Understanding the external market environment for your product is the single most important factor for commercial success. We understand healthcare markets in the UK and aboard and have extensive experience in helping clients successfully navigate the journey from idea to commercial success. We conduct market research to fully understand the commercial opportunity, size of the market, competitor landscape and profile the potential payers in the market.
We help to ensure your innovation is optimally positioned to provide value for patients, clinicians, and payers. We also identify and characterise the various procurement pathways for your product.
We take a rigorous and objective approach to our research, analysis and planning activities. We work closely with you to ensure you are involved at every stage, ensuring you benefit from regular updates regarding our progress:
Market scanning – We search for potential markets for your technology, whether they be defined by region, therapeutic area or customer segment (patient, beneficiary, clinician or provider).
Information gathering – We collect and review qualitative and quantitative insight and expert opinion about these markets to challenge and validate the opportunities and barriers you may encounter when you take your product to market.
Data analysis – We systematically analyse the data to develop an integrated picture of the overall market potential, the competition with it and specific niches where you could start to introduce your innovation.
Competitor analysis – We help you identify all your current and potential direct and indirect competitors to provide valuable insight on optimal market entry points, identify limitations with the current offerings and highlight unmet needs in the market, to develop a successful business strategy.
Scenario modelling – We forecast growth depending on different scenarios, to better understand the range of potential future outcomes.
Results reporting – We identify opportunities for your technology and target the most attractive segments. We present the strengths and weaknesses of each option, relative to where you are today, and make recommendations regarding the next steps for you to take.
Strategic evaluation – Translating your invention from idea to reality requires informed decision making and detailed planning. We help you to develop your market access strategy by working with you to make the best commercial decisions.
Discussion, feedback and next steps – We do not report and then just walk away. We give you time to digest the results and reflect on our findings. The final part of the HealthTech MARKETS process is a meeting where we discuss your reflections on our work and agree an action plan to help you move forward with confidence.