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Medical Equipment Developer Business Plan

3 March 2023 Businnes Plan


Medical Equipment Developer Business Plan


Medquip, Inc., is a medical technology company that designs, patents, and markets medical devices in the endoscopic surgical niche market. Three devices have been created with the collaboration of gastroenterologists and top physicians. Seven patents are initially incorporated. The company estimates $16million in annual sales for year three. The company anticipates having $50 million in annual revenue by year five. Patent applications on its first three market entries have already been accomplished using a top patent law firm.

Market segments are clearly defined. All are subject to a high-growth trend. One market is projected exceed $160 Million in the next three to five years. That market is the endoscopic ligation market. Medquip was founded by one of its founders. This market leader is still in use today and the product has been improved significantly. Another market addresses a clearly defined and unmet need in endoscopic surgical: clearing the fundal pools and tissue during surgery. To fulfill the surgeons’ requirements, a novel and innovative design was developed.

This market should be valued at $20 million. However, it could grow to several hundred million once various surgical procedures are approved. Medquip plans on licensing the technology to a greater company. The company matures in year 3. The company is potentially profitable in year one only if a proposed licensing agreement can be closed.

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. Each technology will either be an improvement on an existing technology, device, or design a new device to meet a clearly defined medical need. Each product will be priced to appeal primarily to managed-care customers that focus on the lowest possible cost of treatment.

Keys to Success

The keys to success for Medquip, Inc. are as follows:

  1. Initial capitalization obtained.
  2. All filed patent applications
  3. The ability to generate early income from non-regulated European markets.
  4. Licensing of at least one technology.
  5. Low interest loans and grants are available to fully fund product development.
  6. Before second round financing and market rollout, recruiting top-notch CEOs.
  7. FDA approves Visi-Band with a 510k, allowing it to be sold in the U.S.
  8. To achieve a minimum 10% market share in the U.S. managed healthcare market, and generate $16 million in revenue in the second year, successful implementation of a sales and marketing plan.
  9. Product development has been increased and market share has continued to grow, resulting in a company with a $50m revenue by five years.

Objectives

The principal objectives of Medquip, Inc. are as follows:

  1. To have a 10% market share in the endoscopic variceal market by year three.
  2. To make $16million in revenue by year 3.
  3. To raise $1,000,000 in private seed capital within the first six month.
  4. In year 1, to receive low-interest loans and grants from Puerto Rico, totaling $1.2 Million.
  5. To license its technology for the obliteration/suction/irrigation market for $1 million dollars in year one.


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