Open AccessModel for Evaluation of The Successful Medical Device Project
Author(s) -
Nadežda Semjonova
Publication year - 2022
Publication title -
... international riga technical university conference "scientific conference on economics and entrepreneurship" scee'... proceedings/rtu ... international scientific conference on economics and enterpreneurship scee'... proceedings
Language(s) - English
Resource type - Journals
eISSN - 2661-5533
pISSN - 2256-0866
DOI - 10.7250/scee.2021.0011
Subject(s) - investment (military) , latvian , business , loan , agency (philosophy) , finance , production (economics) , industrial organization , marketing , economics , philosophy , linguistics , epistemology , politics , political science , law , macroeconomics
General factors, determining success of the business projects, are well described both in papers and textbooks. Still, the weight and relative importance of these factors could vary significantly within the business area, moreover, in some areas, additional factors should be considered, too. The medical devices (MD) sector is a typical example: the MD market is one of the most regulated, which increases MD production costs. Another feature of the MD market is the high role of public and insurance financing. Nevertheless, small and medium enterprises (SMEs) traditionally have played a crucial role in the development of new products in the MD industry. The present paper summarizes the peculiarities of the MD market and proposes a set of parameters that could be used to estimate the success of the investment projects in the MD sector in Latvia. Besides that, the paper reviews possibilities for Latvian entrepreneurs to find financial support for implementation of medical devices projects. At the moment, Latvian Investment Development Agency and state-owned loan company ALTUM are the most promising funding sources for SMEs. On the other hand, only 13 out of 23 crediting institutions and only one leasing company out of 10 have separate programs for SMEs.