Accelerate your MedTech startup’s growth
Instead of 12. Then Maintain Your Market Advantage with Agile Compliance
It’s unclear how everything will be completed on time, and extending the deadline is not an option. You may need to submit your work in time for the next big industry conference, or you may have investor milestones tied to clearance, or perhaps you are just anxious to take your startup to the next stage.
There is no one-size-fits-all solution. Processes and templates designed for hardware, or Software in a Medical Device (SiMD), will overcomplicate things.
It can be hard to get started without relevant, concrete examples.
Most regulatory consultants are not software engineers. Therefore, while they can provide templates and high-level guidance, they may not be familiar with the tools your engineers use. Additionally, they may not be able to read the code and provide customized advice or concrete examples.
Software changes more rapidly than hardware, often requiring updates to address AI/ML, cybersecurity, and interoperability concerns. The mismatch between regulations written for hardware and the realities of modern software development further complicates matters. Additionally, multiple software-specific FDA guidance and standards must be followed to bring a device to market, including cybersecurity, off-the-shelf software, interoperability, other-device functions, SaMD clinical evaluation, general software validation, IEC62304, and more.
If your team is busy and has no prior experience with 510(k)s, it could take up to twelve months to gather all the necessary information.
And if its not cleared, it won’t be due to missing documentation.
CEO of Dionysus Digital Health
CEO of Rology
IVD Startup
Medtech startups can double in value, or even more, upon successful clearance.
What would it mean for your business if you could submit your 510(k) in just 4 months? How would it affect your valuation and investment prospects?
Co-Founder at AI Metrics & Chair of Diagnostic Imaging at St. Jude Children’s Research Hospital
What would it mean if your team could compile future 510(k)s in 2 months? How would this enable you to out-compete the competition?
Imagine being able to bring your product to market 6 or even 9 months sooner. What would that do for your business? Could it give you an edge over your competitors? What features could your engineers develop if they focused on software development rather than regulatory documentation? How much revenue could you generate if you launched faster?
We collaborate with clients who understand the impact their device will have once it hits the market. They have a grand vision and a long list of improvements they want their engineers to make. Their first 510(k) is just one of many. For these reasons, they are happy to pay an expert firm that can shorten their time-to-market and will set them up with an agile approach to compliance in the future. Every month of delay means lost revenue. Every month their engineers spend working on documentation is a missed opportunity to build a new feature.
The following table illustrates a hypothetical scenario for a company developing a moderately complex Class II device with an AI/ML component. It compares two approaches to completing the first 510(k). The first option involves working with regulatory consultants who may be experienced but lack the knowledge of the latest software, cybersecurity, and AI/ML guidance. The second scenario presents our solution.
| Do It Yourself | Innolitics | |
|---|---|---|
| Regulatory Strategy Accounts for Software Architecture | No | Yes |
| Documents Drafted By | Your Engineers | Innolitics Engineers |
| Traceability Tooling | Excel | Medtech OS |
| Template Style | Abstract | Concrete |
| Template Focus | All medical devices | SaMD Specific including Cybersecurity and AI/ML |
| Learning Guidance and Standards | 5 Weeks | 0 Weeks* |
| Process, Tooling, and Planning | 5 Weeks | 2 Weeks |
| Risk Management** | 4 Weeks | 3 Weeks |
| Software Requirements | 9 Weeks | 3 Weeks |
| Software Design Specifications | 4 Weeks | 2 Weeks |
| Software Verification & Validation | 8 Weeks | 2 Weeks |
| Cybersecurity** | 6 Weeks | 1 Week |
| Misc. Other FDA Documents | 4 Weeks | 1 Week |
| Final Review and Edits | 5 Weeks | 2 Weeks |
| Delays from FDA Questions | 6 Weeks | 2 Weeks |
| Total Time | 13 Months | 4 Months |
| Engineer Costs*** | $325k | $100k |
| Lost Revenue Costs**** | $2.250M | N/A |
| Regulatory Costs | $15k | $150k-$250k |
| Total Cost | $2590k | $300k |
*Once the first 510(k) is your team begins transitioning to take control of the process, they will want to familiarize themselves with the FDA guidance and standards, it’s just too costly to create delays before you’re on the market.
**These estimates don’t include costs related to new software features or fixes identified by these activities
***Cost of time spent by two engineers with a combined total cost of $150k/engineer.
****Assumes $250k in lost revenue per month spent beyond the Innolitics baseline
You may be wondering how we can guarantee that a 510(k) will be complete in 4 months when it often takes more than 12. There are two main reasons:
Medtech OS is our platform that we use to get SaMD on the market. It’s purpose built by engineers who’ve struggled getting medical devices on the market the hard way for over a decade.
It’s more than an eQMS, it’s a fully customizable operating system, built on Notion, that will help your team get to market quickly.
It’s the central tool that empowers us to move so quickly.
Our mission is to accelerate progress in the medical device industry by
with the ultimate purpose of improving patient health.
This shared mission is what motivates our team of 20 software engineers and regulatory professionals.
Our team of software engineers and regulatory consultants have been helping medical device companies get onto the market since 2012.
Every great partnership starts with a conversation. Fill out the form below for a discovery call, and an Innolitics team member will contact you soon.