#381: MedTech Advice from an Accidental Entrepreneur

Global Medical Device Podcast powered by Greenlight Guru

In this episode of the Global Medical Device Podcast, host Etienne Nichols speaks with Dr. Asha Parekh, CEO and co-founder of Frontline Medical Technologies, about her path from a biomedical engineer to an "accidental entrepreneur."

Dr. Parekh shares how her desire to create impactful medical devices led to the development of the COBRA-OS, a life-saving tool used in trauma care, including military and postpartum hemorrhage situations.

The conversation touches on the challenges and victories of securing funding, navigating regulatory hurdles, and maintaining a mission-driven company focused on patient impact. For those interested in MedTech, this episode provides inspiration, practical insights, and a behind-the-scenes look at innovation in healthcare.

Key Timestamps:

• [03:22] – Asha Parekh shares her transition from biomedical engineer to accidental entrepreneur.
• [12:35] – Developing the COBRA-OS and the moment Asha realized the life-saving potential of her product.
• [22:10] – The role of passion in overcoming challenges as a MedTech entrepreneur.
• [35:42] – The importance of securing funding and the challenges of working with quality and regulatory partners.
• [52:20] – How to craft a compelling pitch to secure funding for your MedTech device.
• [01:04:30] – Asha's milestone moments, including the COBRA-OS being used at Formula One race tracks.

Quotes:

• "Passion is what drives you through the tough days. It's what makes the challenges bearable because the impact you're making is worth it." – Asha Parekh
• "Pitching is an art form. Telling a compelling story about your product, especially one that saves lives, can make all the difference." – Asha Parekh
• "You are the expert on your device. Never forget that, even when you're leaning on regulatory experts. Trust your own knowledge of your product." – Asha Parekh
• "The moment I realized that COBRA-OS could save lives, I knew we had to pursue it full-time." – Asha Parekh

Key Takeaways:

Top 3 MedTech Trends:

1. Growing Impact of Trauma Care Devices – Devices like the COBRA-OS are becoming critical in high-risk environments such as military and emergency settings.
2. Regulatory Complexity – Expanding into international markets (e.g., achieving CE mark) requires navigating a web of regulatory requirements.
3. Funding & Innovation – Securing funding is pivotal for early-stage MedTech companies, especially when aiming for large-scale regulatory testing.

Top 3 Practical Tips for MedTech Entrepreneurs:

1. Find a Mission You’re Passionate About – It will sustain you through difficult phases.
2. Master the Art of Pitching – A compelling story can unlock funding opportunities.
3. Be Proactive in Regulatory Knowledge – Don’t rely solely on consultants; know your product’s regulatory pathway inside and out.

References:

• Frontline Medical Technologies – Learn more about COBRA-OS and its use in trauma care at Frontline MedTech.
• Greenlight Guru – For quality and regulatory management solutions, visit Greenlight Guru.
• Rook Quality Systems – Learn more about QMS consulting at Rook Quality Systems.
• Connect with Etienne Nichols on LinkedIn – LinkedIn Profile.
• Connect with Asha Parekh on LinkedIn – LinkedIn Profile.

MedTech 101: Basics of Regulatory Approvals

For new listeners, understanding how regulatory approvals work is essential in MedTech. Devices are classified by risk (Class I, II, III), and each class has specific regulatory pathways. For example, COBRA-OS received Health Canada, FDA, and CE mark approvals, allowing it to enter the market in different regions. The CE mark is required for products sold in Europe, indicating compliance with health, safety, and environmental protection standards.

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Sponsor Message:

This episode is brought to you by Greenlight Guru, the only quality management and electronic data capture software designed specifically for MedTech companies. With Greenlight Guru, you can manage compliance, risk, and innovation seamlessly. Visit Greenlight Guru to learn more!

Today's episode is also sponsored by Rook Quality Systems, your go-to experts for building and optimizing quality management systems in the MedTech industry. Whether you're launching a startup or scaling your company, Rook's team of specialists offers tailored consulting services to ensure your QMS not only meets regulatory requirements but also drives business growth. Learn more about how Rook can elevate your quality processes at Rook Quality Systems.