develop engaging content in terms of the company’s product offerings. Engaging with prospective consumers and businesses on social media platforms like Facebook, Instagram, Twitter, and LinkedIn will also help understand changing customer needs.

Website/SEO

MediTech LLC will invest in developing a professional website that displays all of the products offered by the company. It will also invest in SEO so that the company’s website will appear at the top of search engine results.

Direct Mail

MediTech LLC will blanket businesses with direct mail pieces. These pieces will provide general information on MediTech LLC, offer discounts, and/or provide other incentives for companies to buy our products.

Advertisement

Advertisements in print publications like newspapers, magazines, etc., are an excellent way for businesses to connect with their audience. MediTech LLC will advertise its products in popular magazines and news dailies. Obtaining relevant placements in industry magazines and journals will also help in increasing brand visibility.

MediTech LLC’s pricing will be moderate, so clients feel they receive great value when purchasing our products.

Operations Plan

The following will be the operations plan for MediTech LLC. Operation Functions:

  • Sarah Nelson will be the CEO of MediTech LLC. She will oversee the general operations and executive aspects of the business.
  • Sarah is joined by Rebecca Smith who will act as the warehouse manager. She will train and manage the staff as well as oversee general production of our products.
  • Sarah will hire an Administrative Assistant, Marketing Manager, and Accountant, to handle the administrative, marketing, and bookkeeping functions of the company.
  • Sarah will also hire several employees to manufacture our products and maintain the equipment and machinery.

Milestones:

MediTech LLC will have the following milestones completed in the next six months.

  • 02/202X Finalize lease agreement
  • 03/202X Design and build out MediTech LLC
  • 04/202X Hire and train initial staff
  • 05/202X Kickoff of promotional campaign
  • 06/202X Launch MediTech LLC
  • 07/202X Reach break-even

Sarah Nelson is a former surgeon who is familiar with the most popular medical devices in the industry. She knows better than anyone that low quality products means low quality care for patients. As a surgeon, she was often disappointed with the quality of the medical devices she used. Her hospital would routinely choose the cheapest options to save costs. This resulted in more problems and low quality care being delivered to her patients. She is now passionate about starting her own company that provides high quality medical devices for an affordable cost.

Though Sarah has never run a business of her own, she has worked in the medical industry long enough to gain an in-depth knowledge of the operations (e.g., running day-to-day operations) and the business (e.g., staffing, marketing, etc.) sides of the industry. She will also hire several professionals to help her run other aspects of the business she is unfamiliar with.

Financial Plan

Key revenue & costs.

The key revenues for MediTech LLC will come from the sale of our medical devices and products.

The major cost drivers for the company will include manufacturing costs, overhead expenses, labor expenses, and marketing costs.

Funding Requirements and Use of Funds

  • Six months of overhead expenses (payroll, rent, utilities): $400,000

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

  • Number of wholesale contracts:
  • Year 5: 100
  • Average order value: $5,000

Financial Projections

Income statement, balance sheet, cash flow statement, medical device business plan faqs, what is a medical device business plan.

A medical device business plan is a plan to start and/or grow your medical device business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Medical Device business plan using our Medical Device Business Plan Template here .

What are the Main Types of Medical Device Businesses? 

There are a number of different kinds of medical device businesses , some examples include: Class 1 medical device, Class 2 medical device, and Class 3 medical device.

How Do You Get Funding for Your Medical Device Business Plan?

Medical Device businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Medical Device Business?

Starting a medical device business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Medical Device Business Plan - The first step in starting a business is to create a detailed medical device business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your medical device business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your medical device business is in compliance with local laws.

3. Register Your Medical Device Business - Once you have chosen a legal structure, the next step is to register your medical device business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your medical device business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Medical Device Equipment & Supplies - In order to start your medical device business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your medical device business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful medical device business:

  • How to Start a Medical Device Company

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Medical Sales 30-60-90 Day Plan: An Overview and Examples

3 min read 1 Comment

Medical Sales 30-60-90 Day Plan: An Overview and Examples

A commonly overlooked component of the medical sales interview process is the development of a  30-60-90 Day Plan tailored specifically to medical sales.

In this article, we'll review what a 30-60-90 Day Plan is, how to structure it specifically for medical sales, and finally, conclude with some examples.

What is a  30-60-90 Day Plan?

It is highly recommended that you complete a 30-60-90 Day Plan for each role you apply to in medical sales.  The purpose of this document is to outline what you plan to accomplish during your first 30 days, 60 days, and 90 days on the job. The action plan that you set forth needs to strike a balance between being ambitious yet realistic.

The Recruiter or Hiring Manager will most likely not ask you for the 30-60-90 Day Plan outright during the recruiting process.  Why?  It is often implied that the interviewee applying for a sales role knows to craft it. Secondly, the Hiring Manager wants to see if you take the initiative to go the extra mile to secure the role. 

Prior to your first round interview with the Hiring Manager, send across a PowerPoint or Microsoft Word document containing your 30-60-90 Day Plan to demonstrate that you are:

  • Proactive go-getter
  • A logical thinker who has a concrete plan to hitting your numbers
  • Clear on the expectations of the role

 Your plan should focus on addressing the following:

  • Administrative Tasks
  • Relationship Development
  • Knowledge Development (products, accounts, industry)
  • Opportunity Identification
  • Risk Mitigation

Each action point that you set forth in your plan should address one of the following points above.

The Structure of the Plan

The structure of your plan is flexible; however, we recommend that you include 5 subsections: 

Medical Sales 30 60 90 Day Plan

Let's dive deeper into each section:

Fiscal Year Goals

This section describes 2-3 action points that you plan to accomplish during the first fiscal year on the job. Your fiscal year goals should be ambitious yet practical.

Examples include:

  • Finish the year at [XXX] % to plan
  • Gain a comprehensive understanding of surgical techniques, instruments, and trays

Five Year Goals

This section describes 2-3 action points that you plan to accomplish during the five years on the job. Ideally, this section should focus on aggressive growth — sales growth and professional growth.

  • Attain quota [Years] out of [Years] years
  • Grow market share so that [Territory Name] is a top performing territory in the [Division Name] division

30 Day Plan

30 Day Plan should be actionable and realistic for the first month on the job. List out 5-7 bullet points or short sentences in this section. We recommend that you focus on addressing quick wins — training, administrative, and unfinished deals. Furthermore, you should focus on familiarizing yourself with your products, accounts, and surgeons (or purchaser).

  • Force rank accounts based on FY [XX] projected revenue
  • Profile Surgeons in territory — compile education, certifications, awards

60 Day Plan

60 Day Plan focus on following through, cementing relationships, and identifying opportunities.  List out 5-7  bullet  points or short sentences in this section. W e recommend that you piece together a prospecting plan outlining: key targets, clinical messaging, follow up schedule, and objection handling.

  • Quantify prospecting model to determine:
  • # of cases per surgeon per month
  • Average # of trials per successful close
  • Design competitive defense plan identifying surgeons that require the most service

90 Day Plan

Your 90 Day Plan should be laser-focused on zeroing in on closing deals.  List out 5-7  bullet  points or short sentences in this section.  You should outline how to plan to convert competitor accounts to your products and how you plan to follow up on leads. Additionally, include verbiage on how you plan to continue to build upon your current account and industry knowledge.

  • Grow market share at existing accounts:
  • Develop pricing proposals and pricing incentives (eg: consignments, discounts)
  • Identify cross-selling opportunities
  • Continue to advance Clinical Knowledge
  • Stay current with new surgical techniques by watching procedures online for [Surgery #1] , [Surgery #2] , and [Surgery #3]

For more details, templates, and examples for each section of the 30-60-90 Day Plan, view our Breaking Into Medical Sales All-In Course .

Megan Moore

Megan Moore

August 13, 2022

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  • Medical Device Sales Strategy & Tips

medical device sales strategy tips

Medical device sales is a versatile line, and you need to be proactive to close the deals. The medical device sales strategies have gone through massive changes, even though the basic principles remain the same.

The 7 Medical Device Sales Strategy You Need to Know to Get More Conversions

1. build a strong network.

Medical sales is largely dependent on building a strong network of potential buyers. You should attend all conferences and seminars in the medical device sales field and speak to the participants and audiences. Try to chat up with important decision-makers who might influence a deal.

You can also hook on to social media, especially LinkedIn, to grow your professional network. The platform even makes it easy to track the key decision-makers in a company you need to approach.

Reconnect and engage with your existing network to build long-term relationships. Marketing your healthcare product to your network can be more effective in increasing sales than approaching strangers. 

2. Never Miss on Follow-Ups

Landing an appointment with your desired contact is a tough job. So, when you succeed in doing that, make all efforts to make the deal happen.

Statistics show that  80% of deals need at least 5 follow-up calls  after the first meeting. However, 44% of medical representatives quit after a single follow-up.

Staying in touch with your prospect and influencing him subtly are subtle medical device sales tactics for deal closure. Engage your prospects with the right materials, resources, and presentations to make your products stand out. 

Push through the deal and capitalize on follow-ups for more sales. 

3. Make the Most of Email Marketing

Emails are 40-times more effective in bringing in new customers compared to Twitter or Facebook. In medical sales, emails take special importance as prospective clients are always busy. Doctors, surgeons, clinics, and hospitals deal with patients all day and have almost no time to attend to sales reps.

In such a scenario, emails can save the day and help you connect with your potential client. Your prospects can read the email in their free time, take time to consider the matter, and get back to you when it’s convenient. 

Don’t forget to personalize the emails for the most impact. You can also use an online email automation tool or a CRM like LeadSquared to save time, increase efficiency, and convert more leads. 

Pro tip: Combine your email marketing with social media marketing. Create official company pages, share posts, engage in related groups, and improve communication with prospects for more leads and conversions.

4. Adopt the Storytelling Method

Only  5% of people remember the statistics  after a presentation. However, 63% of people retain the stories told. What does this tell you?

Sales reps who adopt a storytelling approach to selling get more success than their peers. Statistics are obviously important, but you need to weave them with benefits. 

For instance, medical sales representatives can tell a doctor, “Our machine can increase efficiency by 20% and improve clinical outcomes by 15%.” But as we saw, the statistics may not be remembered by your prospect. 

A better approach would be through storytelling. The same sentence could become something like-” Our machines increase efficiency by 20% and help you save overheads and operational costs. It also helps your patients reduce symptoms and pain by 15%.”

Which one of the above two statements you think is more memorable?

5. Don’t Be Shy to Ask for Referrals

You might be surprised to know that 91% of customers are ready to give referrals. What’s more surprising is, only 11% of medical sales representatives ask for them!

Now that you know the secret, go ahead and ask every client to give some referrals. You can even ask for referrals from clients that didn’t convert. Even if they didn’t find your product useful, they might know someone who may!

It pays to be direct when you ask for referrals. The worst you can face is a single, “no.” So there’s no harm in being direct.

6. Be Ready for Complex Conversations

Medical device sales is a complex field. You should always be ready for difficult conversations, and do your homework to prove your knowledge. 

Knowing your product is essential, but not the only requirement. You also need to know and understand your buyer. 

Take the time to study your target hospital or clinic to discover unique pain points. This will give you the insights to align your product or service with that of your prospect. Some of the important things to look out for include-

  • Volume of diagnoses
  • Amount of procedures 
  • Quality measure performance
  • Outcome of treatments

Your sales reps should also be on top of the latest market developments and trends. Healthcare is an evolving field, and you need to keep yourself updated all the time. 

7. Empower Your Medical Sales Representatives with Resources

Medical sales representatives nowadays use mobiles and tablets to pith their products to doctors or physicians. Adopting this medical sales tip makes a big difference, and helps convince your prospects better. 

In this regard, videos are proving to be too effective. Consider the following-

sample business plan for medical device sales

Using videos to generate awareness and highlight the benefits of your product can work wonderfully to increase sales. Videos also form a better understanding and help medical sales representatives explain complicated topics more easily. 

Consider a Reliable HIPAA Compliant CRM

CRMs help you get and convert more leads. You can track and nurture each prospect, get autosuggestions on the next steps, and never miss a follow-up. 

LeadSquared  is a leading CRM that enables medical businesses to boost sales and productivity. You can also speed up your sales cycles and earn more revenues and profit. It also has a mobile CRM to track the location of agents, check what medical representatives are doing, geo-fencing, and automated day plans.

Harshit Jain

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11 Effective Strategies for Medical Device Sales

April 25, 2023

In the wake of the pandemic, how we sell medical devices needs to change. Opportunities to approach healthcare providers in person shrank to a dismal level, and some offices are adjusting their policies so that they are no longer taking in-person sales meetings.

However, in an industry where professionals must constantly seek information and knowledge to succeed, adjusting their strategies to match the changing climate has opened doors and improved understanding of how to market and sell your products effectively.

Now, as hospitals begin scheduling elective and non-emergency surgeries again after being paused at the height of the pandemic, along with the technology advancements already taking place, medical devices are as in demand as ever.

How do you capitalize on this momentum? Keep reading to find out.

What Are Some Efficient Marketing Tips?

When you want to get your product on the market, whether you are a start-up or an established corporation, an outbound sales team is essential to collect and connect with prospective customers.

If the pandemic has taught us anything about working in medical device sales , it should be that inbound marketing and sales are great resources to have when attempting to reach the most significant number of prospects in the shortest time.

