NEW MARKETS
New Market Entry
Entering any new market necessitates a detailed understanding about the target market dynamics. It becomes critical to study the market features like barriers to entry, competition’s products & services, market share analysis, entry options in terms of build / buy / partner and overall PESTEL analysis. A robust market entry strategy will then be delivered based upon the insights generated.
Case study 1
Client: Sri Lankan company into marketing of devices.
Business Objective: Market assessment and sizing for a new patented technology product for patient positioning during MRI / CT scan. This is to reduce movements and resultant artefacts in images.
Outcome: We conducted primary market research with radiologists, technicians, industry experts and patients. Quantitative and qualitative methodologies were deployed followed by triangulation of data generated through all sources. This helped to identify relevant patient segments, where this product could be used; Market share projections; Pricing and price sensitivity feedback; 5 year baseline forecast.
Case study 2
Client: One of the major suppliers of blood plasma products globally.
Business Objective: Market sizing for client’s Albumin, IVIG and FVIII brands – as its premarket entry assessment.
Outcome: In-depth discussions were conducted across 110 doctors from 8 different super-specialists in India – spread across 11 cities. We studied the treatment protocols for various indications where these blood products are used. Based upon the detailed market research and validation through industry experts, we arrived at the final findings w.r.t operating dynamics of the target markets; Competitive scenario; Market size for client’s brands; 5 year detailed forecast; Foundation to develop India entry strategy.
For a detailed discussion, please contact us.
New Product Launch
Before launching a new product you need to address pertinent business questions viz. – which, where, for whom and how. Answers to these questions will help to develop an overall strategy with the focus on marketing, customers and financing options for the new product launch. Thus, this process becomes very important for those who intend to launch a new product in a market. Our robust and scientific methodologies to study a market in detail, helps our clients in developing and executing their new product launch plans in a market.
Case study 1
Client: Sri Lankan company into marketing of devices.
Business Objective: Market assessment and sizing for a new patented technology product for patient positioning during MRI / CT scan. This is to reduce movements and resultant artefacts in images.
Outcome: We conducted primary market research with radiologists, technicians, industry experts and patients. Quantitative and qualitative methodologies were deployed followed by triangulation of data generated through all sources. This helped to identify relevant patient segments, where this product could be used; Market share projections; Pricing and price sensitivity feedback; 5 year baseline forecast.
Case study 2
Client: One of the major suppliers of blood plasma products globally.
Business Objective: Market sizing for client’s Albumin, IVIG and FVIII brands – as its premarket entry assessment.
Outcome: In-depth discussions were conducted across 110 doctors from 8 different super-specialists in India – spread across 11 cities. We studied the treatment protocols for various indications where these blood products are used. Based upon the detailed market research and validation through industry experts, we arrived at the final findings w.r.t operating dynamics of the target markets; Competitive scenario; Market size for client’s brands; 5 year detailed forecast; Foundation to develop India entry strategy.
For a detailed discussion, please contact us.
Market Sizing / Potential Estimation
In sales / marketing function, it becomes critical for you to have an accurate estimate about the market in which you plan to launch a new product. Knowing the expected sales and market share estimates helps in multiple ways like planning field force, setting targets, etc. A realistic volume and value forecast for a new product / existing product for new market could be done through two approaches. The top down approach using secondary data and the bottom up approach, using patient numbers and this helps to develop a baseline forecast. Access to KOLs across all specialties and relevant stakeholders is also critical in such studies. Our proven methodologies have helped us to create great outcome to our clients, even in niche areas, where prevailing data is very limited.
Case study 1
Client: A global leader in the Oncology segment.
Business Objective: To estimate market potential for an existing cancer drug for a new indication.
Outcome: We conducted epidemiology based patient pool studies. In-depth discussions with physicians were conducted to understand usage of the drug during the treatment of new indication; Identified and estimated the actual patient pool for client’s brand and then segmented them by stages of disease / types of treatment centers etc., which helped to develop dynamic forecasting model, which is reusable in nature. With this ability, client is able to make annual sales projection by volume, value and setting targets for the field force.
Case study 2
Client: Japanese company, planning to launch new products in ASEAN region.
Business Objective: Market sizing for chronic constipation drug across three countries in APAC region.
