Standardized model for innovation proposal creation in the medical device field

Abstract

The following project was carried out at the company Bioana, a medical device company that develops projects both internal and external from international clients. Bioana is a project-oriented organization since projects are created to attend the specific needs of the client, the regulatory burden according to device classification and risks associated with the uncertainty of product development. One of the critical parts for project success is planning and that process incorporates the proposal quotation for our clients. In recent years the proposal preparation takes a considerable amount of time from 1 week to 1 month, depending on the workload of the management team and the complexity of the project. The objective of the current project is to create a standardized proposal model specific to medical device innovation adapting to the specific needs of Bioana, providing a clear framework for selecting, quoting, and planning each innovation project. The impact of the implementation of the proposal model is reducing the cost burden associated with delivering projects outside from the quoted timeframe, stay within budget and have clear guidelines when to negotiate with clients’ specific terms to avoid incurring in losses. The financial impact of such a model can be clearly measured by KPIs once the proposals are accepted by the clients and the projects are started. With the use of the proposed model the average time for proposal preparation went from a process that required several days, to 3 to 4 hours maximum.