For early-stage orthopedic companies some things are getting EASIER, but most things are getting HARDER. Below is my list that I have compiled so far. Send me your idea to tiger@tigerbuford.com
EASIER in 2024 —————- -Business efficiency (new business technology tools/communication) -Working from anywhere (virtual work/ hybrid work) -Hiring killer talent (a glut of talent on the sidelines) -Marketing tools (free social media for branding and exposure) -Conducting clinical studies OUS -Training surgeons (anywhere, anytime) -Additive manufacturing (choice of several quality suppliers) -R&D Tax credits for small companies (passed in 2023)
HARDER in 2024 —————– -Getting through VAC committees (great advice on BoneChat here) -Fundraising (tighter money, esp. Series B and C) -Regulatory pathways (higher hurdles every year, more FDA bureaucracy) -Clinical enrollment in the US -Distribution and sales (challenge of gaining mindshare with 1099s) -Sales rep access in hospitals (hospitals are more anti-rep) -Implant pricing (race to the bottom) -CE Mark for new products (MDR process is challenging and expensive) -Economic evidence (challenging to prove) -Effective Marketing (it’s hard to get noticed in a sea of noise) -Large medical shows (not useful for med device companies) -Compliance -Sales and distribution (getting mindshare from your 1099 reps is harder every year)
