The medical device research and development industry is constantly evolving, with new technologies and innovations emerging every day. However, with these advancements come a host of challenges that can hinder progress and slow down the development process. From limited resources to high costs, these obstacles can be daunting for businesses looking to stay ahead of the curve. Fortunately, Vita Group offers a range of services that can help overcome these challenges and streamline the research and development process.
Problem: High-Cost Rates
One issue in the research and development industry is the high cost rates. Some companies charge unsustainable fees, ranging from $50k to $200k, for their services. This pricing model can be difficult for smaller companies or inventors to afford, limiting their ability to innovate and compete in the market.
Solution: Affordable Payment Plan
Vita Group offers an affordable option for our services, with a monthly fee of $5k-15k for the first six months. After the initial six months, the pricing depends on the project. This pricing structure is a departure from the overpriced rates that are often associated with research and development services.
Vita Group's approach allows companies to access high-quality research and development services without breaking the bank. Overall, Vita Group's affordable pricing and problem-solving expertise makes Vita Group a valuable partner for those in need of research and development solutions.
Problem: Prolonged Development
Another significant problem in the industry is the prolonged development timeline. It can take seven to 10 years to bring a medical device to commercialization. This extended timeline can be attributed to various factors, whether it be engineering or regulatory hurdles. This lengthy timeline can lead to increased costs and delays in bringing new products to market.
Solution: Fast Paced Development
Vita Group has standardized a fixed timeline of six months for Phase 0-1 and less than two years for Phase 2-5. This approach allows for a more efficient and streamlined process, ultimately resulting in faster commercialization of medical device products. By implementing this standard, Vita Group is able to provide solutions to problems in the research and development industry in a timely and effective manner.
Problem: No Distribution Service
An additional critical problem in the research and development industry is the lack of sales or distribution services. In many cases, the inventor is responsible for fulfilling distribution, which can be a daunting task. This can lead to delays in getting the product to market and can also result in poor sales due to inadequate marketing efforts. Additionally, this can put a strain on the inventor's resources, as they may not have the necessary expertise or resources to handle distribution effectively.
Solution: Built-In Sales Team
Vita Group solves this issue by providing a plug-and-play sales team that is implemented into Phase 5 (Commercialization) of the product development process. Our sales team is trained for effective distribution and the expense is included in the payment plan, making it easy to budget for this important service. With Vita Group's help, inventors can overcome the challenges they face in the research and development industry and achieve success in their endeavors.
The research and development industry is not without its challenges. From funding to timelines, there are many obstacles that can hinder progress and innovation. However, Vita Group is dedicated to providing solutions that help overcome these challenges. By partnering with Vita Group, inventors can access the expertise and resources they need to bring their ideas to life and make a positive impact on the world.
Want to learn more about Vita Group and our medical device development? Book a call to meet with our CEO Jason Scherer.