However, creating this content is not enough. Consider these next few steps to make yourself available online and become a trusted authority in your field that attracts interested buyers and holds onto them.

1. Design a Target Future Customer Journey

To begin selling your medical product , you must determine your buyer’s persona. The next step (often overlooked) is what you want your future customer’s buying journey to be.

This could include using a sales cadence, a specific and consistent follow-up schedule that is performed by all those in your sales team after attempting to connect with new prospects.

For many, inbound sales and marketing are the first steps when identifying potential buyers. Those in these positions should be helping to generate and nurture prospects using data-driven and personalized digital marketing.

This helps foster a trusting relationship between the company and the product before handing over this hotter and more concrete lead to the direct sales team. While marketing your product, consider the following touch points (when and how to contact your prospects):

Social Media

Social media attracts 4.6 billion people worldwide for an average of two-and-a-half hours or more daily. This means that social media is an excellent resource to help establish yourself as a recognizable and trustworthy brand between patients and providers.

**LinkedIn **

LinkedIn, a social media site known for being a professional networking stomping ground, is an excellent choice when attempting to identify and contact the decision-makers within a healthcare facility.

Busy healthcare professionals check their emails more frequently than they listen to their voicemails. This is for a straightforward reason. They can check their email in passing rather than having to dedicate time attached to a desk.

The elements of a successful email include the following:

  • An engaging subject line
  • A personalized , informative body section
  • A call to action — either a link to your website or a direct number for them to call

Phone Calls and Voicemails

Even if physicians and surgeons are more likely to see your email, this doesn’t mean they will engage with it or take further action to schedule a meeting. Instead, calling will likely provide the best ROI.

Calls convert to revenue 10 to 15 times more than web leads . Don’t be afraid to pick up the phone. Online marketability has increased, but nothing sells better than personal connection.

SMS marketing has emerged as an effective strategy for promoting medical device sales, leveraging the ubiquity and accessibility of text messaging to engage potential customers.

For example, a medical device manufacturer could send targeted, time-sensitive information regarding product launches or special offers directly to the mobile devices of healthcare professionals.

Studies indicate that SMS marketing boasts a remarkable open rate of 98% and a response rate of 45%, showcasing its potential to drive sales in the medical device industry.

2. Consider More Video Content in Your Strategy

Video content may seem expensive regarding the upfront investment, but this is one of the best ways to engage your target audience.

68% of buyers use videos to compare products, and 85% of doctors who watch professional videos online have taken action due to watching a video.

These videos should be made available not on a personal case-by-case basis but should be present where your target audience gathers: on your website, social media, and search engines.

3. Marketing and Sales Should Work Together

To ensure a successful and seamless target customer journey, you should be sure that your inbound marketing and outbound sales teams are always in communication.

Your inbound sales team is constantly collecting data, helping to identify what is working within your sales strategy and what still needs adjusting. But online data is not the only data that you should take into consideration.

Your outbound sales team is working one-on-one with prospects. They should share with marketing common pain points and help the department avoid using wording and concepts that resonate more internally than with customers.

Efficient Sales Tips

4. be willing to meet outside the office.

In 2019, only 46% of physicians were surveyed to take on location and in-person appointments with sales representatives. After the pandemic, it is now reported that 87% of healthcare professionals prefer all virtual or hybrid meetings with medical sales reps.

You must be creative and consistently follow up with practitioners to secure time within their busy schedules to speak in person about your product or solution.

5. Recognize Changes Among Decision Makers

With many physicians moving toward smaller satellite offices, it is more important than ever to tailor your pitches to physicians and non-medical administrative stakeholders.

Although your pitch may use a hybrid approach, consider creating multiple buyer personas to better prepare for questions based on these individuals’ expectations and goals.

Remember that no matter the role within the healthcare facility, most providers and administrative staff are looking to improve patient outcomes at lower costs, creating a more sustainable healthcare system.

6. Actively Seek To Expand Your Network

Regardless of where you work within sales, your job is to be an expert on your product, but your ultimate success is heavily influenced by who you know.

The more introductions you make, the more likely you will be introduced to others. Establish yourself as a personable authority figure who values relationships.

Expand your company’s brand recognition and mission by attending conferences, lectures, and other continuing education opportunities.

Ultimately, you want to work your way into attending and being invited to speak about your product in front of large audiences.

7. Be Everywhere With Your Product

Although it may seem counter-intuitive, remote might be the way to go if you are attempting to sell highly complex or more advanced products. It has been proven that the most effective way to sell your device is by allowing providers to try the technology firsthand.

If they can use it, they can see exactly how it works and how it will benefit them and their patients in real time.

However, this isn’t always possible with this equipment as it can be large, difficult to move, and costly.

You should consider the following options when trying to provide hands-on demonstrations of your product:

Medical Animation

These videos are designed to provide a ‘tour’ of your device. This includes examples of how it works down to a molecular level and the inner workings of such technology.

Augmented Reality

Augmented reality is when items are superimposed over the top of what someone can already see, integrating it into a pre-existing environment.

This can be used as a program on phones, IPads, or with Virtual Reality headsets. These devices are often much easier to take to a demonstration than the equipment.

Virtual Reality

Virtual reality is similar to augmented reality, except all images are digitally generated.

8. Know Your Product Inside and Out

When you are working with large networks of highly-intelligent individuals, the questions you are fielding will likely be vastly different based on the varying needs and concerns of those involved.

Before you enter a pitch with providers, you want to feel confident in your product knowledge. Be prepared to give concise answers to complicated questions.

Examples of questions that may be broached are:

  • Technical Specifications
  • How it works

9. Don’t Forget To Follow-Up

Identifying and contacting prospective customers starts a customer’s buying journey. If you can land a meeting with a decision maker, you should be prepared that their immediate response will be lukewarm.

They likely will require you to follow up to finalize a deal. 80% of deals need at least five follow-up calls before committing. Unfortunately, 44% of sales reps quit after one single follow-up.

Show tenacity and passion for your product, but also respect your prospects' pain points and do your best to address them as they arise, making them feel comfortable and confident in your abilities and products.

10. Position Yourself as a Trusted Authority

Your inbound marketing team should be positioning your company online as a trusted authority in the industry, but that will only take you so far. You will need to support that brand recognition when you interact with prospects.

An excellent way to do this is to ask those you are working with what their expectations are of you and your product after your pitch. This puts you in a position of service rather than selling. The answer to these questions will help you with future meetings.

To help you meet common expectations of prospects and keep up to date on medical journals, trends within the industry, and emerging technological advances.

11. Don’t Forget Customer Care

To better your long-term profitability, you should pursue new customers and continue fostering customer loyalty amongst your open accounts.

No, that doesn’t mean you have to pitch them new products or upsell them continually, but instead, be available to answer questions that may arise.

As the field of medical device sales continues to evolve, so do the roles and requirements you will be asked to do — including moving from simply sales to more of a consultant.

Referrals are one of the most underused tools within a sales team's toolbox. While 91% of current customers have expressed that they would give referrals if asked, only 11% of sales reps actually do so.

You have worked hard to establish the relationship between you and your customers. Let your reputation and product speak for themselves — but allow current customers to help spread the word.

From marketing to outbound sales, these tips can help you enhance your current strategies and improve your closing percentages and customer satisfaction.

**Sources: **

Digital 2023: Global Overview Report | DataReportal

Call Commerce: A $1 Trillion Economic Engine | BIA Advisory Services

Medical Device Sales Strategy & Tips | LeadSquared

Decision Resources Group 2019 ePharma Physician® Report Finds U.S. Physicians Increasingly Too Busy to See Pharma Sales Reps | PR Newswire

COVID-19: Healthcare Provider Survey | Accenture

35+ Must-Know SMS Marketing Statistics in 2023

See how AcuityMD can change the way you build customer relationships

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How to Build Your Own Marketing Plan for Medical Device Companies

Written by Chuck Malcomson @chuckmalcomson

sample business plan for medical device sales

When you set out to build a medical device marketing plan, you’re not really starting from scratch. Though you may not have thought about these strategies in terms of marketing, your sales team is already implementing an approach they’ve honed based on experience with your prospects and customers.

Your first task in creating your new marketing plan is to  gather the knowledge your sales representatives  have acquired through years of contact with your market and determine how best to incorporate that information into your marketing plan.  

Although the online sales process differs in some ways from the one your sales team engages in, the core is the same: the same triggers apply, your prospects have the same problems to solve and perceive the same obstacles and the stages of the sales cycle are the same. 

Because most of that sales cycle now takes place  before  a prospect ever makes contact with your company, you must recreate the steps on the path your prospects follow to become customers.

Clearly Articulate the Steps in the Sales Process

Replicating your sales process online  requires more than a general understanding of the strategies your sales team employs and the obstacles they encounter. Take the time to clearly map out each step in the process and attach the goals, questions, concerns and obstacles associated with each to that step.

Once you have charted the cycle and all of the attendant considerations, it’s time to plan content that will help you move those prospects down the path toward conversion before you’ve ever had the opportunity to speak with them. In short, determine what type of materials will guide those prospects to each conversion point. 

The Right Delivery Method is as Important as the Right Content  

Understanding the questions and concerns raised by your prospects is key to creating effective content, but it’s only one piece of the puzzle. Another important consideration is the type and placement of content that will be most effective at each stage. For example,  blog posts  can be a very effective way to draw new prospects to your website, acquaint them with your business and give them the opportunity to see your expertise.

Similarly, YouTube videos, Quora answers and other social media posts can be an effective means of introducing yourself to potential prospects. When planning content for those outlets, you’ll want to address the interests of and questions raised by prospects in the very early stages of the sales cycle. 

However, when a prospect is further along the  Buyer's Journey , your team will undoubtedly tell you that the questions become more specific, and that prospects express a handful of predictable barriers to conversion. You’ll also need content that speaks to those questions and concerns, but the most effective format and placement will likely be different.  

Prospects who have reached the stage of specifically researching your company and your product will be looking for more in-depth information, along with hard data to back up the value of your product. These more advanced prospects are also more likely to be willing to trade their contact information for the materials they’re looking for.  So, that higher-level, more detailed information may be best placed in white papers and other in-depth premium content that requires form completion to download. 

Sales and Marketing Alignment   

Replicating the early stages of your sales process online helps reach those prospects who aren’t yet ready to make contact, allows you to reach more prospects and makes it easier and more cost-effective to move those prospects along the sales pipeline. However, you can’t expect content to take those prospects across the finish line.  As they move closer to the decision point, your sales team will have to step back in and close the deal. 

For that to play out effectively, the sales and marketing teams must be on the same page. That  alignment  begins when your marketing team talks with sales and gathers the information necessary to create the right content. But, just as the sales process must be explicitly mapped out in order to duplicate the steps online, sales and marketing integration requires a very clear process that is understood and agreed upon by both teams.

That means marketing providing guidance on how to use content in the sales process, the sales team acquainting itself with the materials prospects will have seen before making contact and both teams agreeing on the point at which leads have been sufficiently warmed up and eased along the pipeline to be handed off to the sales team. 

With a process that’s integrated from beginning to end, your medical device marketing plan can advance prospects along the pipeline and facilitate the sales process while saving your company time and money.

This post originally appeared on the Screwpile Communications blog. Screwpile Communications is a HubSpot Partner Agency located in Annapolis, Maryland.

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Originally published Apr 24, 2014 2:00:00 PM, updated January 18 2023

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Medical Device Marketing Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Medical and Healthcare

Do you run a medical device company and want to promote it? If YES, here is a sample medical device marketing plan template, strategies and ideas to attract clients. Okay, so we have considered all the requirements for starting a medical device production company .

We also took it further by providing an in-depth sample medical device business plan template. In this article, we will be analyzing and drafting a sample medical device marketing plan backed up by actionable guerrilla marketing ideas for medical device production companies. So put on your marketing hat and let’s proceed.

A Sample Medical Device Marketing Plan Template

Our present business situation.

Our medical device development company has been legally registered and we have acquired the required business license and all the necessary permits to run this type of business in the United States of America.

Presently we have acquired a facility that has the capacity to accommodate our production unit, warehouse, and administrative unit. All the employees that are needed to kick start the business have been duly employed and trained. We have been able to secure all the needed equipment and machines and accessories for a standard medical device development plant.

We have been able to develop a robust distribution network that is far-reaching and will be activated as soon as we roll out our first set of electromedical and electrotherapeutic apparatuses, such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiograph, and electromedical endoscopic equipment et al.

Our Market Goals

Our marketing goal is to build a standard and world class medical device development company that in our own capacity will favorably compete with leaders in the industry.

We want to build a medical device development business whose brands will someday become a household name in the healthcare and medical industry not only in the United States of America but also in South America, the Caribbean, and Africa. We want to become the number one choice for medical devices in the United States of America.

In view of that, we are set out to achieve the following market goals:

  • Sell a minimum of 5000 Medical Devices Per Day Globally
  • Make a monthly sale of about $450,000 and about $950,000 for the first year and double the amount for the second year
  • Increase the number of our wholesalers and distributors by 5 percent quarterly
  • Generate 50 percent of sales from exporting our medical devices to Africa (20 percent), the Caribbean (20 percent), and South America (20 percent)

What we aim to achieve from our market efforts are as follows:

  • To be able to compete favorably with the leading medical device development brands such as Abbott Laboratories, General Electric Company, Johnson & Johnson, and Medtronic in the whole of the United States of America
  • Build a self-sustaining business model that will run on auto – pilot and of course, contribute towards the reduction of the cost of medical devices and the growth of the economy of the United States of America.

