Market Validation | Competitor Analysis | Market Introduction | Route to Market
Start-up medical device company.
Medical Devices
IMS were requested to complete a feasibility study for a new enternal feeding device for this start-up medical device company.
At the time of our initial involvement, initial prototyping work had been completed and the company founders needed to complete a feasibility study and business plan to make them investor ready. Our time frame for completing this project was 3 months.
Market Validation was the first goal of our study. To confirm the opportunity for their new device, we completed a detailed competitive analysis and profiled a broad range of users and influencers who would make decisions about similar devices. This includes patient families, nurses and industry distributors. We recognised that for the new device to be successful it needed to appeal to each of these target users in different ways. Once the target list was agreed, we next organised 1-1 feedback with these groups which proved invaluable. In addition to this primary research, we completed a detailed competitor study and assessed the market size internationally for the new device.
Commercially, we explored pricing and worked closely with the founders to estimate low and higher volume manufacturing costs, so we could in turn ensure profitability. The final part of our study was the completion of the commercialisation or route-to-market plan for the new device. How would it be introduced to market and what level of resources were required. Finally, the feasibility study, along with the sales and marketing strategy were combined into a business plan for our client.
We completed the feasibility study and business plan within the 3 month target. While this may seem like a short space of time, it was in fact a very challenging schedule given the heavy emphasis on getting primary or first-hand market feedback from a wide range of users.
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