Medquip, Inc. is a medical device development company that intends to design, patent, and market medical devices related to endoscopic surgical niche markets. The participation of prominent gastroenterologists, surgeons, and physicians has already resulted in three devices. Seven patents were initially filed. The company anticipates $16 million in annual sales by year three. By year five, the company will have $50 million in revenues. Patent applications on its first three market entries have already been accomplished using a top patent law firm.

Each market segment is clearly defined and subject to high growth trends. One market is projected to exceed $160 million in the next three years. That is the endoscopic variceal ligation market. One of the founders of Medquip participated in the design of the current market leader in that field and has improved upon the product significantly. Another market addresses a clearly defined and unmet need in endoscopic surgical: clearing the fundal pools and tissue during surgery. To address the surgeons‘ needs, a new and innovative design was created.

The market is expected to start at $20 million, but it could grow to hundreds of millions once approvals for various surgical procedures are granted. Medquip plans on licensing the technology to a greater company. The company matures in year 3. The company may be profitable in year three if a license agreement can be signed.

Mission

Medquip, Inc. was established to develop, market, patent and promote new technologies in the medical device sector. These technologies will address market gaps that can generate at most $20 million in sales. Each technology will address a specific medical need by either improving on an existing device or technology, or creating a device that meets a clear need. Each product must be priced in a way that appeals to a managed-care market, which stresses the lowest cost total treatment parameters.

Keys to Success

Medquip, Inc. is a company that has succeeded because of the following:

1. Initial capitalization obtained.
2. All patent applications filed.
3. Ability to generate revenue early from European markets that are not regulated.
4. Licensing of at least one technology.
5. You can obtain low-interest loans and grants to fully fund product design and prototype production.
6. Recruiting top-notch leaders before second round financing.
7. FDA approves Visi-Band for marketing in the U.S. with a successful 510k approval
8. To achieve a minimum 10% market share in the U.S. managed healthcare market, and generate $16 million in revenue in the second year, successful implementation of a sales and marketing plan.
9. To achieve a $50 Million revenue company in five years, we need to increase product development and continue market share growth.

Objectives

Medquip, Inc.’s principal objectives are:

1. To reach a 10% market penetration in endoscopic variceal (ligation) by the third year.
2. To generate $16 million revenue in the third year.
3. To raise $1,000,000 in private seed capital within the first six month.
4. To receive grants and loans at low interest rates from the government of Puerto Rico in an amount totaling $1.2million for one year.
5. To license its technology for the obliteration/suction/irrigation market for $1 million dollars in year one.