Our Marketing Budget

The fact that our goal is to establish a medical device product – brand that will compete favorably with internationally recognize and leading brands means that we should be willing to spend more when it comes to marketing our medical devices hence we have set aside a budget of 30,000 US dollars annually for marketing.

Going forward, we will budget between 5  and 10 percent of our annual income towards marketing and promoting our medical device brands – products. Please note that we are likely going to increase this budget when the need arises especially if we have to explore a more expensive but efficient marketing model and approach as directed by our marketing consultant.

Our Target Market

When it comes to selling medical devices there is indeed a wide range of available customers. In essence, our target market can’t be restricted to just hospitals and medical clinics in our immediate community or city, but all across the United States of America and other countries of the world.

In view of that, we will market our medical devices to the following people;

  • Medical laboratories
  • Medical colleges
  • Dental clinics
  • Optical center
  • Botox clinics
  • Medical related clinics
  • Medical device wholesale distributors
  • Medical device retailers

The Benefits Our Client Stand to Gain When They Patronize Our Medical Devices

We are quite aware of the competition that exist in the medical device manufacturing industry in the United States of America, hence we were able to conduct a thorough feasibility studies and market survey so as to enable us penetrate the market.

In view of that, here are the benefits our customers stand to benefits when they purchase our medical devices:

  • A product that can effectively serve the purpose it was created for
  • The best price/deal they can get for any of our medical device in the whole of the United States of America
  • Opportunity to choose from a wide range of different types and sizes of medical devices
  • Availability of money return back policy for first-time customers who just want to try out our medical devices
  • Wide range of distribution network
  • Excellent customer service experience from our highly trained employees

Our Unique Selling Point; What Makes Our Medical Devices Superior to Our Competitions

We are quite aware of the competition that exist amongst medical device development companies in the United States of America which is why we have decided to craft out a unique selling strategy that will help us attract our target market and of course outperformed our competitors.

Another factor that will serve as a positive for us is that we will continue to work with our customers to make sure that our customer service delivery is top notch and we will also ensure that we offer our customers incentives.

As part of what we intend doing to outperform our competitors and build a solid medical device development business with loads of loyal customers, we will work towards ensuring that our production facility is designed in such a way that it will meet the expected standard required by the authority.

Strategic Marketing Alliance with Our Competitors in the Medical Device Manufacturing Industry

Forming strategic marketing alliance with a competitor in the medical device manufacturing industry is a bit difficult because every medical device development company out there is positioned to attract as many customers as possible.

Be that as it may, there are rare occasions where medical device development companies can form strategic marketing alliance amongst themselves. Since, we will be involved in development and production of medical devices, it will be easier for us to form strategic marketing alliance.

Creating Brand Identity for Our Medical Device Development Company

We are quite aware that our brand has to do with the way people perceive us to be which is why we are deliberate when it comes to communicating and promoting our brand.

In promoting our brand and corporate identity, we will leverage on print and electronic media. As a matter of fact, it is cost effective to use social media platforms to promote our brand, besides it is pretty much effective.

Here are the ways we intend creating brand identity of our medical device development company

  • Design a unique corporate logo
  • Place adverts on both print and electronic media platforms
  • Ensure that our workers wear our branded shirts at all times during working hours and also we will make sure we brand all our distribution vans, trucks and cars et al.
  • Place our flexi banners with our company’s logo and contacts in strategic positions
  • Sponsor relevant TV programs, Radio programs and community – based programs
  • Maximize our company’s website to promote our products
  • Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, LinkedIn, Snap Chat, Google+, Pinterest and other platforms to promote our corporate brand
  • Install our Bill Boards on strategic locations
  • Distribute our fliers and handbills in targeted areas from time to time

10 Possible Questions We Intend Asking Our Customers During Our Market Survey

These are the 10 possible questions we are going to put forward when conducting marketing survey on our customers/clients:

  • Are you satisfied with the efficiency and effectiveness of our medical devices?
  • If you are not satisfied with the efficiency and effectiveness of our medical devices what areas would you want us to improve on going forward?
  • Which of our electromedical and electrotherapeutic apparatuse do you prefer?
  • How would you want us to communicate with you when we need your contributions as it relates to producing a product that will benefit you or when we have a promo that you can benefit from? Text messages, e – mail, or via mobile apps (BBM, twitter, WhatsApp et al)
  • How much are you willing to pay for our electromedical and electrotherapeutic apparatuses?
  • Is there any medical device that you would prefer that is not part of our production line? If yes please list them.
  • How often do you change your medical devices and where do you usually go to purchase them?
  • If you are to change one thing in our company and product, what would that be?
  • Can you comfortably recommend our medical devices to your organization, other organizations and colleagues?
  • Are you satisfied with our customer service delivery? If not, what areas would you want us to improve on?

Our Retention Strategies (Ways to Improve Our Customer Experience)

When it comes to retaining your customers in any business, you must work hard to continue to meet and even surpass their expectations whenever they buy your products. The success of any business is directly proportional to the number of repeat business they are able to generate.

If a company is able to achieve over 60 percent retention, the company will sure experience huge turn over. We have perfected plans on how to improve our customer experience whenever they purchase our medical devices.

These are the ways we intend improving our customer experience so that we can create a good impression and generate repeated sales from them:

  • Ensure that our medical devices are durable and effective at all times
  • Ensure we get feedback from our customers at all times
  • Give our customers the flexibility to choose from a wide range of pocket friendly medical devices.
  • Give our customers the option of ordering our medical devices in bulk from our online portal and get them delivered in any location of their choice within the area that we cover
  • Make use of effective customer relationship management (CRM) software to effectively manage our clientele base.
  • Ensure that we carry our clients along when making decisions that will directly affect them.

The Ways We Intend to Advertise/Promote Our Medical Devices without Using the Internet

Here are the platforms we intend leveraging on when it comes to advertising and promoting our medical devices in the market place;

  • Place adverts on national TV stations, Radio Stations and Newspapers/Magazines
  • Sponsor relevant community program
  • Encourage the use of word of mouth from satisfied customers
  • List our medical devices development company and products on yellow pages
  • Distribute our fliers and handbills to targeted areas from time to time
  • Ensures that our workers and distributors wear our branded shirts during working hours.

The Ways We Intend to Advertise/Promote Our Medical Devices on the Internet

We are quite aware that the internet is presently the biggest platform when it comes advertising/promoting any business and one good thing about advertising on the internet is that it is far cheaper than other conventional advertising platforms.

Here are they ways we intending leveraging on the internet to advertise/promote our medical device development business:

  • Leverage on social media platforms such as; Instagram, Facebook, Pinterest, Snap chat, YouTube, Twitter, and Google + et al
  • Make use of mobile apps to promote your medical devices
  • Design an interactive corporate website and use the platform to promote our medical devices
  • Place adverts on high traffic websites
  • Post sponsored articles on high traffic blogs
  • Engage in blogging and make use of the platform to promote our medical devices
  • Leverage on email marketing strategy to advertise and promote our medical devices.

The Possible Ways We Intend Offering Incentives to Our Customers/Clients 

Part of our marketing strategies which is clearly stated in our business plan is to ensure that we offer our customers incentives in order for us to retain them and of course continue to generate repeated sales from them and also to attract new customers.

In view of that, we will ensure that we sell our medical devices a little bit below the average price in the industry. We will regularly give discount (different percentage) to our customers based on the total amount of medical devices they purchase from us any time they visit our warehouse or wholesale distribution outlets.

We will create a loyalty plan that will enable us reward our loyal customers especially those who are able to successfully market our medical devices to their organization, other organizations and colleagues. Rewarding them could be giving them discounts on every purchase they make and also giving the gifts during special occasions

After Sales Service and Customer Support

The fact that we are going to be selling medical devices and equipment means that we will make provision for after sale services. After sales services as it relates to our medical devices business is that once we sell any medical devices and equipment, we will take it upon ourselves to ensure that we assist our customers in installing the medical device and equipment in any location of their choice and also we will be available for maintenance services.

As regards customer support services, we are not going to handle it with slackness, we will maximize our customer relationship management software application so as to keep in touch with all our members. We will make sure we carry them along when we have any promo that we know will benefit them.

We will ensure that we open several communications channels such as email, telephone and social media platforms so as to enable our customers communicate to us or lodge their complaints.

The Creative Marketing Ideas Specific to Our Medical Device Development Business

When it comes to crafting creative marketing ideas that are specific to medical devices business, one of the strategies to adopt is to ensure that we give out free medical devices to customers once in a while especially during our marketing and sales campaigns. This will enable potential customers have a taste  eel of our medical devices.

In recent time, the internet has become one of the most potent tools when it comes to marketing any goods and services. Those who produce and sell medical devices are not left out when it comes to developing creative ways of marketing their medical devices via the internet. One thing about internet marketing is that you can direct your marketing effort towards your target market with the help of internet filters and other relevant software applications.

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FREE 5+ Medical Device Sales Plan Samples in MS Word | Google Docs | Apple Pages | PDF

medical device sales plan featured

Maintaining good sales requires you to keep an eye on the activity levels of those who work for you as well as the overall activity levels of the department so that you can be successful. It is possible to determine whether the planned sales strategies are generating the number of new customers that they should be generating in this situation. Examine what went wrong with your strategy and devise a new plan of action to correct the situation if necessary.

Medical Device Sales Plan

5+ medical device sales plan samples, 1. medical device sales plan template, 2. medical device sales day plan, 3. medical device sales business plan, 4. medical device strategy sales plan, 5. medical device industry sales plan, 6. medical device production sales plan, what is a medical device sales plan, how to develop a medical device sales plan, what are the 4 sales strategies, how do you plan a sales project, how do you market a clinic.

Effective sales plans can be used to acquire new customers as well as resell items already in your inventory to existing customers. However, a sales plan must be implemented correctly in order to be successful. Writing an effective business proposal requires considerable time and effort. Business owners who run their operations effectively and efficiently can increase their revenue . If you believe you have a good chance of getting the job, you should consider submitting a sales proposal to the hiring manager . In this case, you should seriously consider accepting the position if you believe you have a good chance of winning the business. Application for something with a very slim chance of acceptance is a waste of time and energy and should therefore be avoided. This document must be used to persuade your client that you and your company are the most qualified candidates for the position. Make an informed choice regarding a sales strategy that benefits both buyer and seller . To begin, you must thoroughly understand your prospect’s requirements in order to present your ideas effectively and convince him or her that what you’re offering is the best solution available. Before you begin writing your own medical clinic sales plan, you should review the examples below to gain a better understanding of the purpose of the document. If you want to create your own document in one of the numerous formats demonstrated in the following examples, use the following examples as a guide or even as a template.

medical device sales plan template

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medical device sales day plan

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Successful businesses require a reliable source of revenue in order to maintain their market advantage. Businesses in every industry must constantly innovate to remain competitive and generate additional revenue, as new obstacles and challenges arise on a daily basis. Individuals skilled at developing project sales strategies will require a diverse set of sales strategies and tactics that appeal to their target audience while also providing the company with the necessary flexibility in the event of setbacks or other unexpected events, which they can learn from their peers. Without a clearly defined sales strategy, a business will struggle to compete with other businesses and attract new customers to its products or services in today’s competitive market.

Essentially, it’s the same as any other sales strategy in that it outlines the tactics and goals that your company will use to close deals, as well as the timelines and efficiency with which those transactions will be completed. In terms of structure, an investment sales plan is no different from any other type of sales plan that you might develop in the future. If you put in place the appropriate strategy as soon as possible, you will be better prepared to deal with any problems or challenges that may arise in the future. The increased sales generated by your network company will also help your company to grow in the long run. As a result, in order to be successful, your team will need to collaborate with one another. In this section, we’ve included a few pointers to help you get started with your property investment sales strategy. Keep an ear out for what they have to say. Please take the time to read through them thoroughly. Please take the time to read them through from beginning to end before continuing on.

  • By employing this technique, you can persuade people to purchase your product or service simply by demonstrating how you do it. When individuals who may be interested in purchasing your product are convinced to listen to what they have to say, this is referred to as “closing the deal.” If a company’s products or services have piqued the interest of potential customers but they have not demonstrated their ability to purchase them, they are referred to as leads. The information you provide will reveal your and your friend’s identities. Personal information about a user, such as their name, address, email address, and phone number, is required in order to open an account with a business.
  • It is possible to predict whether someone will purchase something from a business or use its services before meeting them in person. When potential customers are ready to make a purchase, sales resume. Leads are contacted again as a last resort. Make a list of the services your customers desire from you. Customers expect their sales representatives to recommend and sell them products and services that are a good fit for them.
  • It can be nerve-wracking to embark on a new business venture. That is not, however, the only option. There must be an enticing reason why your services are superior to those of your competitors. This is necessary. After you and your customer have signed a contract, you can begin providing the service.
  • Work with marketing Marketing and sales departments can make a significant contribution to a business’s ability to acquire new customers and generate revenue. You’ll need to collaborate with marketing to develop strategies for online content and social media marketing. It is possible to develop campaigns and promotional opportunities that will differentiate your business.
  • Other sales activities Sales calls, even in the digital age, are an effective method of closing deals. It is common to schedule sales calls with prospective customers in advance. These have an effect on people. If you’re a customer in immediate need of assistance, this may be your best option. Their sales representative should be available for face-to-face meetings. You can, however, attend trade shows and other business events if you wish. The more people who understand what you’re about, the more likely they are to make a purchase from you. Through event-based marketing, people are frequently shown, explained, and taught about products and services.
  • Convert leads into sales It’s not always easy to convert customers who are interested in your products or services into paying customers. Having an official website, regularly updating social media content, and encouraging customers to write about your business are all effective ways to earn customers’ trust. Comparing the networks of other businesses in your industry to your own is a good place to start. While there are numerous factors that could have contributed to this outcome, it is critical to remember that your company’s high level of service and affordability are two of the most critical. One or more of these factors may be at fault. Customers are more likely to make a purchase from you if you provide them with a variety of options and encourage them to think creatively.
  • Monitor your sales To be an effective salesperson, you must monitor your employees’ and department’s activity levels. In this case, you can ascertain whether the planned sales strategies are generating the desired number of new customers. Examine where your strategy failed and, if necessary, devise a new strategy to correct the situation.
  • Define short and long term goals
  • Identify your costs
  • Make a Financing Plan
  • Develop a Sales Strategy
  • Break the strategy down
  • Assign tasks
  • Implement metrics

Start by asking patients from companies for referrals then forward them to a special page through an online link. If you have a company that is dominating the community, you can direct most of your general media advertising to target these specific employees.

