Notable Research with Social Impact

Failure of Medical Device Startup and Pathways to Succeed in Thailand

Project undertaken by: Faculty of Engineering, Chulalongkorn University

Partner: Group of companies that want to commercialize medical devices

About research: Startup companies have received increasing attention for more than a decade, since research shows that startup companies can drive the economy of both individual countries and globally. However, the failure rate of startup companies is high, with estimates of around 20%. Especially in the healthcare industry, funding is very important for a startup company to survive. We found that many startup companies in the healthcare industry focus on medical devices more than pharmaceutical, because of the core competency, knowledge and funding of existing pharmaceutical firms make it very hard for startup companies to survive in the market. However, the failure rate of startup companies in the medical device industry is still high, largely due to stagnation or failure at the commercialization and diffusion part (Phase 5-6 of Cooper’s Stage-gate new product development process). This research focussed on the causes of failed medical device startup companies and defined the causes as criteria (from both literature reviews and questionnaires). These criteria were then used to construct platforms and pathways in the commercialization and diffusion product development process in the medical device industry

The sense of kinship and warmth found in the Chula community is priceless and a treasure worth keeping.

Prof. Dr. Pornanong Aramwit Faculty of Pharmaceutical Sciences, Chulalongkorn University