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Wow. Medical devices are a really tough go. I had a friend out on the East Coast burn through a quick 700k trying to develop a home test to check for blood in
by iamelgringo 19y ago
Wow. Medical devices are a really tough go. I had a friend out on the East Coast burn through a quick 700k trying to develop a home test to check for blood in a person's stool. They had the device, and had a prototype made. Getting it approved by the FDA was the difficult part.
I was involved in doing studies for FDA drug approval. One phase of testing after a product had already been approved required about $10 million. That was just to test to see if the process worked on additional viruses, not just the one the product was approved for. Getting anything approved by the FDA is a nightmare of red tape and studies.
That's just to be able to sell your product. Getting the Medical community to adopt a new product is very difficult. Doctors are by nature conservative, and trying new things tends to make them nervous. That's one of the big reasons that pharmaceutical companies market so heavily.
But, where there's muck, there's brass, I imagine. I take my hat off to anyone that can make it in the medical startup/device field. Those people deserve all the kudos they can get.
- rms 19y agoOh yeah, the FDA makes most of biotech much more difficult and costly, at least the 99% of it they have jurisdiction over.