It is critical for your business to be able to differentiate itself from competitors in order to be successful in today’s market. I believe that after reading this article, you should be able to create an effective sales plan on your own.

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sample business plan for medical device sales

Small Business Trends

How to start a medical supply business.

Medical supply businesses ensure hospitals have everything from gloves and syringes to diagnostic machines and ventilators. The market is expected to grow with the expanding hospital infrastructure worldwide. Research shows the market size for medical supplies will be worth $82.29 billion by 2028.

The Market for Medical Supplies

The medical supply business is expanding rapidly, further propelled by the aftermath of COVID-19.  The industry focuses on supplying echo-friendly products and incorporates other trends, including telemedicine and personalized healthcare. 

 The medical supply market was valued at $8.4 billion in 2021. It’s expected to reach $13.16 billion by 2032.

how to start a medical supply business

Why Start Your Own Medical Supply Business?

Medical supply sales are among the top healthcare business ideas today. Starting a medical supply business comes with a range of benefits, particularly in the current global context, where demographic shifts and policy changes are influencing market dynamics. Here are some key advantages:

  • An aging global population leads to increased chronic conditions and healthcare needs, driving demand for medical supplies.
  • Hospitals, healthcare facilities, and clinics continuously require a wide range of medical supplies, from consumables to sophisticated equipment, ensuring a steady market.
  • Many developing nations are experiencing rapid growth in their healthcare sectors, offering new markets for medical supply businesses.
  • Infrastructure improvements and increased healthcare spending in these regions provide a fertile ground for healthcare businesses.
  • The medical supply industry encompasses a wide array of products, allowing businesses to cater to various specialties and healthcare needs.
  • Diversification within your product offerings can mitigate risk by not relying on a single market segment.
  • Some regions offer supportive regulatory environments that streamline the process of introducing new medical supplies to the market.
  • Governments may provide incentives for healthcare innovation, including tax breaks, grants, and subsidies, making it financially attractive to start and grow a medical supply business.
  • Continuous innovation in medical technology opens new product lines and improves existing ones, offering businesses the chance to be at the forefront of healthcare advancements.
  • Integration of digital health solutions with traditional medical supplies, such as wearable monitoring devices, enhances product offerings.
  • There is potential for strong partnerships with healthcare providers, research institutions, and other stakeholders in the healthcare ecosystem.
  • Collaborations can lead to the development of customized solutions for specific healthcare needs, expanding market reach.
  • By providing essential medical supplies, businesses contribute significantly to improving public health outcomes.
  • Ensuring the availability of quality medical supplies can lead to better healthcare services and patient care.
  • The healthcare sector often remains stable even during economic downturns, as medical needs persist regardless of the economic climate.
  • This resilience offers a level of economic security to businesses within the healthcare supply chain.

Starting a medical supply business not only offers lucrative financial opportunities but also allows entrepreneurs to contribute meaningfully to global healthcare improvements. The diverse and growing demand, coupled with supportive regulatory environments in certain regions, makes this industry an attractive venture.

how to start a medical supply business

Small Business Deals

Initial steps to starting a medical supply business.

Developing a medical supply business usually involves some proven steps. Read on for some essential building blocks for new businesses to succeed in this exciting field.

Developing a Medical Supply Business Plan

A business plan represents a comprehensive roadmap for launching and growing one of these businesses. It needs to have several detailed categories, including:

  • An executive summary outlining the business’s core values, mission statement and overview of the products and services.
  •  A list of the business objectives, including long-term and short-term goals, timelines, and milestones, should be included.
  •  Other areas include market research. This category should consist of industry trends and a target market analysis. 

Other sections of a business plan include financial projections, operational plans, common business structures , and marketing and sales strategies.

Legal Requirements and Compliance

Small businesses must follow legal steps, and a medical supply enterprise is no different.

  • The first step is business registration. You must choose from options like a sole proprietorship, partnership, Corporation, or LLC. The IRS will require that you get an Employer Identification Number(EIN).
  • You’ll need business licenses and permits. Common ones include health department permits and a Food and Drug Administration license.
  •  If you’re handling patient information, you must comply with the Health Insurance Portability and Accountability Act (HIPAA).

With the required information, you can set up a business bank account. Healthcare regulations and compliance standards will apply, so you’ll need to consult with accountants and legal advisors before you buy medical equipment.

how to start a medical supply business

Funding and Initial Investment

 You’ll need money to start a medical supply company. Some of the different funding options include: 

  • A traditional credit union or bank loan to purchase durable medical equipment. You’ll need good credit and a solid business plan.
  •  There are a variety of SBA Loans available. The US Small Business Administration offers excellent terms to medical supply businesses.
  • Crowdfunding is an online platform for raising money. Typically, you’ll receive small amounts from many different people. 
  •   Venture capitalists will offer you the cash you need in exchange for equity. This is a good route for large medical supply companies.

 Remember to incorporate the costs for registering a business, legal advice, and obtaining licenses. Other costs include an IT infrastructure, warehouse equipment, and an office. Of course, you’ll need an initial stock of supplies to get started. 

Building Relationships with Manufacturers and Suppliers

Establishing good connections with outstanding suppliers is critical. It’s also a good idea to schedule performance reviews to discuss delivery timelines, product quality, and other areas that need improvement. 

how to start a medical supply business

How to Start a Medical Supply Business: Step-by-Step

Here are some steps for starting a medical supply business.

Choosing Your Medical Supply Business Model

An excellent business model leverages technology and implements outstanding customer service. You might consider focusing on niche markets that serve specific medical conditions.

Identifying Your Market Segment within the Medical Business

Find the right market. Reviewing medical publications, attending conferences and reviewing industry reports are good practices. This is a big part of a successful medical supply business.

Connect with medical professionals.

Setting Up Your Medical Supply Distribution Network

Set up regional distribution centers near key healthcare hubs or densely populated urban centers. This lowers shipping costs and reduces delivery times. A startup can look into forming partnerships with established logistics outfits.

Stocking Your Inventory

 Inventory management is a critical aspect of working in the healthcare sector. Here are a few recommended approaches.

 Centralized Inventory Management

This is an excellent way to reduce redundancies and leverage bulk purchasing. Creating a preferred product list and focusing on supplier reliability and quality is essential.

Warehouse management systems can help you get the most from layout.

Demand Planning and Forecasting

Predictive analytics and historical data work together for medical supplies, equipment inventory, and storage. Based on demand forecasting, you can allocate the storage you need efficiently.

The idea is to use a software system to track real-time reorder points, stock levels and expert dates. 

how to start a medical supply business

Marketing Your Medical Supply Business

Online marketing and digital platforms market your business.

  • Hosting webinars and workshops that educate healthcare professionals works.
  •  Building partnerships with medical associations, influential practitioners, and institutions can help you get credibility. Network at seminars, trade shows, and conferences.

Digital marketing strategies like Search Engine Optimization (SEO) target healthcare professionals’ keywords. Remember, retargeting campaigns on LinkedIn.

Marketing Strategies for Medical Supply Business Online

A startup should consider content marketing. The strategy should address the interests of niche medical fields a nd their concerns and challenges. Focusing on dentistry, pediatrics, and orthopedic surgery resonates with professionals in those fields. 

how to start a medical supply business

Launching Your Medical Supply Business Idea

Host a launch event. It can be either online, in-person, or hybrid. Get local media coverage. You must invite critical people, like local business leaders and potential clients.

Personalized email campaigns are a great way to start reaching out. You can also use a website startup guide to create an online presence that will help you gain customers. Remember to add a clear Call to Action (CTA). 

FAQs: How to Start a Medical Supply Business

Here are some answers to questions about how to start a business in the medical supply industry.

Is selling medical supplies profitable?

There are good profits for small businesses that can create and maintain supply chain relationships. Profitable companies fulfill the consistent demands of the healthcare industry and follow a business startup checklist to stay on track through the early stages.

How do medical supply companies make money?

They can use different business models, including direct sales, subscription services, and distribution agreements. Some of these medical supply companies can even lease medical equipment. Others can offer value-added services like training, consulting, and equipment maintenance. 

How do I choose the right vendors for medical supplies ?

Vendors must comply with FDA regulations, some of which include pre-market approval and different Quality Systems Regulations. You should also choose vendors who have an excellent track record and are reliable. 

How has the healthcare Industry changed since the pandemic?

The healthcare industry has been evolving since the pandemic. There’s been more of a focus on worldwide preparedness for infectious diseases. Innovators are taking advantage of digital innovations like telehealth. 

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18+ Best Medical Business Plan Examples & Templates [Download Now]

medical business plan examples and templates

You cannot start and run a successful medical business without writing and implementing a comprehensive business plan.   A business plan gives you a complete framework for researching and analyzing the market, identifying possible opportunities, financing the project, and scaling it all together. Here are some of the best examples of medical business plans worth having a look.

Medical Practice Business Plan Template

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Size: A4, US

Medical Laboratory Business Plan Template

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Dispensary Business Plan Template

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Fertility Clinic Business Plan Template

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Fertility Clinic Marketing Plan Template

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Pharma or Drug Sales Plan Template

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Medical Clinic Sales Plan Template

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Medical Device Sales Plan Template

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Executive Medical Reimbursement Plan Template

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Best Medical Business Plan Examples & Templates

 medical business plan example.

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Size: 8.86 MB

If writing a medical business plan were easy, every business aspirant would do it with ease. To be clear, a comprehensive business plan for a new healthcare facility takes time to put together. But, what if you are green in this in the first place? The best thing to do is to look at a sample plan to get a clear picture of what a comprehensive strategy for a health facility looks like. This PDF file is a unique sample of a well-written business strategy for a healthcare facility. The plan covers everything you need to know about establishing a healthcare center, from business objectives and guiding principles to demographic analysis and their access to care.

Printable Medical Business Plan

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Size: 780 KB

It doesn’t make sense to start a medical business without a strategy in place. You need to identify your audience, sturdy the market, conduct a SWOT analysis , and develop a marketing technique. This calls for a comprehensive business plan and here is an example that you can download and use as a guide to writing your own strategy. This sample will help you to understand a few things. First, you’ll learn how to write a clear summary of the proposed medical business. Second, you will see what a detailed business description looks like. Third, you will dive deep into learning and understanding the competition. Then, you will learn about financial strategy, which is important for starting and running a healthcare business at scale.

Free Medical Business Plan Example

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Size: 88 KB

It is important to understand that a business plan does not have to be complicated. It doesn’t have to be dozens or hundreds of pages either. In fact, you can set up and run a successful medical business with a very simple business plan . This PDF document is an example of a very simple business strategy, which a clear indication that even lean business plans can help you take a step in the right direction. This plan covers a number of sections, including an executive summary for the proposed business, proposed services, market evaluation, and marketing approach. Click the link above to download the PDF file.

Medical Practice Business Plan Example

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Size: 237 KB

This PDF document is one of the most comprehensive medical business plans that you can read to understand what a professionally written business strategy looks likes. The 37-page file features a unique outline, which makes the entire document easy to scan. This file has a lot of information. From the executive summary and market sturdy to SWOT and market analysis , there is quite a lot to learn. The author uses a simple language throughout the document. So, whether you are green to writing a business proposal or you just need a simple example for reference, this is a good template to download.

Medical Startup Business Plan Example

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Size: 219 KB

You cannot start and run a successful business without a plan. In fact, many businesses that begin to operate without a strategy often close within the first six months. This happens across various industries, even in medical business. Now that you have made up your mind to start a medical business, you first need to write a business plan. If you have never written one before, don’t worry. You can just download this PDF file, read the entire strategy example, and then use the same knowledge that you pick from it to write a comprehensive business plan of your own. Click the link above to download this template.

 Medical Business Plan Example for Clinic

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Size: 262 KB

Ask every serious entrepreneur what it takes to start and run a successful business and they’ll tell you that the first thing you need is a business plan. This tells you that a successful business depends on a comprehensive strategy . Now that you have made up your mind that it is time for you and your stakeholders to start a clinic in your locale, it’s important to write a business plan before investing money in the project. The plan will enable you to determine whether the business is feasible to pursue. By finding, connecting with, and studying the target market, it becomes easy to understand your business even before starting it. Download this medical plan for the clinic to learn more.

