New Market Expansion: Uncovering Growth Opportunities for a Proven Technology
New Market Expansion
Uncovering Growth Opportunities for a Proven Technology
A mid-stage, medical device company had already developed and began to commercialize a novel technology into their beachhead market. They were eagerly looking towards their next market opportunities. They needed a roadmap for growth with the right information to clearly determine the prioritization for their strategy.
Key Services Delivered
HOW WE DID IT
Having already helped the client reach their initial commercialization, Jaunt was once again contracted to evaluate their future growth strategy. But the extent of applications applicable for the company’s software-enabled, energy-based device did not apply just to a single category. The company knew that the product had dozens of other potential indications and set their sights on major expansion.
The company had an abundance of choice that required unique expertise in order to uncover the most viable markets to invest in first. They needed market intelligence and strategic insights that mapped out a long-term growth plan based on clinical need, market value, product risks, and the indications required to enter each category.
Having recently pushed them towards a successful round of funding, the client came to Jaunt because they were confident that our team was best equipped to provide reliable, actionable answers.
The Jaunt Approach
Jaunt was given 12 dramatically different markets to research, evaluate, and analyze. We explored indications surrounding oncology, women’s health, cardiovascular diseases, rare and common diseases, men’s health, and more. We were challenged to not only evaluate each market but compare them side-by-side and map the best path forward.
Our phased approach began with an in-depth exploration of the U.S. clinical standard of care followed by research in the healthcare landscape, the current state of each market, and unmet needs within each stakeholder population. Our analysis involved scientific and financial research, including clinical literature review, analysis of society of guidelines and clinical consensus, market access, competitive analysis, financial landscape, and market growth outlook.
Next, we engaged potential customers and patients though surveys and one-on-one interviews to qualitatively and quantitatively assess their needs and confirm assumptions found in literature. The value proposition hypothesis for the technology was tested to drive utilization and behavior assumptions for financial models.
The Network Advantage
Jaunt utilized our ever-growing Healthcare Leaders Network, or HLN, a proprietary network of key opinion leaders. The KOLs provided the project with the most up-and-coming academic and real-life insights and opinions. The HLN give Jaunt access to the most current state of the science, and we tailored our research and analysis accordingly, taking the research beyond what is possible using traditional primary research methods.
The HLN also helped the Jaunt team account for otherwise imperceptible differences in physician types across markets, providing a deeper level of insight. Some of these nuances included market-specific physician cost-sensitivity, general openness to adopting new technology, and other factors that impact market entry strategy.
Results, ROI and Future Plans
Despite their accomplishments thus far, the client could not grow without a detailed strategic plan that laid out each potential market’s value, risks, and investment requirements. And upon completion of the project, the client received exactly that.
With multiple touch points each week, the project was dynamic; with ever-changing assumptions and inputs required. Ultimately the final product presented the best aligned value proposition, including an in-depth evaluation of the payment strategy, and a financial model that provided a comparative investment value for each market. We outlined an investment and development strategy that identified risks and rewards so the client could prioritize and execute a successful product expansion plan.
The company now has a clear path that not only gives them an immediate market entry strategy, but a 5-to-10-year multi-market roadmap that they are confident in executing.
“Jaunt provided us with the targeted analysis that we needed to set the optimal strategic direction for our company – one that has paid off in dividends. Their expertise and vast network make them the ideal partner for any company in the MedTech space.”
– TELEHEALTH CLIENT