After understanding the basics of Biomedical Engineering, we proceed to learn more about the nuances involved in 'starting' a BME company and its future.
Starting a bioengineering company
The passion and commitment to convert an idea into a creation is where the biomedical startups originate from. But, to survive in this competitive field a cutting-edge idea is the prerequisite.
Most of the biomedical companies fails drawing any profits due to lack of business acumen , go-to-market strategy and improper team management.
It is relatively easy to access grant funding for a worthy scientific idea to support continued research and development. But, when the time comes to go-to- market from the lab , the founder needs further external investment to fuel the next phase of growth. Later , there comes a time when business require a good mix of management team to take business forward and seek access to new funding routes for further scalability and profitability.
Following are some tips for setting up successful enterprise:
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You should be master in your domain.
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You need to build network of professionals who can do things, which you are not good at. They may help you in handling regulatory issues, quality assurance, finance, logistics and commerce.
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You need to find investors who may fund your bioengineering ideas.
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Once you receive funding from an external investor it is no longer proprietary. You would have to incorporate operation-related suggestions from investors.
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Once you have an investor, you are obliged to share your ideas on how you plan to make the product a commercial success.
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Remember at some stage you need investors for scaling-up business so that you can focus on product development and innovations.
Risks associated with starting a bioengineering company
1. Cost pressures: The increase in world population and shift in prevalence and distribution of chronic diseases, combined with escalating research costs, rising global competition, and the increasing complexity of distribution systems, are placing unprecedented cost pressures on the biomedical industry. These cost pressures are paired with increasing pressures from governments, employers, and consumers to reduce pricing and augment global distribution of drugs and devices.
2. Dependency: Biomedical firms are more dependent than most business on the relationship between government and industry. The ability of biomedical firms to promote and sell product hinges upon legislation and the protection of intellectual property.
3. Cross-border mobility: The U.S. is irrefutably the world’s leader in biomedical innovation. However, it is unsafe, because most of the students involved in research aren't from the host country. Therefore, they would return after finishing their doctoral studies and would serve their respective homelands, thereby hindering innovative ideas.
Reputed Universities Offering Biomedical Courses
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Johns Hopkins University in Baltimore, MD
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Georgia Institute of Technology in Atlanta, GA
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University of California - San Diego
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Duke University (Pratt) - Durham, NC
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Massachusetts Institute of Technology - Cambridge, MA
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Stanford University - Stanford, CA
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University of Pennsylvania - Philadelphia, PA
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University of Washington - Seattle, WA
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Rice University (Brown) - Houston, TX
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University of California - Berkeley, CA