 Private Hospital Business Plan Example

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Size: 2.15 MB

Even if you have enough funding to start a private hospital, you’ll need to do in-depth research and then come up with a solid business plan that will help you set up the enterprise. At the end of the day, your goal is to run a successful business . This is something you can’t do if you start with a proper strategy. Remember, the success of your private medical startup will depend on the structure of the plan. The success of the upcoming business will depend on the structure of the plan. In other words, a business plan is a must-have.

 Simple Medical Business Plan Example

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Size: 141 KB

You already know that it is difficult to run a successful business without a plan. So, if you want to set up a new medical facility in your area, first start by writing a business plan for the foreseen startup. The PDF file above is a unique example of a business plan that you can use for reference. This guide is important because it focuses on the most important elements that make up a comprehensive business plan.

 Comprehensive Business Plan for Medical Facility

9

You can use this sample template to write a comprehensive business plan for a medical facility. Some of the highlights include identifying challenges and determining their respective opportunities. This gives you a clear understanding of the market that you would like to target so that you can align your medical services to their needs once you start operation.

 Short Medical Business Plan Example

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Size: 264 KB

If you are the kind of a medical business enthusiast who prefers to write a short business plan, this example is suitable for you. The content of the file includes an executive summary, market analysis, business growth, marketing strategy, and financial projection.

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Medical Software Business Plan

Start your own medical software business plan

AgaMatrix, Inc.

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Overview AgaMatrix is a development stage venture based in Boston offering proprietary Digital Signal Processing (DSP) technology that dramatically improves the functionality and performance of biosensor devices. AgaMatrix’s core DSP algorithms solve a number of immediate problems in the medical devices market by significantly boosting the performance of biosensors without costly specialized hardware and additional chemicals. Initially, AgaMatrix will sell to medical device makers, specifically, home blood glucose monitors and hospital point-of-care blood analyzers. AgaMatrix anticipates achieving positive cash flow by year three with future target healthcare segments to include the large immunoassay and implantable biosensor sectors; as well as other vertical industries that heavily rely on biosensors, such as the military chemical agent detection, environmental air/water quality monitoring, and industrial processing sectors.

Problem – Glucose Monitors Are Burdensome, Painful To Use Many diabetic patients fail to use home blood glucose devices as prescribed because the regimen is too burdensome or too physically painful. Four to seven times a day, a patient must puncture his or her finger to draw blood onto a test strip for insertion into the glucose biosensor. The average compliance rate for testing is less than 1.5 times a day, resulting in the acceleration of complications caused by diabetes, such as blindness, stroke, and heart and kidney failure. In fact, diabetes is the leading cause of blindness in individuals aged 20-74 and better glucose monitoring compliance is the single biggest key to prevention. Device makers have identified the physical pain of using existing devices as the root cause of non-compliance, and they are seeking ways to reduce the sample size required by their devices. AgaMatrix technology will enable less invasive drawing mechanisms to meet the overwhelming demand for less painful alternatives.

Problems in the hospital blood analyzer market are more related to the lack of the comprehensiveness and accuracy of the devices, which results in reduced adoption levels. AgaMatrix’s value proposition to this market is very clear: devices that are more accurate and sensitive will stand a higher chance of being more readily adopted.

A Software Solution for a Hardware Problem Historically, the biosensor device industry has attempted to overcome problems related to accuracy, sensitivity, and robustness by enhancing the chemical (hardware) aspects of the devices, such as the biological and chemical design of their sensors. By contrast, AgaMatrix is pioneering a software approach based on digital signal processing (DSP) algorithms that has a number of distinct practical advantages, including lower cost, easier/faster upgrade capability, and complementarity with respect to a wide variety of chemistry/hardware-based biosensor technologies.

AgaMatrix’s solution, consisting of a suite of software modules, enables new functionality and dramatically improves the performance of biosensor devices. Performance improvements include the ability to leverage increases in signal-to-noise ratio to reduce blood sample requirements. For the professional healthcare market, AgaMatrix offers the ability to improve the overall accuracy and sensitivity of hospital point-of-care analyzers. Boosting accuracy removes a major roadblock hindering widespread adoption of portable blood analyzers in place of conventional laboratory equipment.

Software DSP solutions have been vital to the success of many other industries where physical limitations would have impaired their growth. For example, in the 1980s, makers of CD players relied on oversampling and error-correction algorithms to compensate for low quality hardware filters and to overcome disk-skipping problems. AgaMatrix’s algorithms provide analogous solutions in the biosensor space.

Business Model – Software Licensing and Royalty Fees from Device Makers Initially, AgaMatrix will operate as a technology licensing company, deriving royalty revenue streams based on device makers’ consumables sales (i.e., disposable test strips and cartridges used in the devices). Revenues will be acquired from the sale of the technology to home blood glucose device makers, hospital point-of-care blood analyzer makers, and minimally invasive and implantable blood glucose biosensor developers.

Therasense – an Illustration of How Disruptable the Glucose Market Is Just a few years ago, the blood glucose market was dominated by four major players (numbers represent annual revenues from test strips): Roche ($1.27B), J & J ($1.09B), Bayer ($650M), and Abbot ($450M). These companies have been around since the 1980’s. Therasense (THER) was founded in 1996, rolled out their first product in June 2000, and leveraged their key differentiator (very similar to what AgaMatrix is offering): the ability to reduce blood sample volume to make glucose testing less painful. In the span of less than two years since their product roll-out, they have achieved $200 million in annual revenues, gone public, and now have a market capitalization of over $800 million. Bottom line: this is a market that is very open to new technological entrants, especially when they are able to reduce pain for the user.

Competitive Advantages There are no direct competitors pursuing our highly unique and proprietary approach, developed over the past seven years by our world-class scientific team. AgaMatrix technology will be complementary to potential indirect competition from the in-house laboratories of major medical device makers. The sustainable competitive advantages that AgaMatrix commands include:

  • Superior software paradigm, complementary to chemical (hardware) advances in biosensors.
  • Expertise developed over the course of seven years of biosensor research.
  • Monopolization of the scientific team responsible for the original paradigm innovation.
  • Development lead time of at least two years over potential competition.
  • Intellectual property strategy involving two core utility patents (filed) and three defensive utility patents.

Customer Traction We have approached two blood glucose monitor makers and one hospital point-of-care device manufacturer as potential customer targets. There are over 20 other major potential target companies we have not yet approached. The following is a summary of the current status of the companies we have reached:

  • Strong interest to partner from two blood glucose monitor companies (discussions with Presidents); details are confidential at this point, but we believe we will be able to close a deal by June 2002.
  • Strong interest from a leading blood glucose monitor maker (J & J – discussions with Director-level staff) and the leading hospital point-of-care device maker (i-STAT – discussions with Vice President and Director-level staff).

The Team A current team composed of:

  • The three leading scientists pioneering the use of digital signal processing to improve biosensor technology, with an aggregate of over 40 years of direct DSP/biosensor research experience.
  • Entrepreneurs who have founded, built and run an enterprise software company.
  • An expanding board of veteran advisors made up of medical doctors who have healthcare business experience. 
  • An additional technical team of three committed to joining the company post-seed financing, composed of engineers from MIT and Tufts, with technical management experience and an aggregate of over 25 years of commercial engineering experience.

Financing AgaMatrix has been self-funded by the principals of the company since its founding. The company recently closed a seed round of $500K from a number of healthcare angel investors and IncTANK, an early stage venture capital fund. A Series A round is expected in four to five months of approximately $1 million. 

The objectives of these rounds of funding are the completion of version 1.0 of the products and the acquisition of at least one paying customer over a period of 13 months of operations. Given the current state of customer traction and product development, we believe these milestones are reasonable. The company expects to raise an institutional or another private round of about $4 million by the end of year one to be cash flow positive. Current valuation drivers include:

  • A world-class scientific team consisting of Dr. Sridhar Iyengar (CTO), Dr. Justin Gooding, and Dr. Ian Harding, the engineering team, and an aggressive business team with start-up and management experience.
  • Technology applicable to a number of other vertical markets and protected by a rigorous IP strategy.
  • External validation from existing relationships with potential customers and advancement to final rounds in a number of national business plan competitions.

1.1 Mission

AgaMatrix develops solutions to power next-generation biological and chemical sensor systems. The value that AgaMatrix delivers to this market is the ability to dramatically improve the accuracy, sensitivity, and robustness of a range of different sensors for the purpose of making medical diagnostic devices more effective. AgaMatrix’s technology enables the development of devices that will be essentially painless to patients and that will meet the demand for better accuracy in medical diagnostics. It is committed to providing software solutions for a critical hardware problem that affects millions of diabetic patients and hospital patients worldwide.

1.2 Objectives

  • Develop technology solutions that will increase the adoption and compliance rates of diagnostic medical devices by improving the functionality and performance of biosensors, specifically for home blood glucose monitors and hospital point-of-care blood analyzers.
  • Achieve positive cash flow by year three.
  • Reach $50 million in annual revenues by year four.
  • Expand into other industries that heavily rely on biosensors, including industrial processing, environmental monitoring, and military sectors. 

Medical software business plan, executive summary chart image

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Company summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">.

AgaMatrix, Inc., which was incorporated in Delaware in 2001, is an early-stage venture offering proprietary Digital Signal Processing (DSP) technology that dramatically improves the functionality and performance of biosensor devices. AgaMatrix’s core DSP algorithms solve a number of immediate problems in the medical devices market by significantly boosting the performance of biosensors without costly specialized hardware and additional chemicals. Initially, the company will sell technology solutions to diagnostic medical device makers, specifically, manufacturers of home blood glucose monitors and hospital point-of-care blood analyzers. Future target healthcare segments include the immunoassay and implantable biosensor sectors. Its headquarters are located in Cambridge, Massachusetts.

2.1 Start-up Summary

AgaMatrix’s start-up costs amount to $4,900, which covers the initial expenses for opening the first office. These costs include incorporation of the company, design of the company logo and website, purchase of office and IT equipment, and other miscellaneous expenses. The start-up costs are financed by direct owner investment. The assumptions are detailed in the following table and illustration.

Medical software business plan, company summary chart image

2.2 Company Ownership

AgaMatrix is a privately-held Delaware corporation, subchapter C. It was created in 2001. Sonny Vu and Sridhar Iyengar, the company’s founders, own the majority of equity. Members of the board of directors and advisors also hold minority stock positions. All employees of the company are rewarded with stock compensation packages.

AgaMatrix will develop a set of software products that provides critically needed diagnostic functionality to current and next-generation medical biosensors. Optimized for computational efficiency, they are designed to be easily incorporated into a number of leading biosensor platforms. All products that we develop will be powered by our core DSP algorithms with certain features configured and optimized for the relevant applications. Our algorithms will be delivered in a format that is convenient and useful to our customers; as such, each AgaMatrix Product Suite will consist of a core DSP engine supplemented with integration tools, application-specific expansion modules, and professional services. Since our initial product focus is OEM technology, we will work closely with our customers and partners in the development and deployment of our products. The core DSP algorithms will be encoded as a platform technology in modular components that can be rapidly configured as needed for various customers’ applications.

Initially, we are marketing one product for the glucose biosensor market and one product for the hospital POC market:

Suite Name: AccuMatrix

  • Target Customer: Smaller Home Glucose Biosensor Manufacturers
  • Why Needed: These customers need a method of suppressing interference from other known chemicals in the blood (vitamin C, Tylenol, and uric acid) that can react at the biosensor and give erroneous readings. They need to be able to suppress these interferences without the use of chemical mediators or expensive membranes.

Suite Name: PosiMatrix

  • Target Customer: Hospital Point-of-Care Manufacturers
  • Why Needed: These customers need a method of alerting the user when unknown chemicals in the blood interfere with the biosensor and give false positives. E.g., the FDA regularly approves new anesthetic gases that are used in surgery; however, the POC makers cannot keep up with these new “unknown” chemicals that may be present in the patient’s blood and can interfere with the device. For one POC maker, it is “medically imperative” for them to avoid reporting false readings; thus, they need a method of identifying when the reading is corrupted by unknown chemical interference so that they may indicate to the user that the reading is not valid.

The core DSP algorithm engine contains all the needed functionality. Using a Configuration Tool, we can rapidly integrate the appropriate Data Modules that are appropriate for the target customer. These Modules contain a library of information that is needed to configure and optimize the core algorithms for the chemicals that are relevant to the customer’s device. Once configured, the algorithms will be delivered in the appropriate software or ASIC-design version for the target device and can be deployed with our Integration Tools by our Professional Services Deployment Team or by the customer’s engineering team. The basic components of each AgaMatrix Suite will include the following:

Core Engine Core DSP technology software and firmware code base will consist of a major portion of the algorithms that AgaMatrix develops. These algorithms will be activated as needed for each customer’s requirements by the Configuration Tools.

Data Modules These are libraries that contain empirical data needed to optimize the core DSP engine for the detection of different chemicals in various operating environments. The Configuration Tools will in part use the data from these Data Modules to customize the software for customers’ various products. We will initially offer the following 2 modules:

  • Blood Glucose Data Module: Library of empirical information of the standard chemicals that are commonly encountered in blood glucose measurements. This data is used to optimize the core algorithms for detection of glucose and suppression of common interfering chemicals.
  • Point-of-Care Data Module(s): Library of empirical information of the standard chemicals that are commonly encountered in various blood chemistry measurements routinely performed by point-of-care devices. This data is used to optimize the core algorithms for detection of each of the relevant chemicals and suppression of common interfering chemicals.

