Knowledge is Necessary but not Sufficient. Insight is Required.
Today, more so than any other time in history, having access to the right data to really understand a device or product’s market environment is crucial to success. Knowledge may be necessary but not sufficient. What is needed is the unique insight provided by Balan’s search and discovery process. Not all information that is available is useful and critical information may not be easily accessible. Whether a product will be accepted and adopted by the intended user is a complex question and standard marketing data sources are no longer adequate. Gaining perspective from every angle within your industry and a few from outside will give you a competitive edge.
One of Balan Biomedical’s Core Capabilities is our ability to bring to light previous unmet needs and insightful research. In order to provide you with the answers and information you need Balan deploys some or all of our Insight Analytics services.
Clinical Trending for unmet Medical Needs based on review of clinical papers, practice guidelines, academic conference reports, clinical trials and physician experience, these data sources point to new product opportunities and product line extensions. Through this independent analysis of clinical market need, your company can proceed with product development with greater certainty of market readiness and acceptance. By tapping the experience of practicing medical professionals to identify need, market pull is created where those professionals recommending or using your products anticipate market launch.
Technology Trending of Commercial Applications and emerging technology keeps Balan Engineers at the forefront of technology solutions. As an adjunct to internal R & D efforts, Balan offers a cost effective way to stay apprised of cutting edge advances as well as proven technologies not previously considered in the medical device space. Existing technology from commercial markets offering superior performance improvement for use in medical devices is identified and qualified through testing. Through relationships developed with commercial manufacturers of the technology, Balan expands market opportunities into medical devices and offers medical device companies a lower risk, lower cost option to incorporate a fully tested technology with superior performance capabilities into their products.
For Research Labs with extensive technology portfolios, Balan offers the expertise and experience to evaluate your technology for potential application in health care. The process of technology evaluation and match to clinical needs offers advantages to both research labs and device manufacturers. The Balan process brings a systematic analysis and matching of solutions to needs that increases the likelihood of success and mitigates the risk that chance discovery brings with it. Research labs see increased revenue through licensing to new markets and device manufacturers see enhancement of existing product through application of novel technology or reduced product development timelines through early partnerships with researchers and inventors.
Patent Mapping provides detailed understanding of current developments in a specific field. Armed with this information an organization can decide which projects to pursue, allocating time and capital, and which to put aside. Additional areas for work are identified through gap analysis of existing patent claims.
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What Creates Medical Device Opportunities?
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Advanced Clinical Applications for Neurostimulator Challenges Device Manufacturer
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| For our client the promise of neurostimulation to treat a variety of neurological conditions was falling behind expectations. Balan Biomedical was brought in to evaluate the technology and clinical applications and to identify the barriers to success. Balan’s clinical and engineering analytic team evaluated the clinical trials results, the device specifications including component capability, among other information and assessed these data against performance needs. We identified that a key component, while functioning at current medical market standards, was insufficient for the intended clinical application. Using patent mapping process to identify potential technology solutions and the companies working in the space, Balan engineering then scouted both commercial and emerging technology for potential solutions and identified a commercially available component that met device clinical requirements and exceeded current medical market availability. Our engineers evaluated the commercial component for readiness for qualification and supported our client with the necessary qualification for medical application process. The result was superior functioning that allowed greater clinical use and positioned our client to be the market leader in neurostimulation. |
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