Our Approach

Market Development is all efforts directed towards realizing the full potential for a product category or new technology (in contrast to classic product marketing that strives to maximize competitive market share within a category).

Medical device market development is straightforward in concept and in practice – but requires discipline, patience, planning and focus to consistently drive new or existing medical technologies to their full potential.

Our Approach

  • Realizing the full potential of an opportunity is generally achieved by building on a series of smaller successes derived from well-defined and strategically prioritized indications or market segments
  • There are 14 factors that predominately define the chasm between limited initial adoption and rapid full adoption of a new medical technology
  • Organizations that focus on addressing these 14 factors are able to realize 8-10 times greater adoption rates compared to those that do not
  • A solid grasp of the fundamentals of market development, technology adoption, and the dynamics of medical market growth are critical to achieving growth goals
  • Discipline is a central requirement to drive market growth – accurate segmentation, sizing, and prioritization will maximize the ability to execute, properly scale resources, and deliver sustainable growth
  • Effective market development is science, but not rocket science. Required investments, risks, barriers, growth and adoption rates are all identifiable, predictable, quantifiable and can be accurately projected
  • We have a proven framework and key metrics that can dramatically improve a management team's ability to prioritize opportunities, focus execution, and drive growth – thereby maximizing ROI

Validation

These concepts and methods have been scrutinized by a broad range of industry and medical experts and are strongly endorsed as valuable and actionable by both users and business strategy experts. In addition, they have been statistically proven against a broad cross-section of medical technologies.

  • Retrospective analysis of over 150 unique therapy/indication opportunities validates the predictive value of this framework with a high degree of statistical significance (p < 0.001)
  • Prospective application of these concepts and methods have demonstrated the ability to accurately predict the growth dynamics and major inflection points of many medical technologies including: pacemakers, implantable cardiac defibrillators, cardiac resynchronization devices, coronary stents, diabetes pumps, implantable deep brain stimulators, spinal fusion devices, implantable devices for urinary incontinence, implantable pain stimulators, and vaccines for HPV.
  • Market assessments using these concepts have withstood investment analyst scrutiny and demonstrated far more accuracy than analyst reports or external analysis of the same markets
  • Our methods and tools have been evaluated and supported by leading epidemiologists and statisticians from Harvard and the Mayo Clinic
  • Senior leaders within McKinsey's healthcare practice informed Medtronic's Board of Directors that this methodology was the most powerful and innovative market development approach they had seen
  • Leading educators at the Wharton Business School with detailed knowledge of these concepts have stated that this approach is unique and valuable in the context of assessing and driving medical technology market adoption and growth modeling

Based on our experience with many different medical technologies in different geographies and healthcare systems, several common themes reoccur, reinforcing their relevance. These repeating themes have informed our philosophy to help ensure that we bring both best practices and key success factors to bear in helping our clients succeed.