As market and customer needs dictate, future offerings will include the following Modules:

  • Implantables Data Module: Library of empirical information on quantities that are relevant to implantable glucose sensors. This data is used to optimize the core algorithms to correct for sensor deterioration (fouling) effects and suppress signals from interfering chemicals while boosting the signal from glucose.
  • Immunoassay Data Module(s): Library of empirical information of the standard chemicals that are commonly encountered in relevant immunoassays. Immunoassay Data Modules will be developed for each immunoassay that is of interest to the customer. This data is used to optimize the core algorithms for detection of the relevant chemicals for the given immunoassay.

Configuration Tools Configuration tools are the front-end interface of the software. This set of tools will allow for the rapid optimization and configuration of the core algorithms for various functionalities and chemicals. These tools are used to select which Data Modules and algorithms are needed for the customer’s application and generate the end product, which can be delivered either as software/firmware for the target device or be delivered in the form of an ASIC design.

Code Integration Tools This set of tools facilitates the integration and customization of software and firmware code base into customers’ products. These tools may be used by our Professional Services Deployment Team when integrating the product into the customers’ end-device, or they may be used by the customer’s in-house engineering teams themselves. Initially, we will include:

  • Software Integration Tools: Tools that facilitate the integration of our technology onto microprocessor-based devices.
  • Firmware Integration Tools: Tools that facilitate the integration of our technology onto firmware-based devices.

Technology and Development Tutorials These are in-depth, easy-to-use online tutorials consisting of scientific and engineering guides to help quickly bring a development and integration team up to speed on AgaMatrix’s DSP technology. The tutorials will consist of code examples, customization, and integration tutorials.

Professional Support Services Package A set of professional services, including software/firmware development and QA/QC testing, designed to assist in supporting the use and maintenance of the AgaMatrix Product Suites for customers and partners.

Based on initial discussions with potential customers, we believe that we can deliver our product in a format that will be readily usable by their development and integration teams. We will use established processes analogous to those used in the deployment of enterprise software solutions where a Deployment Team will assist the customer in the integration of our product into their devices, as indicated by the professional services component of our product offering.

Market Analysis Summary how to do a market analysis for your business plan.">

Medical diagnostics has the greatest existing opportunity from an industry size perspective as well as the degree of match between existing needs and AgaMatrix’s technology capability. The sub-segments in this market that the AgaMatrix product line is addressing in the short term (within the next two to three years) are the large, high-margin consumer blood glucose monitor market and the now quickly growing hospital point-of-care device market, i.e., customers are makers of these devices. Even by a conservative estimate, the value proposed by AgaMatrix to the glucose market alone would be enough to sustain a viable standalone venture. However, given the minimal incremental effort that would be needed, we will deliver the product to both sub-markets for the benefit of augmenting and diversifying our revenue streams.

The market that we are concerned with consists of advancing medical devices and technologies that allow healthcare professionals and home users to acquire medical diagnostic data such as blood glucose levels (e.g., for diabetics) and various other blood chemistry data (e.g., for emergency care situations) instantly, easily, cheaply, and accurately without having to send blood samples to centralized lab facilities which have longer turnaround times and are more costly. The conclusion that this market should be the company’s initial focus is substantiated by the fact that it has all the relevant characteristics of a market we found to be desirable. These characteristics are discussed below:

  • Large existing, robust, high-growth market.
  • Converging market forces sustaining industry growth.
  • Clear, immediate need for benefits provided by technology.
  • Technology delivered would be strongly positioned to participate in emerging trends.

In the medium and long term (three to four years from now), AgaMatrix aims to address needs in the emerging electrochemical immunoassay and implantable biosensor markets.

The Home Blood Glucose Monitoring is the largest, immediately addressable market, over $4.1 billion in size today and growing 13% CAGR. Based on preliminary discussions with several potential customers, AgaMatrix believes that a significant portion of this market can eventually be captured. We expect device makers to pass on the modest costs of AgaMatrix’s technology through the high margins currently enjoyed by the consumable reagents (test strips) they sell. While AgaMatrix technology does not directly improve the test strips themselves, potential customers will incorporate the cost of such technology as part of the total solution cost; development costs of their test devices are already paid for in this way. Diabetics generally are not price sensitive to test strips since insurance usually covers the costs of the strips.

4.1 Market Segmentation

Home Blood Glucose Monitors AgaMatrix will initially target home blood glucose monitoring device makers. One primary dimension along which these device makers compete is the reduction of pain and discomfort from testing that involves pricking fingers to extract blood. By improving device sensitivity, AgaMatrix allows blood glucose device OEMs to reduce the required blood sample size enabling the use of less painful blood extraction mechanisms, a major competitive advantage for such devices according to customer surveys. In one foreseeable application, diabetics would be able to painlessly extract a small amount of blood using automated AgaMatrix-enabled microneedles to test blood glucose levels.

Hospital Point-of-Care Blood Analyzers AgaMatrix will also initially target the hospital blood analyzer market ($300 million in 2001, 25% CAGR) by providing increased accuracy and increased types of tests for these devices. Based on a bottom-up analysis of end user (physicians) and device maker surveys, we believe market penetration for these players has been hindered by the relatively low accuracy (when compared to tests done by centralized labs) and by the limited number of available tests. Physicians are thus forced to wait several hours for results from blood sent to centralized labs, and only use portable blood analyzers in acute emergency situations.

AgaMatrix solves the problem of low accuracy for portable hospital blood analyzers, allowing physicians to use portable analyzers in more situations, thus increasing quality of care, increasing patient turnover, and reducing hospital costs. Our technology could also help boost the yield on current cartridge products, eliminate future cartridge production steps, and provide a broader menu of tests on portable devices, delivering a suite of offerings comparable to traditional large and expensive lab equipment analyzers.

Minimally Invasive and Implantable Glucose Monitors Alternatives to finger-pricking devices currently include devices that continuously monitor blood glucose levels. The problem with these and similar “minimally invasive” devices is that, according to a report by Merrill Lynch, they are not sufficiently accurate (>30% error, outside bounds of FDA-approved primary glucose monitoring devices) to be used for any purpose other than a supplementary aid to traditional finger-pricking methods. Also, they cannot be used continuously for an extended period of time. AgaMatrix’s value proposition of dramatically improving accuracy and usage duration is clear.

With almost all of the major players trying to develop an “artificial pancreas,” commercializing implantable glucose biosensors that can regulate an implanted insulin pump has been the Holy Grail for the industry. The artificial pancreas allows diabetics to lead a near normal lifestyle without the constant pain and inconvenience of finger pricking and insulin injections. One of the key challenges in the development of implantable sensors is eliminating the use of toxic chemicals currently needed to correct for cross-sensitivity effects that reduce the accuracy of the sensor. AgaMatrix’s technology minimizes these effects without having to use toxic chemicals, thus eliminating a key barrier to the development of complete implantable glucose monitoring and insulin pump systems. Such breakthroughs could lead to adoption of implantable devices on the order of today’s cardiac pacemaker. These large players have expressed initial interest in using AgaMatrix’s technology in these next-generation implantable devices.

Electrochemical Immunoassays Immunoassays are tests that measure biological and chemical species associated with the body’s immune system. Currently, the majority of immunoassays are performed via color-changing tests strips (for simple non-critical applications like home pregnancy tests), or via time-consuming laboratory procedures for more critical tests (like cardiac markers). In hospitals and clinical labs alone, millions of these immunoassays are performed daily. These laboratory assays are based on complicated optical and radioactive detection instrumentation. Leaders in the industry are developing electrochemical immunoassays because electrochemical technologies are generally recognized to be more cost effective, robust, and possibly faster than optical methods given the fact that no complicated sample pre-treatment processes are needed. One of the main challenges to commercializing this new technology is achieving the low detection levels needed for such measurements. AgaMatrix’s technology can be eventually embedded in these devices to overcome the sensitivity issues that currently hinder their commercialization.

Medical software business plan, market analysis summary chart image

4.2 Industry Analysis

The medical diagnostics industry is prone to disruptions because of technological innovations. We have found the following current industry needs are immediately addressable by AgaMatrix’s technology based on a survey of potential customers in the blood glucose and Hospital point-of-care (POC) market:

Near future market needs prompted by emerging trends

We have also identified a number of needs for which AgaMatrix is aligned to be a major technology provider. For the sake of conservatism and maintaining a focused company positioning in the healthcare arena, we are not pursuing available applications in environmental monitoring, industrial processing, and military biological/chemical warfare agent detection. Instead, we consider our primary expansion markets to be other segments in the healthcare market including the immunoassay and implantable/minimally invasive biosensor markets, with some initial penetration into the latter in Y2 and Y3.

4.2.1 Competition and Buying Patterns

Based on a prior art search and our cross-disciplinary technology expertise, we believe we are the only solution provider of our kind to medical device manufacturers. However, AgaMatrix indirectly competes against other biosensor-enhancing technologies. Rival technologies include advances in physical designs such as improvements in chemical reagents used in these devices and the integration of permselective membranes that are intended to materially filter out interfering chemicals from contacting the sensor. We have identified the research efforts of the following companies as potential competition due to their efforts to solve the same problems, albeit through very different approaches.

Strategy and Implementation Summary

AgaMatrix’s strategy will be built upon sustainable advantages from superior software technology, in-house expertise, monopolization of a scientific team, and development lead time over competitors. In addition, the company will deploy a strong intellectual property strategy of defensive and offensive patents to create an IP minefield to make litigation for competitors as costly as possible. Coupled with an aggressive marketing and sales strategy, AgaMatrix is positioned to be the leading provider of technology that enables biosensor devices used in medical and other life science applications.

5.1 Competitive Edge

Advantage #1: Superior and Complementary Software Paradigm Potential indirect competition could lie within R&D departments of medical device OEMs who are striving to create both incrementally higher-performing biosensors for existing products. The R&D teams are also striving to make revolutionary advances which enable implantable biosensors such as blood glucose monitors. However, based on secondary market research and on first-hand conversations with potential customers/partners, the observed historical trend in this industry has been to approach chemical problems with chemical experts. We believe that our multi-disciplinary software approach fills a missing piece in the development of these devices.

From a technological standpoint, our software-based solutions achieve the same goals of interference suppression as rival chemical solutions; however, because we obviate the need for these chemicals, most of which are toxic, products deployed with AgaMatrix technology will be suited for in vivo applications, such as some minimally invasive and implantable glucose monitors. Furthermore, our technology can simultaneously monitor multiple chemicals, both the target analyte and any interfering chemicals, engendering low-cost multi-analyte sensors which are not readily viable with current chemical-based sensor enhancements.

From a marketing standpoint, our products have the advantage of being software-based, engendering many of the potential benefits that other software-based products traditionally enjoy. One of the principle advantages that end users would have is the ability to upgrade the software as new, better algorithms are developed, a benefit that cannot be as easily realized with other physical and chemical technological advances. From a cost-saving standpoint, many of the permselective membranes that are currently designed to be used in biosensor devices are too expensive to be used in all applications. As such, our software solutions would provide a cost benefit advantage to our customers.

Regardless of other traditional technology advances in sensor design, our DSP technologies will ultimately prove to be complementary. Our noise-filtering algorithms will increase the signal-to-noise ratio enabling greater sensitivity and lowering detection limits. In many applications, membrane filters are not fully effective; as such, our interference suppression algorithms can compensate for the limitations of such membranes. Additionally, rival empirical improvements cannot address other limitations of these devices, such as sensor deterioration, where our technology may be applied to auto-correct for such sources of error.

Advantage #2: In-House Expertise As is the case with chemical and life science research, one of the most resource-intensive aspects of the development time lies in optimizing empirical protocols and avoiding unforeseen pitfalls; most of the knowledge comes from “hands-on” experience, not only theoretical background. Furthermore, expertise in multi-disciplinary areas as ours requires specialized knowledge. AgaMatrix’s scientific team has been involved in biosensor research for an aggregate of over 40 years. The foundational research for our current technology was initiated seven years ago, and our scientists have developed and optimized many of the techniques that are vital to the continuing development and validation of AgaMatrix’s products. To date, we have developed the groundbreaking technology approach, the experimental protocols, the validation mechanisms, and the core algorithms. Our extensive in-house expertise in working on bridging biosensor systems and DSP technologies represents a significant barrier to any potential competitor.

Advantage #3: Monopolization of Scientific Team The technology that AgaMatrix is built upon has been inspired by research performed throughout the past decade at the University of Cambridge. The original scientific team that achieved these breakthroughs boasts inimitable credentials and has remained intact to form the current AgaMatrix R&D team. In the ensuing years, AgaMatrix has developed new technologies and is moving towards its commercialization. We believe that our virtual monopoly on the intellectual resources that have been responsible for the technological advances that AgaMatrix owns represents a significant competitive advantage over potential competitors. As is the case with any empirical endeavor, much of the in-house expertise comes in the form of a close working knowledge of the practical aspects of technology development. With the current R&D team already experienced in the relevant technologies, and having worked together in the past, much of this knowledge has already been acquired.

