Thought Leadership

6 Strategies to Accelerate Product Development in Healthtech in 2024

Flatlay rendering of prototypes for a medical product
Gregor Mittersinker
Gregor Mittersinker

Founder

Jan 19, 2024

Thoughts

TOPICS

Innovation
Regulated Industry

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Navigating the regulatory landscape can differ significantly depending on the industry, as some regulations are tailored to specific sectors such as health tech, life science, aerospace, finance, energy, and transportation. Others, like data privacy, apply broadly across various industries. 

Businesses need to perceive these regulatory frameworks as protective guardrails rather than roadblocks to innovation, in order to prevent compliance challenges from impeding progress.

At the start of each new year, corporate leaders revisit their annual objectives and reassess processes and methodologies to enhance business success. As agile methodologies increasingly become the norm in software and hardware development, leaders in regulated industries are also exploring new ways to quicken the pace and sharpen their focus.

Over the last decade, we've collaborated with numerous organizations, aiding and accelerating their development initiatives. Below are several strategies that have been tried, tested, and proven successful.

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Design in Regulated Industries: Leveraging the Right Toolkit to Drive Innovation

Gregor Mittersinker- Founder and Creative Director, LOFT Design, Adjunct Professor at the Rhode Island School of Design (RISD)

*This webcast will be conducted on Gotowebinar. The day before, look for a DMI Gotowebinar email that contains the "join" button. Test your system at least 1-hour in advance.

1. First R, Then D

Adopt an agile, streamlined approach, and embrace rapid experimentation before diving into the extensive record-keeping and compliance requirements. Large engineering challenges can often be deconstructed into smaller, more manageable tasks. By establishing iterative development cycles, you can refine and evolve design solutions without the immediate weight of regulatory oversight. Keep documentation concise at this stage, yet ensure that crucial data sets necessary for future regulatory submissions are meticulously recorded.

After each development sprint, the team should convene to evaluate progress, document valuable learnings, and decide on the subsequent steps in the development journey. This development approach enables teams to move quickly and learn from failures promptly, avoiding the cumbersome overhead typically associated with regulated industries.

2. Find the Market First

Once the core technology has matured sufficiently, it's time to craft a regulatory strategy that aligns with the best go-to-market goals. These strategies sometimes sidestep the extensive process of regulatory compliance, focusing instead on optimizing monetization strategies, accelerating market entry, securing capital, and choosing less regulated markets for initial testing, among other considerations.

One of our clients, Embr Labs, released their wearable technology as a “thermal comfort” product. The initial success among women experiencing hot flashes guided their product-market fit and market entry strategy. This was subsequently reinforced with clinical trials and a strategic approach to regulatory claims.

Each product category demands a tailored go-to-market strategy and requires thoughtful consideration. While adhering to regulations is crucial, fixating solely on compliance won't guarantee market acceptance. Numerous safe med-tech solutions have faltered despite market readiness. Factors such as reimbursements and market access are just as critical as obtaining FDA clearance. It's essential to balance regulatory adherence with strategies that ensure market penetration and user adoption.

3. Keep the User at the Center of your Development

It seems straightforward yet impactful. Many organizations focus too much on technology, neglecting the user at the heart of it all. Prioritizing user behavior, designers can craft products that don't just meet regulatory standards but also resonate with users on a personal level, enhancing their well-being and satisfaction. In regulated fields, there's a goldmine of opportunities for user-centered design (UCD) to shine. From securing patient data to designing interfaces for tough conditions, there's much to explore. The secret ingredient? Empathy.

We worked with our client Gentuity on the UX for their OCT-based intravascular imaging platform, helping with UX development and human factors engineering. The award-winning platform not only offers the smallest imaging catheter and fastest pullback but is praised by users as being intuitive and simple. The user experience (UX) is meticulously designed around the needs of users who make time-sensitive decisions.

Truly understanding users—their needs, challenges, and desires—allows UCD to transform products from mere tools to integral parts of users' lives, fostering deeper connections, loyalty, and even advocacy. This approach isn't just about compliance or functionality; it's about enriching lives, psychologically and emotionally. UCD isn't just about meeting the basics; it's about crafting experiences that deeply resonate with users. By focusing on the full spectrum of user needs, UCD doesn't just improve lives; it transforms them, fostering a connection that turns a product into a cherished part of daily routines, especially in the complex terrain of regulated environments.

