Lighthouse Imaging is dedicated to the science of custom medical optics, cameras, and visualization systems. With over 35 years as an industry leader, Lighthouse works at the speed of light to help their clients stay ahead of the competition. Our expert product development team will help you design and commercialize your device in our FDA-registered medical manufacturing facility. As an ISO:13485 certified contract manufacturer and product development firm, we are your partner for medical optics and visualization equipment.
Justin Starbird and Lighthouse Imaging Chief Technology Officer, Benjamin Gray talk about the different medical device options available.
Every product development process in the medical device industry is unique due to factors such as function, use, performance, and cost objectives. In some cases devices function stand-alone, while others are complementary to the primary device, impacting the way the development process unfolds. Broadly speaking, Benjamin said, "...devices may be generally categorized as reusable or single-use. When it comes to the process and economics of development, there are pros and cons to each type."
Obviously, one of the primary challenges to developing single-use devices is meeting pricing targets, as material and labor costs must be minimized in the final product. Costs and margins need to be continuously evaluated and remain at the forefront of the developer’s mind.
Listen as Justin and Benjamin discuss how the needs of clients ultimately determine which direction folks should lean.
The use of and need to leverage traditional and emerging technologies in designing a visualization system. Medical optics device design, custom design options, design approach. Justin Starbird and CTO of Lighthouse Imaging, Benjamin Gray discuss the topic of Hybrid Design in length.
Chief Technology Officer of Lighthouse Imaging, Benjamin Gray joins Justin Starbird to talk about a systems approach to digital imaging. They dive into how various function components are thought of as a holistic system rather than individual pieces in the medical device imagery space.
The topic of manufacturability and targeted costs focuses on the importance of identifying and the economics of the device under consideration at inception. It is critical that the targeted sales price is determined as a function of the business plan and the balance of the economic equation is completed prior to initiating development. The equation should consist of annual volumes, desired profit margin and targeted cost of good sold or in the case of a contract manufacturer, the acquisition price. Without defining these targets, the product will undergo development without consideration of the economics and may lead to the product never reaching commercialization. It is very possible that a great product is development but the economics, the sales price does not allow the product to be successful in the marketplace.
Every for-profit organizations primary objective is revenue generation. Revenue generation of a new medical devices always facing steep challenges, development issues, regulatory hurdles, market acceptance and so on. The more expeditiously you launch the new product the sooner you begin recognizing revenue. Lighthouse Imaging practices a development path that expedites the process to commercialization. By focusing on the product requirements, which includes not only includes product specifications but the regulatory strategy and manufacturability requirements, we initiate the device to be commercialized at the outset, rather than addressing these concerns later in the development cycle.
April 10, 2019
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