Advantage #4: Development Lead Time Over Potential Competition In sharp contrast to the typical chemistry-based approach, AgaMatrix’s technology is based upon a multi-disciplinary core competency. Our competitive capabilities are derived from a unique confluence of electrical engineering and life science disciplines, a roadblock for potential competitors entrenched in traditional “wet chemistry” research paradigms.

5.2 Marketing Strategy

Presenting compelling value through superior technology Because of AgaMatrix’s revolutionary, proprietary technology, we are positioned to be the market leader in biosensor enhancing solutions. AgaMatrix offers a novel approach that clearly provides significant value to our customer and ultimately the end user. The AgaMatrix solution delivers value in two ways: by improving the performance of their product against competing products and by increasing customers’ market share and revenue. Communicating this value to the device manufacturers, as well as branding our technology to defend market share, is the fundamental philosophy behind our marketing strategy.

Becoming a competitive standard The core AgaMatrix technology is a unique approach to improving biosensors systems in a way that substantially increases performance and adds value to the end user. In a competitive marketplace, we will present our technology to medical device makers as an industry standard that they must adopt to be able to compete. Examples of this kind of standard-setting technology include the adoption of Windows platforms on PCs and auto-focus and red-eye reduction capabilities on cameras. Specific selling points include elimination of cross-interference, improvement in accuracy, improvement in signal to noise ratio, improvement in device robustness, reduction in sample requirements, and increase in market acceptance of product. The value proposition will differ depending on the needs of each customer.

Marketing to end users by marketing the end product AgaMatrix will market to end users through partnership with the device makers; to add value, our technology must increase their bottom line profit. AgaMatrix can do this if end users appreciate the advantages AgaMatrix enhancements bring and if they require our products for a healthcare “standard of care.” The desire for end users, such as doctors and patients, to use the best and most effective technology for diagnosis and treatment of health problems will drive demand for AgaMatrix-enabled devices. Therefore, AgaMatrix will develop a marketing plan with our partners to increase the awareness of the clinical advantages of our devices. The AgaMatrix-enabled label will become a moral imperative to clinicians in the same way that advanced digital imaging technology is used by radiologists and cardiovascular specialists.

In summary, AgaMatrix will market both to the device makers we sell to and end customers, who will drive demand.  Because device makers are concerned about increasing their bottom line through value-add to their products as well as through production cost reductions, AgaMatrix will sell to them on the basis of value rather than on any other consumer-based premise. End users, such as healthcare professionals and customers, demand standard of care. Therefore, AgaMatrix will co-market its brand as a necessary technology for healthcare diagnostics.

5.3 Sales Strategy

Phase 1: Sales to medical device manufacturer partners In the first stage of bringing AgaMatrix technology to market, the company will approach and partner with medical device manufacturers. Such partnerships have the added advantages of product development that is supported by the partner’s engineering, finance, marketing, and management.

Phase 2: Becoming the “competitive standard” With a base of customers who can vouch for the product value, AgaMatrix aims to become the competitive standard that all players must adopt. Specific marketing tactics in this stage include: increasing market awareness through trade shows (e.g., Medical Device Expo, SensorExpo) and technical conferences, advertising in trade journals and publications (e.g., Sensor Magazine, Medical Device and Diagnostics Magazine), and retaining “Thought Leaders” from industry and academia who will corroborate our claims.

Phase 3: Branding for mind share and market domination AgaMatrix will brand its proprietary DSP technology to associate enhanced solutions with our identity. A consistent, strong, and clearly defined brand will add yet another barrier to entry and market penetration. Increased awareness of the advantages we deliver will give rise to increased demand for the end product.

5.3.1 Sales Forecast

The sales forecast is based on a royalties pricing model.  However, a revenue model based on licensing fees is also described and provided for comparison purposes, below.

Charging on a royalty-based per-use fee, AgaMatrix will initially sell OEM technology solutions to manufacturers of biosensor-based medical devices that will enhance their products’ performance.  Because AgaMatrix technology is software-based and is optimized for minimal hardware requirements, it can be easily integrated into existing sensor devices, boosting functionality on a cost-effective basis.  By embedding our technology within their devices, OEMs will realize substantial gains (20% to over 100%) in performance dimensions such as accuracy, sensitivity, and robustness.  Technology OEM royalty-based business models are not new in this business.  Our ability to quickly provide performance upgrades in the form of easy-to-integrate software/firmware updates provides a number of technical and sales advantages over the existing development paradigm, which relies on “wet” chemistry approaches. 

5.3.2 Pricing Model and Revenues

The primary value proposition that AgaMatrix presents to medical device manufacturers is increased revenues through increased market share from product advantages over other competing devices and from premium pricing for increased functionality and performance of their products.  Because the new product offering from the manufacturer contains “best of” technology and is in the healthcare space, they can charge a premium for their product, which will translate into revenues to AgaMatrix.  Another value proposition which a potential customer (i-STAT) actually brought to our attention is that our technology could very likely reduce production costs for them by allowing them to eliminate the need to use costly membranes in their products.

The pricing for our product can be either “value-added” pricing on the price of the medical device or based on device usage, depending on the revenue model used by our customers.  In the case of the blood glucose market, revenues are driven not by the device, but rather by recurring revenues from consumable test strips.  For example, the test strips that LifeScan sells retail for approximately $0.70 each.  These test strips are supposed to be used three to four times a day, although the pain associated with testing has reduced compliance to about 1.5 tests per day per patient.  AgaMatrix will share in the revenues this model generates.  For example, every time a test strip is analyzed by the device that LifeScan sells, AgaMatrix technology will be utilized to provide a more accurate reading.  Therefore, AgaMatrix will enter into a royalty-based fee agreement with device manufacturers, such as those in glucose monitoring, where consumables generate revenue.  Preliminary conversations with Hypoguard indicate a general willingness to this type of pricing model.

Another example of how our royalty will work could be through the partnership with Company X.  Company X manufactures and sells a point-of-care device for approximately $5,000.  Test cartridges are priced at around $3.40 each and can perform 5-6 different tests once.  For Company X, our product would solve an existing problem with the performance and reliability of their cartridges.  Cartridges would be priced approximately $4.00 – $5.00.  Company X manufactures these cartridges for $0.12-$0.16 each and should be amenable to sharing the increased margins.  For cases in which consumables are not used, premium pricing of about +20% will be used depending on the added value that can be delivered to the end user.  The following table summarizes a conservative revenue forecast based on royalties.

An alternative pricing model would be to charge an annual licensing fee for each device enabling AgaMatrix technology.  The value proposition to customers is the same: devices enabled with AgaMatrix technology will be more accurate and therefore require smaller blood samples and result in less pain, which will increase device and test strip sales. Pricing structures and terms of the company’s software modules and services will ultimately be determined by negotiations with customers. The most likely scenario will be a hybrid pricing model of flat licensing fees on devices and royalties on test strip sales. The following table summarizes a conservative revenue forecast based on a licensing structure.

5.4 Intellectual Property Strategy

With a fully developed IP strategy consisting of core utility patents (currently filed as provisional applications) and defensive utility patents to be filed imminently, and based on our technological leadership, we believe that it would be far more beneficial for potential customers to purchase our technology than to develop it in-house.

5.5 Milestones

The following tables summarize the company’s developmental goals (month-to-month for Y1). Product Milestones are listed separately, below.

5.5.1 Year 2 and 3 Milestones

  • Business Milestones
  • Secure two major paying POC customers
  • Secure another small paying glucose customer
  • Secure one major glucose beta customer
  • Operational Milestones
  • Move to larger office 
  • Hire 6 scientists, 8 engineers
  • Hire product management and operations staff

Year 3 Milestones

  • Secure one major paying glucose customer
  • Secure one major implantable beta
  • Expand to other POC players

5.5.2 Product Milestones

The following table summarizes the product development vision. Future products will all contain updated core DSP algorithm software, associated tools, and documentation of performance results, ensuring that we maximally leverage our existing technology base as productization evolves.

5.5.3 Summary of Current Accounts

Web plan summary.

AgaMatrix’s website will be a dynamic marketing tool for the company that serves the needs of business development, sales, and recruiting. The company site will provide information about AgaMatrix’s products and services for target customers and potential business partners, such as marketing collateral, technical white papers, and new product updates. As the company grows,  its recruiting needs can be addressed by posting career opportunities and FAQs about the company. AgaMatrix.com will also communicate company news to create and maintain positive public relations with the community and investors. The goal will be to implement a functional and professionally designed website that can be adapted to meet the company’s growing needs.

6.1 Development Requirements

Creation of future versions of the AgaMatrix website will continue to be outsourced to Nathan Bailey, a professional graphics designer with over 15 years of experience. The contractor will work with the marketing department to conceptualize the company’s logo and overall design. It will be maintained in-house and major site redesigning will be made through a contractor. 

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

The following are the current members of the AgaMatrix Team. Once a permanent CEO is on board, Sonny will transfer to a Director of Product Management role.

Sonny Vu, Chief Executive Officer and Founder Sonny brings management and entrepreneurial experience from having worked in several of Microsoft’s product groups and having launched and built FireSpout, an enterprise software company. At Microsoft, he worked in a number of product development groups, including the natural language group responsible for shipping linguistic technologies to over 16 applications in 22 languages. While at FireSpout, Sonny created the original technology vision, recruited the technical teams, developed and managed the technology development and various operational processes, and developed the intellectual property strategy. Originally a mathematician by training, Sonny was a Ph.D. candidate at MIT prior to working in the software industry.

Dr. Sridhar Iyengar, Chief Technology Officer and Founder With 10 years of research and engineering experience in DSP and mathematical modeling of chemical systems, Sridhar drives and directs the implementation of AgaMatrix’s technology vision. He is the leading expert in the core DSP/electrochemistry interdisciplinary approach used by AgaMatrix. Combining his background in electrical engineering and biological sciences, Sridhar conceived and pioneered the concept of using a DSP approach to enhance biosensor performance. His work in the years following his breakthrough Ph.D. research is the cornerstone for AgaMatrix’s intellectual property with two key patents filed under his name and another three defensive patents to be filed during the summer of 2002. Sridhar obtained his Ph.D. from the University of Cambridge as a Marshall Scholar.

Craig Bolon, Vice President of Engineering With more than 35 years of management and technical experience in software and hardware engineering, Craig is responsible for executing AgaMatrix’s product development initiatives. He brings his leadership experiences from being a hands-on development engineer, team leader, general manager, engineering director, and entrepreneur. Craig has a proven track record of delivering on-time, on-budget projects while working on commercial product development in software and instrumentation for organizations such as Schlumberger, Polaroid, Betagen, Exxon, and MIT. His commercial product development work has spanned the fields of molecular biology, chemical analysis, electronic imaging, speech recognition, and mechanical design software. Craig has invented key technologies and holds a number of software and hardware patents. He holds a degree in particle physics from MIT.

Dr. Paul J. Kelly, Advisor Paul is the founder and former CEO of Gemini Genomics plc, until its merger in 2001. A physician who specialized in endocrinology, he has more than 25 years of experience in medicine, and research in clinical and commercial settings. He has published extensively in over 90 publications, has an issued patent, and has held faculty appointments at the University of New South Wales and St. Vincent’s Hospital in Sydney, Australia. After launching Gemini Genomics in Cambridge, England, Paul went on to list the company on NASDAQ, in the most successful IPO of 2000 in the UK. He has served on national governmental advisory bodies, as well as on the boards of public and private companies, and non-profit institutions. Paul graduated in Medicine from the University of New South Wales, Sydney, and received his Doctor of Medicine degree for his thesis in the genetics of osteoporosis also from the University of New South Wales. He is a Fellow of the Australasian College of Physicians.

7.1 Personnel Plan

The personnel table assumes steady growth in employees over the next year. We expect head count to reach 14 employees by end of year one. We are in the process of implementing a strong benefits policy (with fully-paid medical, dental, and life insurance, plus a profit sharing and 401K plan). Employees generally earn competitive salaries and receive generous equity packages.

Financial Plan investor-ready personnel plan .">

The following subtopics highlight the financial plan for AgaMatrix.

8.1 Break-even Analysis

The break-even analysis demonstrates that AgaMatrix will have a sales level running comfortably above break-even starting in year two. Depending on which pricing model is used – either royalties, licensing, or both – average revenue could vary significantly, but the table shows a fair estimate given our revenue projections.   

The business will have very few fixed costs – most laboratory equipment can be leased, as will the real estate for our offices. All costs are expected to be variable for modeling purposes, giving the company flexibility to adapt as needs and environmental conditions may change. Because AgaMatrix technology is software-based and is optimized for minimal hardware requirements, it can be easily distributed and integrated into biosensor devices with advantages of economies of scale. As volume increases, average variable costs will significantly decrease.

Medical software business plan, financial plan chart image

8.2 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following table. The key underlying assumptions are:

  • We assume a slow-growth economy, without major recession.
  • We assume of course that there are no unforeseen changes in technology to make our products immediately obsolete.
  • We assume access to equity capital and financing sufficient to maintain our financial plan as shown in the tables.

Financial projections are predicated upon targeting the life sciences vertical exclusively. Within the life sciences market, blood glucose will drive the majority of revenue. However, the point-of-care testing market will contribute modest revenue in the near term, accompanied by a substantial contribution from the implantable market in the medium and long term.

