The redesign of a wound closure device enabled a medical device company to achieve the same function at a lower price and to maintain its edge in a competitive marketplace.
Medical device products nearing the end of their lifecycle pose unique challenges to original equipment manufacturers (OEMs). Products with still-proven value to end-users and patients can be vulnerable to market forces. An upcoming patent expiration, in particular, can result in loss of market share for OEMs because of increased competition from competitors looking to replicate a successful design at a lower price point.
But a looming patent expiration can also be an opportunity for OEMs to re-evaluate and enhance their product offerings and market value. Our company has been involved in projects where a patent expiration was the impetus for a product redesign that met continued market success. In one case, we were able to re-engineer a device on behalf of an OEM to accomplish the same functional result but at a significantly lower price. The result was a major win for this customer—a device that looked, felt, and functioned like the original at a fraction of the cost.