Lighthouse Imaging announced this week the launch of a new podcast series, “@ the Speed of Lighthouse” that will explore the process, business, and behind the scenes work in medical device manufacturing. The new podcast series offers conversational, informative discussions with leadership of Lighthouse Imaging, industry experts, and professionals in and around the medical device space.
In season one, we join host Justin Starbird as he picks the brains of Chief Executive Officer Robert Austring and Chief Technology Officer Benjamin Gray as they delve into a variety of technology and business topics. “We really wanted to dig into the nuts and bolts of how products get from concept to commercialization, to manufacturing scale,” said Austring, CEO of Lighthouse Imaging. “The idea for ‘At the Speed of Lighthouse’ began with us wanting to explore what services are available, what questions to ask when evaluating contract manufacturers, certain technical specialties, and how the best partners for this type of work can be located anywhere. Including Windham, Maine!”
The podcast explores everything from unique technical specialties and innovative business partnerships to the challenges and benefits of working in Maine. In episode 1, Justin and Robert discuss how revenue generation for new medical devices are always facing steep challenges, development issues, regulatory hurdles, market acceptance and so on. The more expeditiously you launch the new product the sooner you begin recognizing revenue. Lighthouse Imaging practices a development path that expedites the process to commercialization. By focusing on the product requirements, which includes not only includes product specifications but the regulatory strategy and manufacturability requirements. One example is how Lighthouse initiates the device to be commercialized at the outset, rather than addressing these concerns later in the development cycle.
In episode 2, The topic of manufacturability and targeted costs are discussed by Robert and Justin. They focus on the importance of identifying the economics of the device under consideration at inception. Robert talks about how critical the targeted sales price is as a function of the business plan and the balance of the economic equation is completed prior to initiating development. He continues by sharing that the equation should consist of annual volumes, desired profit margin and targeted cost of good sold or in the case of a contract manufacturer, the acquisition price. Without defining these targets, the product will undergo development without consideration of the economics and may lead to the product never reaching commercialization. It is very possible that a great product is development but the economics, the sales price does not allow the product to be successful in the marketplace.
The first two episodes are available on iTunes and where ever you listen to podcasts!
About Lighthouse Imaging
Lighthouse Imaging (LHI) is an FDA-registered and ISO:13485 certified contract manufacturer and product development firm dedicated to the science of custom medical optics, cameras and visualization systems. With over 35 years of superior industry expertise, the LHI product development team, medical manufacturing facility and world-class optics laboratory allow LHI to work at the speed of light to stay ahead of the competition and lead our clients’ concepts to commercialization.