Bass, Berry & Sims attorney Richard Mattern authored an article and provided key insight on how to grow a medical device business at different stages in the company's life cycle.
In the early stages, medical device companies should look to raise a significant amount of funding, assemble an experienced management team and find an investor who shares the same vision. As a mid-sized medical device business looking to grow, companies might look to "expand their bag" by utilizing strategic mergers and acquisitions, or acquire related product lines.
As a mature and stable company, sharpening revenue growth is important for success. "While revenue growth can take many forms, expanding the company's sales channel, which can be effectuated by increasing sales personnel and/or leveraging technology, is a common and highly effective option," Richard stated.
The full article, "How to Grow your Medical Device Business Through its Life Cycle," was published in the following outlets and is available online: