德勤：2025医疗科技投资格局研究报告 ：“build-to-buy”会是下一前沿趋势吗？（英文版）（16页）.pdf

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1、Traversing the medtech investment landscapeIs build-to-buy the next frontier?Traversing the medtech investment landscape|Is build-to-buy the next frontier?2ContentsIntroduction 31.Medtech market trends:How are traditional investment streams changing?42.Build-to-buy and other co-development arrangeme

2、nts 63.Governance insights for complex deal structures 84.The current investment landscape in medtech 95.Words of wisdom for todays innovators 12 Authors and Acknowledgments 13Endnotes 14Traversing the medtech investment landscape|Is build-to-buy the next frontier?3Many startup companies were caught

3、 between their initial rounds of funding and the development of a commercially viable product.Since then,the journey has become longer,more treacherous,and less certain for early-stage medtech companies.Even if product development runs smoothly and capital flows steadily,it can take a decade or more

4、 to bring a new device to market.In addition to financial challenges,some companies can face regulatory challenges and reimbursement uncertainties prior to commercialization.In the years since our 2017 paper,we have suggested that investors,strategic/incumbent medtech companies,and entrepreneurs con

5、sider a co-development deal structuresuch as build-to-buyas a possible alternative to more traditional investment strategies.While the build-to-buy model has been used for decades in the pharmaceutical sector,1 it is just beginning to gain some traction in medtech.Under this model,a strategic medtec

6、h company agrees to acquire a startup company,or its assets,at a predetermined price once the startup reaches certain milestones.If that startup succeeds,the strategic company can exercise a call option to acquire it at the pre-negotiated price.While this arrangement can provide the startup with som