The art of successful manufacturing partnerships

The Medtech Innovation Podcast

I'm joined by Samantha Wagner, Business Development Manager at Medical Murray, as we explore the journey from R&D engineer to medtech business strategist and the challenges of bringing novel devices to market.

In this episode, we breakdown:

1. Navigating the RFQ Process
   → Essential preparation steps for founders
   → Balancing technical details with business realities
   → The importance of communicating challenges and pain points

2. The Art of Manufacturer Partnerships
   → Building long-lasting relationships in the medtech space
   → The value of transparency and mutual success
   → How to handle funding cycles and financial constraints

3. From Concept to Creation: The Development Journey
   → Strategies for effective prototyping and proof of concept
   → Balancing cost, quality, and speed in product development
   → Aligning expectations throughout the process

4. Avoiding Common Pitfalls
   → Missteps in vendor selection and how to avoid them
   → The importance of on-site visits and thorough vetting
   → Preparing for the inevitable challenges in R&D

5. The COGS Conundrum
   → Why sharing cost targets is crucial for success
   → How COGS transparency guides development and ensures viability
   → Balancing honesty with business strategy

Top Quotes:

"It's super important to communicate specifics of what your pain points are, what your biggest challenges are... I think that's one part of the RFQ slide deck that you guys have that I think hardly any customer shares with us that I wish pretty much every customer did."

"We're constantly hacking up devices and buying used product or expired product and trying to apply it to new devices or new technologies. That's one of the most cost-effective ways, I think, to prototype.”

"R&D is challenging, and there will be issues. There's going to be unforeseen challenges that come up, and you're going to have to be prepared to overcome those."

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FIND SPENCER JONES ON SOCIAL LinkedIn: https://www.linkedin.com/in/spencer-jones-5a008672/
XO Medtech LinkedIn: https://www.linkedin.com/company/xo-medtech

FIND SAMANTHA WAGNER ON SOCIAL LinkedIn: [https://www.linkedin.com/in/samanthawagneria/

Medical Murray LinkedIn: https://www.linkedin.com/company/medical-murray/
Medical Murray Website: https://www.medicalmurray.com/

Episode Timestamps:

0:00 - Introduction and Sam's background

1:52 - Readiness essentials for the RFQ process

5:24 - Different approaches to development and manufacturing

8:27 - How to set yourself up for success

12:06 - Navigating relationships with suppliers and manufacturers

15:10 - Quality vs Cost

18:48 - Honest communication is key

23:55 - Common pitfalls in the RFQ process

29:06 - The importance of sharing COGS targets