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  • People that have created successful medical inventions earn millions from their ideas. However, profiting off a medical invention doesn't just come from creating the invention itself. In order to maximize your profits, take things like advertising, patents, and potential earnings into consideration.

    Uses of Your Product

    To pitch a product effectively, look at the uses of the product and in what field they would be most effective in. For example, if you have invented an antiseptic that targets stomach viruses, choose which market would probably have the most interested in your product. Also, some products need to be FDA (Food and Drug Administration) approved in order to be sold in some cases. To start the process, check out: http://www.fda.gov/

    Patenting Your Product

    If your invention is not patented, even if everybody knows it is your original idea, somebody can take your product, patent it, and it will not be your invention any more. The best way to patent a new product is to apply for a "provisional patent" from the United States Patent and Trademark Office. This is not as expensive as a "full patent" and does not take as much time and effort to complete. The provisional patent allows you to market your product for one year without problems and, should your invention fail, it will save you money because it is less expensive. Apply for a patent here: http://www.uspto.gov/

    Finding Clients

    Call hospitals and clinics and offer them an investment opportunity with your invention. Advertising in medical magazines, as well as other credible medical sources helps as well. If possible, work with the biggest and the best investors; this will give your invention extra credibility. Set up your business plan and your advertising or marketing strategies and start calling potential investors.

    Creating A Prototype

    With investors supplying funds for making your idea a reality; create the product. There are many companies that will help you with the entire process of creating, testing, and optimizing the functions of your product.

    Other Ideas

    Frequently attend medical conventions to show off your product to potential buyers or investors. To add credibility, bring a medical expert along with you. This is very important to the credibility of the product because a lot of medical professionals and people that are very influential in the medical field attend these conventions.

    Source:

    United States Patent and Trademark Office

    FDA

    Medical Convention Directory

    Resource:

    Medical Product Assistance

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