4. Regulatory Engagement - Harnessing the Power of Dialogue

Engaging in dialogue with regulators not only secures valuable early-stage feedback on how innovative ideas align with existing regulations but also guides their future compliance viability. This relationship can also extend to influence the drafting of future regulations, where proactive and responsible companies might contribute to the process, advocating for regulations that are both conducive to innovation and safe. Building trust through regular engagement is mutually beneficial, easing the approval process and resolving compliance issues, as regulators are more inclined to collaborate with familiar, trustworthy companies.

Understanding the regulatory environment and maintaining open communication with regulators significantly reduces non-compliance risks and prepares companies for upcoming regulatory shifts, avoiding development disruptions. Actively engaging with regulators and prioritizing compliance also bolsters a company's reputation, building trust among customers and partners, and potentially opening up new market opportunities. This strategic approach smooths navigation through the regulatory landscape, provides essential insights, and can secure market advantage.

The FDA consistently updates its guidance documents, so maintaining ongoing dialogue with regulators is crucial. It not only ensures a clear understanding of the current regulations relevant to your product but also facilitates engagement about future regulations. This proactive approach allows for effective planning and anticipation of upcoming regulatory changes.

5. Keep up with Technology Advancements 

Often, breakthroughs in medical technology result from adapting concepts from other fields or integrating existing solutions. Effective teams stay informed about relevant solutions, exploring technologies used and developed both within and outside their organization. Keeping abreast of emerging technology solutions is vital. Over the past decade, progress in software technologies like machine learning, generative AI, data science, and advanced data visualization have profoundly transformed innovation in regulated environments, unlocking new exploratory avenues. In the realm of hardware, emerging technologies have notably expanded the hardware capabilities of various industries, including wearable technologies, IoT (Internet of Things) sensing, command and control systems, robotics, and intelligent automation.

Companies now possess an ever-expanding arsenal of enabling technologies, allowing them to navigate and capitalize on these advancements effectively in regulated spaces. This evolution marks a significant shift in how businesses approach innovation, emphasizing the integration of state-of-the-art technology while adhering to regulatory standards.

6. Harnessing the Power of Teamwork

Innovating within regulated settings often demands collaboration across various disciplines. Engineers, designers, legal experts, and industry specialists must collaborate to ensure that new products or services comply with regulations and meet user needs. This interdisciplinary cooperation can lead to a more comprehensive understanding of challenges and more innovative, holistic solutions. Top-tier development teams often enhance their core group by bringing in skilled external experts and partners. This strategy fills knowledge gaps and significantly accelerates the development process.

Our client, Redshift Bio, a pioneer in lab science spectroscopy, debuted their product, Aurora, developed in collaboration with Loft. Both the internal Reshift engineering team and Loft tightly collaborated on all aspects of the instrument. The product was brought to market in record time.

These teams view regulations not as barriers but as catalysts for creativity, turning regulatory compliance from a hindrance to a competitive edge. Constraints can lead to solutions that not only adhere to but also enhance regulatory standards.

A successful product strategy maintains regulatory compliance while also considering supply and demand dynamics, product-market alignment, and intelligent business strategies. Reach out to learn more about our award-winning product development practice and how we can help you achieve your project goals in 2024.

About Gregor:

Gregor Mittersinker, Founder and Creative Director, LOFT Design, has established a renowned global product development and design firm. The company is noted for its innovative integration of User Experience (UX), Engineering, and Data Science, which has led to the creation of comprehensive product ecosystems for prominent brands such as Trek, 3M, Bose, Segway, and Seagate. Gregor has been awarded the Fast Company - Innovation by Design Award, IDSA IDEA awards, Good Design awards, Red Dot Design awards, and Core 77 Design awards. He is also an Adjunct Professor of User Experience and Service Design at the Rhode Island School of Design (RISD).

Gregor Mittersinker
Gregor Mittersinker

Founder

Jan 19, 2024

Thoughts

TOPICS

Innovation
Regulated Industry

SHARE

Gregor Mittersinker
Gregor Mittersinker

Founder

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Innovation

Regulated Industry