Earlier this week on the Stanford campus, medical technology entrepreneurs shared advice and commented on the challenges faced by young companies in the biotechnology, medical device development and healthcare fields. KQED reports:
As part of the university's Entrepreneurship Week, StartX, Stanford’s student-run startup accelerator program, hosted a panel where former students and company founders now working in the medical technology sector offered insight into all angles of the startup struggle.
All seven speakers agreed that funding problems are the largest roadblock but not wholly detrimental to the creative process.
“Due to the volatility of the FDA, most investors won’t invest until the later stage” of development, said Lily Truong, chief executive of ClearEar. The company’s total ear-care tool safely and quickly removes severe earwax buildup. “This causes the problem that if investors want late-stage companies, how does a startup get to that stage without help in the beginning?”
Previously: FDA begins to revamp approval process for medical devices, Stanford physician-entrepreneur discusses need to change FDA approval process, Stanford Biodesign Program releases video series on the FDA system, Is the United States losing ground as a leader of medical innovation?