The challenge: A multinational wound healing company wished to investigate the room for product innovation within a specific niche in acute care before beginning work on product development.
The solution: Applying their vast knowledge and experience of wound care technology, the Medilink Innovation & Commercialisation team designed a desk study aimed at investigating the clinical and market need associated with products in this category rather than simply beginning with examination of the features of competitor products.
This differed from a traditional marketing approach which would look to innovate around rival product claims (typically associated with me too products), instead encouraging the client to look at developing and launching a game-changing concept based on the clinical need.
Medilink consulted clinical literature and market growth trends as well as examining competitor product growth rates, claims, indications and reimbursement tariffs to map market position and identify prices paid for outcomes by global healthcare systems. The result was a comprehensive review of the niche, using multiple forms of data to accurately predict the opportunity.
The outcome: Medilink identified a variety of strategies for targeting the market based upon market data, clinical need, competitor positioning and reimbursement strategy. A comprehensive report was delivered and presentation given to a multidisciplinary team containing R&D, marketing and executive professionals to stimulate discussion of the results ahead of commissioning product development.
This approach was cost effective for the client, ensuring that the right opportunity had been identified before full product development began, reducing risk and increasing market potential for the product.
If you would like to develop your innovation strategy for a selected market, contact us on firstname.lastname@example.org to find out how we can help you.