Commercialising biomedical technology

Engineers and scientists working with biomedical technology are a highly inventive lot. However, it is disappointing to see how few of the products of that inventiveness ever see the light of day outside the hospitals or institutions in which they are developed. This is usually because the developers do not know how to go about commercialising their products. The two basic options in commercialising a new product are to license the product to an existing company, or to establish a new company to manufacture and market it. Whichever approach is taken, a "Business Plan" is an essential requirement. This is a selling document which is needed either to convince an existing company that it would be profitable for it to license the product, or to convince an investor/financier to fund the establishment of a new company to commercialise it.