Course Content

Needs and Markets: Assessment Questions

Course Overview

• Needs and Markets

Video
Slides
Questions
Example
Worksheet

Intellectual Property

Regulatory and Reimbursement

Company Formation

Funding

Financials

Summary

Provide FEEDBACK

Answer the following questions regarding the important topics covered in this section of the CD. The correct answers can be accessed through the link at the bottom of the page.

1. Which of the following is an appropriate need statement?
   1. A cure for cartilage injuries
   2. An improved socket joint for total hip arthroplasty
   3. An alternative to total hip arthroplasty for congenital hip dysplasia patients that is easier for the doctor to administer
   4. A way to eliminate hip pain in congenital hip dysplasia patients
2. The best approach to finding unmet needs is
   1. Ask your customer
   2. Observe your customer
   3. Do internet research
   4. Determine what competing companies are doing
3. At what stage is it necessary to procure the advice of expert clinical advisors?
   1. Prior to designing any clinical protocol
   2. After freezing the design of your product
   3. Clinical advisors should be integrated into the entire engineering process
   4. Clinical advisors are not necessary as long as the need is well formed
4. You have just developed a product that can cure exampilepsy in green-eyed males with a 66% rate of success. Worldwide, there are 5.5 million people living with exampilepsy, with 500,000 new cases diagnosed yearly. You plan to charge $2000 for your product, which costs you $500 to produce. What is your total worldwide market? Assume 30% of the population has green eyes.
   1. $660 million
   2. $150 million
   3. $99 million
   4. $39 million
5. Which of the following is most likely to produce a successful company?
   1. A product that meets a significant unmet need but requires that doctors learn a new technique
   2. A product that works as well as others on the market, but is less expensive
   3. A product that should capture a small fraction (1%) of a large, established market
   4. A product that provides an alternative solution to a need that was well-met by a competing product introduced last year.