Medical device companies can enjoy successful medical device commercialization with a full suite of medical device consulting services. Top medical device consulting firms combine decades of knowledge and rigorous analysis to support innovators in the early stage with the essential financial and market due diligence. A consulting firm determines the value of innovation and probability for successful commercialization. The medical device company can capture investment at the highest levels.
Emerging companies, financiers and enterprise companies with technologies in different stages of the product life cycle seek insight from consulting firms.
Securing insights on market, value, risk, competitive positioning analysis, financial valuation and exit strategy significantly increase the probability of successful adoption.
A full suite of medical device consulting services include:
- Voice of the customer
- Market analysis
- Key opinion leader identification
- Risk analysis
- Value analysis
- Competitive analysis
- Positioning analysis
- Financial valuation
- Exit strategy
- Business plan
Key opinion leader identification
Key opinion leaders are influential figures in the industry with the requisite expertise, vision, commitment, interpersonal skills and clinical experience to provide ongoing insight. It is important to identify the right leaders that can collaborate with executives. Medical device consulting companies use rigorous criteria to identify key opinion leaders with experience at medical centers, podium presentations and peer-reviewed publications.
Voice of the customers
Medical device consulting companies interview selected physicians one-on-one to obtain input from global key opinion leaders and determine projected adoption. Voice of the customer can confirm the adoption cycle, explore requirements for concept validation and development of risk mitigation. The medical device company can identify practice patterns and therapeutic trends, desired features, purchase decisions, and price considerations influencing the adoption.
Market analysis
Medical device consulting companies define the market and opportunities for technology’s potential for commercial success. A comprehensive evaluation of the market is based on disease incidence and prevalence and procedure volumes to determine the target market size. The market analysis identifies the scope and drivers, target customer profile and therapeutic trends driving revenue. It identifies and explains the limitations and advantages of competitors and projected barriers to market adoption.
Value analysis
Healthcare facilities accept an emerging technology when the developers prove that the technology can deliver results consistently and cost-effectively. Potential adopters compare the technology with competitive offerings. Medical device consulting companies know how to understand and address value analysis committee requirements.
Risk analysis
Risk analysis is an important part of the commercialization strategy. This analysis ensures informed decision making by identifying strengths, weaknesses, opportunities and threats in the early stages of development. Comprehensive risk analysis encompasses areas including technology, clinical, competition, market acceptance, regulatory and financial.
Competitive analysis
The competitive analysis evaluates the current competitive landscape driving decisions that accelerated technology adoption. The consulting company determines current and future competition in the potential market space. There are a range of entities influencing the technology perception in the market which makes competitive analysis critical to investment decisions.
Positioning analysis
A technology is compared and evaluated in its potential market space. The technology developers require understanding this market space for accurate technology positioning. Positioning analysis separates the technology from its competitors and ensures that the target user grasps the value proposition. With a careful analysis of competitors, the technology with unique features can enjoy specialty positioning.
Financial valuation
A defensible financial valuation resonates credibility with potential investors. Development stage Lifescience technologies working with consulting firms experienced with the nuances of the industry can capture technology’s value accurately.
Exit strategy
Successful exit strategy helps in scoring the highest return on investment. In addition to identifying potential companies for strategic alliance, consulting firms also identify acquisition targets and potential merger for an exit strategy.
Business Plan
A business plan provides a roadmap for successful commercialization of the technology. It clearly articulates the value proposition and projected adoption trajectory. A compelling business plan captures realistic capital needs for development requirements. A well formulated business plan also convinces investors that the technology under development realize forecasts and achieve maximum return on investment.
A customized, comprehensive business plan incorporates:
- Market assessment
- Competitive analysis
- Voice of the customer
- Risk analysis
- Financial valuation
These medical device consulting services support medical device companies in all stages of the development life cycle. From market analysis to exit strategy, the right consulting firm can support technology developers at all stages.
