Soumyadip Rakshit, CEO of MysteryVibe, discusses the challenging journey of bringing medical devices to market, focusing on their product Tinutu for erectile dysfunction. He highlights the complexities and high costs associated with developing medical devices, including the need for full readiness, safety, and compliance before user testing. The first version of Tinutu faced setbacks due to size miscalculations, leading to a complete redesign and additional investment of time and resources.
Rakshit emphasizes the importance of patient investors in the healthcare industry, noting that it can take up to 10 years to scale a product commercially, including clinical trials and distribution efforts. He reflects on his previous exit with an iris recognition technology company, noting the lessons learned from that experience.
Looking ahead, MysteryVibe aims to join a larger healthcare group to scale their innovations and reach a broader market. Rakshit compares the journey of growing a business to raising a child, with the first decade demanding intense focus and the following years allowing for more strategic thinking and less hands-on involvement.
Finally, Rakshit advises his younger self to anticipate that everything in business takes longer and costs more than initially expected, a lesson particularly relevant in the medtech industry.
00:13 The Story Behind the Development of Tinutu
00:48 The Challenges of Bringing a Medical Device to Market
02:21 The Journey of Iteration and Improvement
03:11 The Importance of Patient Investors in Healthcare
04:05 Reflections on the 10-Year Journey
06:20 The Exit Strategy for MysteryVibe
07:46 The Demands of Running a Business
08:38 Achieving Balance After a Decade in Business
09:34 Advice to Younger Self
09:44 Contact MysteryVibe
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