Medquip, Inc., is a medical technology company that designs, patents, and markets medical devices in the endoscopic surgical niche market. Three devices have already been designed with the participation of leading physicians and surgeons in gastroenterology. Initial incorporation of seven patents is planned. The company projects $16 million in sales in year three. The company expects to have $50 million in revenue by year five. Patent applications for its first three market entries were already made using a leading patent law firm.
Each market segment is clearly defined and subject to high growth trends. In the next three-years, one market will surpass $160 million. That is the endoscopic variceal ligation market. Medquip’s founder participated in the development of the market leader in this field. He has made significant improvements to the product. Another market addresses a clear and unmet need for endoscopic surgery. It is the clearing of fundal pool of blood and tissue while performing surgical procedures. To address the surgeons’ needs, a new and innovative design was created.
This market should begin at $20 million but could expand to several hundred million as soon as approvals are obtained for many varied surgical procedures. Medquip plans on licensing the technology to a greater company. The company matures by year three. The company could be profitable in the first year if it can close a proposed licensing arrangement.
Mission
The mission of Medquip, Inc. is to design, develop, and market new patented technologies in the medical device field. These technologies will each fill a market segment that is worth at least $20 million in potential sales. Each technology will fill a current need in medical procedure by improving upon an existing technology or device, or by designing a device to serve a need that is clearly defined and acknowledged by medical professionals. Each product shall be priced to appeal to a managed-care market that stresses lowest cost of total treatment parameters.
Keys to Success
Medquip, Inc. is a company that has succeeded because of the following:
- Initial capitalization obtained.
- All patent applications were filed.
- The ability to generate early revenue from non-regulated markets in Europe.
- Licensing at most one technology and applying to major medical device corporations
- You can obtain low-interest loans and grants to fully fund product design and prototype production.
- Recruiting top-notch leaders before second round financing.
- FDA approves Visi-Band with a 510k, allowing it to be sold in the U.S.
- The successful implementation of the sales and marketing plan to U.S. managed services market to get a minimum 10% share in the second calendar year to generate $16,000,000 in revenue
- In five years, the company will have a $50 million turnover. This is due to increased product development and market share gains.
Objectives
The principal objectives of Medquip, Inc. are as follows:
- By year three, to achieve a 10% market penetration on the market for endoscopic variceal-ligation.
- To achieve $16 million in revenue by year three.
- To raise $1 Million in private seed capital in six months.
- To obtain low interest loans from Puerto Rico and grants of $1.2 million each year.
- To license its technology for the obliteration/suction/irrigation market for $1 million dollars in year one.
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