Commercialization plan for Medical devices Essay

Commercialization plan for Medical devices - Essay Example The study will highlight the entire commercialization plan developed for the Health Kart Diabetic Monitoring device which includes the patenting, drafting and the quality control process. Table of Contents Technology 6 Product Description: HealthKart Diabetz 6 Key Success Factors 6 Patents 7 Process of Acquiring Patents for Diabetic Monitoring Device 9 The Firm: Health Kart Diabetes 10 The Business Opportunity 11 Value Proposition 11 External Players 12 Market 13 Market Dynamics 13 External Forces 13 Environmental Impact 13 Marketing Strategies 14 Strategic Positioning of HealthKare Diabetes 17 Quality Control Monitoring Process 21 Action Plan 23 Implementation of Milestones 24 Marketing Tasks 24 Timings 24 Mass Targeting Strategy for HealthKare Diabetes 24 Commercial Risk Assessment 25 Financials 26 Conclusion 27 References 28 Background: Commercialization of Diabetic Monitoring Devices The commercialization activity is regarded as an important business activity, which leads to the development of a new market plan for the introduction of a new product into the market (Ahmed & Rafiq, 2002). This activity involves the formulation of new marketing strategies and also the development of effective marketing devices, which would help in checking the feasibility of the marketing plan. Commercialization would also help in monitoring whether the marketing activities adhere with the executed plan (CIM, n.d.). However, commercialization would also include various marketing strategies required for the launch of new product and production process, which would also require financial and non-financial assistance from the management perspective. The study will deal with commercialization of diabetic monitoring devices, which forms an integral part among the medical equipment. Diabetic monitoring devices not only help in checking the glucose levels of an individual, but also prevent from increasing the glucose levels in medical patients. The main objective of the monitoring de vices would be to check the glucose content and the concentration of glucose levels in an individual. The study will deal with the commercialization plan of diabetic monitoring device, which has been the aid for several medial patients. The author of the study has formulated a marketing plan, which consists of varied marketing strategies for introducing new product into the market and also for the development of a commercialization process for this particular product. Technology Product Description: HealthKart Diabetz The product would be named HealthKart Diabetz and will be initially marketed in the US and UK to cater to the needs of the mass population suffering from diabetes and other glucose content related diseases. The main objective of the marketer would be to develop a product whose functionality would be simple and would produce accurate results. The medical device would help in providing quantitative test and would reflect the glucose content in the blood levels of the ind ividual. The product will help in monitoring the glucose level of an individual and the results can be shown to the doctor for daily adjustment in the treatment, checking high and low level sugar content, understand whether the patient requires change in the existing diet and exercise plan. The product will be environment