8.3 Projected Profit and Loss

Gross and operating margins

Gross margins will be approximately 85% on the core product offering, which will be delivered in the form of software. Such margins are typical in the software industry; we have not modeled in support revenue streams for our products, assuming this will be handled entirely by our OEM customers. In year one, we expect a loss, as we grow the business from a small base by conserving cash. Beginning in year two (post-institutional funding), as we ramp up the business more aggressively, operating expenses as a percent of revenue will fall as we hire a critical mass of personnel for marketing, sales, and research and development. By the end of the forecast horizon, operating margins will once again exceed 30%.

Profit potential and durability

AgaMatrix is expected to be net income positive beginning in its second full year of operations. Profitability is expected to grow rapidly following year two, once the business is able to leverage the investment from the year two ramp-up. AgaMatrix has the potential to be an enduring standalone business, supported by a diversified revenue stream within the life sciences vertical (blood glucose, point-of-care testing and minimally invasive/implantable devices), with the opportunity to expand into other sub-segments in the healthcare sector and new verticals for long-term growth.

Medical software business plan, financial plan chart image

8.4 Projected Cash Flow

The financial outlook is positive as the company rolls out and meets its milestones. After financing, cash flow will be negative for year one. By year two, AgaMatrix expects to be cash flow positive.

Medical software business plan, financial plan chart image

8.5 Projected Balance Sheet

Our projected balance sheet shows an increase in net worth. The monthly projections for the first year are in the appendix. Net worth is negative initially because the company does not expect to secure its first paying customer until end of year one.  

8.6 Financial Risks and Contingencies

We have identified several critical risks and assumptions that must be addressed to ensure AgaMatrix’s success. 

Market Risks

Risk #1: Corporate R&D labs of our customers/partners may develop competing DSP-based technologies to enhance their own electrochemical sensors based products.

See section 4 for a detailed discussion of competition and AgaMatrix’s sustainable competitive advantages.

Risk #2: Other technologies may be developed to improve sensor performance.

Other technology solutions designed to improve sensor performance have been generally hardware-based introducing additional costs and at times toxic chemicals.  For example, MEMS-based infrared sensors, being developed as an alternative to electrochemical sensors, are expected to be much more costly despite increased performance.  Similarly, mediators such as ferrocene are used to deliver accurate readings, but are toxic and less effective than AgaMatrix’s solution.  AgaMatrix software-based solution improves performance while being cost effective and safe.

Risk #3: As a pioneer in electrochemical applications for DSP algorithms, AgaMatrix may not be able to convince customers to adopt such a revolutionary solution.

Developers of blood glucose monitors and portable blood analyzers have never considered using a software-based approach to solving their accuracy and cross-interference problems.  There is thus a psychological barrier that we believe can be overcome through a simple, concrete demonstration of low-cost performance gains which we can provide.

Risk #4: There may not be enough computing power and memory on blood glucose monitoring devices and portable blood analyzers to support AgaMatrix’s software.

The algorithms have been optimized for computational speed and are designed for use on devices with very little CPU resources.  Initial customer feed back shows that AgaMatrix’s algorithms can be incorporated in next-generation ASICS designs for blood glucose monitoring devices, as well as into current microprocessor-powered portable blood analyzers.

Risk #5: Implantable blood glucose sensors may be prolonged from the marketplace indefinitely.

Although most blood glucose monitoring device companies are trying to develop implantable sensors, other technical and marketing issues may prevent the eventual adoption of the artificial pancreas.  AgaMatrix’s technology will accelerate the development of the artificial pancreas by not requiring toxic mediators.  However, AgaMatrix cannot solely depend on this market’s development, and has thus chosen to focus on existing markets to drive short to medium term revenue.

Risk #6: AgaMatrix must prove out the technology on blood samples.

Despite a high confidence in the technology, we must still create experimental data sets created from tests using actual blood samples.  These data sets will be shown to customers as proof of the technology’s effectiveness.  AgaMatrix is confident that after initial funding, lab space and equipment can be quickly secured to produce these data sets.

Risk #7: AgaMatrix may face regulatory delays from FDA approval.

We will work with our customers to ensure that the technologies that are deployed into their devices will incur minimal regulatory risks thereby complying with the FDA’s less onerous regulations for a “derivative device” (compared to the approval process for a completely new device).

Risk #8: AgaMatrix needs to determine customer willingness to pay and secure concrete deals with customers.

Several conversations with potential customers have already reached the level of discussing potential pricing structures so we believe there is some genuine interest.

Risk #9: Each OEM customer will require a custom-built version of the AgaMatrix software.

The software suite will be designed to be a modular and scalable platform technology.  We will construct a set of configuration and integration tools designed to translate our core technology into suitable deployment formats. 

Risk #10: University of Cambridge may have claims to AgaMatrix’s technologies.

The technology is based on 3rd generation algorithms that AgaMatrix alone has been developing for two years.  1st and 2nd generation technologies were developed at the University of Cambridge and validated the proof of concept of using a DSP approach to solving many of the outstanding problems in biosensors. Our 3rd generation technology is fundamentally different from the earlier technologies and has overcome a number of critical limitations, on both the theoretical and empirical sides, that prevent commercialization.  AgaMatrix owns all rights to these 3rd generation technologies.  The 1st and 2nd generation technologies, while illustrative of the concept, do not pose any commercial threat due to fundamental technological limitations

Financial Risks

Risk #1: Working Capital Management – We expect to be running a significant working capital deficit because of the time it will take to establish payment schedules (e.g. quarterly royalties from partners) and receive payments from large OEM vendors while, as an early-stage company, we will simultaneously have to make payments on our supplies on a short-term basis.  Managing the cash conversion cycle will be critical to ensuring liquidity and solvency.

Risk #2: Seasonal, Cyclical, or Highly Volatile Cash Flows – at this time, we expect there to be volatility in our cash flows based primarily on the new product introduction cycles of major medical devices manufacturers.  Therefore our revenue and cash flow streams will not be smooth throughout the year, but will be stronger during times of new product introduction. By targeting three different market segments early on (blood glucose, point-of-care, and implantable devices) we aim to mitigate this risk.

Risk #3: Concentration of Customers – The blood glucose market and portable blood analyzer markets are dominated by an oligopoly of a handful of companies.  It may be difficult to diversify our customer base sufficiently to prevent large swings in our revenue and cash flow based upon the actions of a small number of customers. To diminish this risk, we will initially target smaller players who will move more quickly and provide us with greater leverage when we go to negotiate with larger customers.

8.7 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 7373 or NAICS code 541512, Computer Systems Design Services, are shown for comparison.

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  4. Medical Device Sales Plan Template [Free PDF]

    sample business plan for medical device sales

  5. Medical Business Plan

    sample business plan for medical device sales

  6. 10+ Best Medical Business Plan Templates

    sample business plan for medical device sales

COMMENTS

  1. Free Sample Business Plans

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  2. Get A Business Plan Example

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  3. Medical Device Business Plan Template [Updated 2024]

    M&A Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical device companies. If you're unfamiliar with creating a medical device business plan, you may think creating one will be a time-consuming and frustrating process.

  4. Medical Device Business Plan

    Blog Medical Device Business Plan NOV.06, 2023 Medical Device Business Plan ( 4 votes, average: 5.00 out of 5) Article Business Plan Templates Health Business Plans Table of Content Medical Device Business Plan Sample

  5. Medical Device Business Plan Template (2024)

    Below is a template to help you create each section of your Medical Device business plan. Executive Summary Business Overview MediTech LLC is a medical device company that sells Class I medical devices to hospitals, clinics, and other establishments in the medical industry.

  6. Medical Sales 30-60-90 Day Plan: An Overview and Examples

    Medical Sales 30-60-90 Day Plan: An Overview and Examples 3 min read 1 Comment A commonly overlooked component of the medical sales interview process is the development of a 30-60-90 Day Plan tailored specifically to medical sales.

  7. Medical Equipment

    Sample Business Plans Medical & Health Medical Equipment Medical Equipment - Supplies Business Plan Start your own medical equipment - supplies business plan Zenergy Medical Industries Executive Summary This business plan has been developed to present our company to prospective supplier partners, employers, and investors.

  8. Medical Equipment Business Plan Example

    Sample Business Plans Medical & Health Medical Equipment Medical Equipment Business Plan Start my business plan Start your own medical equipment business plan MedNexis, Inc. Executive Summary MedNexis, Inc. (the company) is a medical device development company that has designed and patented medical devices which it plans to produce and market.

  9. Medical Equipment Business Plan: Guide & Template (2024)

    Medical Equipment Business Plan Are you thinking of starting a medical equipment manufacturing business We have prepared a solid medical equipment manufacturing business plan sample that guides you on every stage of your business plan writing Download Template Create a Business Plan

  10. Medical Equipment Business Plan Examples

    Here are some sample business plans for medical equipment businesses to get you started. If you're looking to develop a more modern business plan, we recommend you try LivePlan. It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

  11. Medical Device Pitch Deck & Business Plan Example

    View a medical device business plan example. Let us help your medical device, biotech, or healthcare company get funded and succeed!

  12. Medical Device Sales: 9 Strategies for Success in 2023

    The OECD recently said that spending on healthcare across the globe is now 8.8% of GDP. Furthermore, the organization predicts it will outpace the GDP by 2030. This is great news for those in medtech sales! But to truly capitalize on this growth, you must ensure your team is well trained and equipped with the right tools.

  13. Medical Device Sales Strategy & Tips

    1. Build a Strong Network Medical sales is largely dependent on building a strong network of potential buyers. You should attend all conferences and seminars in the medical device sales field and speak to the participants and audiences. Try to chat up with important decision-makers who might influence a deal.

  14. 11 Effective Strategies for Medical Device Sales

    1. Design a Target Future Customer Journey To begin selling your medical product, you must determine your buyer's persona. The next step (often overlooked) is what you want your future customer's buying journey to be.

  15. Medical Device Development Business Plan [Sample Template]

    Executive Summary Eden® Medical Device Development Company, Inc. is a registered medical device development and manufacturing business that will be located in one of the industrial estates in Dover - Delaware, United States of America.

  16. How to Build Your Own Marketing Plan for Medical Device Companies

    Medical device and other medical industry companies aren't adopting digital marketing tech like other B2B industries are. ... through years of contact with your market and determine how best to incorporate that information into your marketing plan. Although the online sales process differs in some ways from the one your sales team engages in ...

  17. PDF Lanzor Medical Equipments Business Plan Example

    professional business plan with automated financial forecasts. You can also do: 200+ Sample business plans Get access to hundreds of sample business plans covering almost all industries to kick start your business plan writing. This helps you to get an idea how the perfect business plan should look like. View Sample Business Plans Step-By-Step ...

  18. How To Create a 30-60-90-Day Plan for Medical Sales

    1. Choose a starting point You can start creating your medical sales 30-60-90 day plan with either a template or by making your own plan. You can search the internet for a template or use the one provided in this article. Templates are an excellent starting point because you can customize them to fit your specific needs.

  19. Medical Equipment Developer Business Plan Example

    Mission The mission of Medquip, Inc. is to design, develop, and market new patented technologies in the medical device field. The technologies will fill market niches that each account for a minimum of $20 million dollars in potential sales.

  20. Medical Device Marketing Plan [Sample Template]

    We also took it further by providing an in-depth sample medical device business plan template. In this article, we will be analyzing and drafting a sample medical device marketing plan backed up by actionable guerrilla marketing ideas for medical device production companies. ... Generate 50 percent of sales from exporting our medical devices to ...

  21. Sample Medical Equipment Business Plan

    sample business plan for medical equipment sales Copyright: Attribution Non-Commercial (BY-NC) Available Formats Download as PDF, TXT or read online from Scribd Flag for inappropriate content Download now of 3 Medical Equipment Sample Business Plan - Executive Summary - Bplans http://www.bplans.com/medical_equipment_business_plan/executive_s...

  22. FREE 5+ Medical Device Sales Plan Samples in MS Word

    1. Medical Device Sales Plan Template 2. Medical Device Sales Day Plan Effective sales plans can be used to acquire new customers as well as resell items already in your inventory to existing customers. However, a sales plan must be implemented correctly in order to be successful.

  23. How to Start a Medical Supply Business

    Developing a medical supply business usually involves some proven steps. Read on for some essential building blocks for new businesses to succeed in this exciting field. Developing a Medical Supply Business Plan. A business plan represents a comprehensive roadmap for launching and growing one of these businesses. It needs to have several ...

  24. Medical Business Plan

    Here are some of the best examples of medical business plans worth having a look. Medical Practice Business Plan Template Details File Format Google Docs MS Word Pages Size: A4, US Download Medical Laboratory Business Plan Template Details File Format Google Docs MS Word Pages Size: A4, US Download Dispensary Business Plan Template Details

  25. Medical Software Business Plan Example

    Get this complete sample business plan as a free text document. Download for free. Business Planning. ... Phase 1: Sales to medical device manufacturer partners In the first stage of bringing AgaMatrix technology to market, the company will approach and partner with medical device manufacturers. Such partnerships have the added advantages of ...

  26. Medical Business Plan

    Slide 1 of 57. Medical Supply Business Plan Pdf Word Document. Slide 1 of 6. Medical Device Sales. Slide 1 of 17. Medical Equipment Development Powerpoint Ppt Template Bundles. Slide 1 of 10. Medical Device Business Plan Examples In Powerpoint And Google Slides Cpb. Slide 1 of 81.