Lessons Learned from Medical Device War Stories
written by Beth E. Arnold
A jam-packed crowd was taken on a rollercoaster ride by seasoned executives Jeffrey Arnold (CEO Coach, Serial Entrepreneur), Larry Roth (Percardia) and John Geisel (Growth Strategy Partners; former CEO of AccessCardioSystems) during the Medical Development Group Forum Meeting at the EEC. Challenges of obtaining appropriate funding at appropriate times in the company's growth was a common theme. Speakers warned of the time and effort required to secure financings and listeners were cautioned against doing anything that could produce negative results before documents were actually signed. The critical importance, but difficulties and costs of developing appropriate patent protection on products and technologies was also discussed -- as was the value of a patent portfolio to a dissolved company. One executive stressed the importance of investing in a back-up technology, when the first-line product doesn't pan out. But another regretted investing in ancillary technology, which siphoned money from the product with the greatest chance of success. And the challenges don't end once a product is on the market. Inappropriate pricing and positioning led to one company's demise.