Once an idea is presented, AMG conducts an Opportunity Acceptance, evaluating the product concept potential as rapidly as possible. Critical areas of focus that AMG reviews include:
State of Development
Does the inventor have any prototypes or proof that the concept works, or is the concept in the “paper napkin” stage? In many cases, prototypes do not yet exist.
Does the technology exist to make the idea a reality quickly? In some cases, AMG may do some very rapid prototyping to assess the feasibility of the product concept.
Intellectual Property Position
Does the Inventor have patents filed, issued, etc.? Can a dominant position be established in this area?
All factors involved in determining the current market dynamics will be evaluated: incidence and prevalence of the clinical need, competitive/predicate device cost, procedural cost, reimbursement issues, target physician, referral patterns, competitive clinical solutions, etc.
An initial analysis of the likely regulatory path required by the product concept will be done to gauge the likely clinical costs to bring the device to market.
Once the Opportunity Analysis is complete, AMG determines whether there is a good match between the demands of the proposed product concept and the current resources of AMG and decides whether to take the idea to the Advisor Physician Board.