Outcome: Online, computer aided technology was used to interview doctors, retailers and patients across various countries. This helped us to have a detailed understanding about the target market dynamics in each country. Doctors response to the potential usage of the drug, feedback from patients about unmet needs and retailers perspective were taken into consideration to estimate the demand-supply dynamics in each country with detailed forecasting consisting of details of patient pool by segments such as IBS related and Idiopathic chronic constipation.
Case study 3
Client: One of the major suppliers of blood plasma products globally.
Business Objective: Market sizing for client’s Albumin, IVIG and FVIII brands – as its premarket entry assessment.
Outcome: In-depth discussions were conducted across 110 doctors from 8 different super-specialists in India – spread across 11 cities. We studied the treatment protocols for various indications where these blood products are used. Based upon the detailed market research and validation through industry experts, we arrived at the final findings w.r.t market size for client’s brands; 5 year detailed forecast; Foundation to develop India entry strategy.
Case study 4
Client: One of the major suppliers of blood product diagnostic systems globally.
Business Objective: Recommend product launch strategy for client’s automated systems for specialized tests in pathology laboratories & blood banks.
Outcome: We covered 70 pathology labs and blood banks to study the dynamics related to Immunohematology / Hemostasis tests. Technicians, doctors, suppliers, competitors were interviewed to arrive at findings vis-à -vis operating dynamics of the target markets; competitive scenario; etc. This helped the international client to understand the target market size for client’s brands; 5 year detailed forecast and build foundation to develop India entry strategy.
For a detailed discussion, please contact us.
Pricing Strategy
Product pricing is one of the most critical aspects of the business, as there are multiple impacting factors to be considered like regulations, generic competition, competitors’ products, import restriction, affordability of the patient pool, incentives etc. With so many variables to manage, getting the product’s pricing right is very crucial. Our processes to understand various scenarios like competitive pricing, cost based pricing, price based costing and value/evidence based pricing – lead to a suitable pricing strategy for your product.
For a detailed discussion, please contact us.
New Business
Before entering a new business, one needs to have a detailed understanding about the market dynamics, how to enter the market and what is needed to successfully operate in that market. Answers to these questions lead to an overall strategy focusing on business launch, a right marketing mix, sales / organization structure and financial projections over 5-7 years. Thus, this process becomes very important for those who intend to enter new businesses. Beginning with the understanding of target market landscape, followed by marketing mix recommendation and concluding with organization structure as well as P&L – we deliver an implementable strategy for entering a new business.
Case study 1
Client: Existing local manufacturer of hormones & contraceptives.
Business Objective: Recommend end to end strategy for entering the Gynecology market with own sales force.
Outcome: We studied the internal aspirations of the management and gathered insights from senior managers about the company its operating style, philosophy, internal bottlenecks / challenges, etc. Further with the help of secondary data analysis and primary research, we then provided detailed operating dynamics for Gynecology market; portfolio recommendation for new business; promotion and pricing strategies; organizational and field force structure recommendation followed by detailed P&L.
Case study 2
Client: Domestic player in specialty segment, wanting to have new division focused on generics.
Business Objective: Recommendation for starting a new division with generic portfolio.
Outcome: This comprehensive study took a multi-pronged approach to guide the customer for embarking into a new field of business. Firstly, a detailed market landscape study was conducted which covered various parameters like market size, growth, competitors, new product share, price growth, market concentration, etc. Based on the concertation of products, segments and players in the market, a detailed portfolio recommendation was prepared. In order to reduce the learning curve for the organization, looked at the opportunities available for licensing and partnering. Finally, to transfer the knowledge to the internal stakeholders, a workshop was conducted to discuss the roadmap covering aspects like organization structure, deployment strategies, field force structure, financial plan etc.
For a detailed discussion, please contact us.
Channel Profiling
When you are entering a new market, one of the most important aspect is to understand is the channels available for the company to reach out to its desired pool of customers (doctors, pharmacies, patients, path labs etc.).With the availability of technology driven channels, you must get a feel of the online channels available in the market and their relevance for your products and services. Therefore, selecting and partnering with the right channel(s) is very important. Understanding the operating models and cost aspects of engaging each of such channels, particularly in a new market would be very useful. Our comprehensive study approach will help to profile channel partners, who are the most suited for your business requirements, who have the right kind of experience handling products similar to yours, geographical coverage, quality compliance etc.
For a detailed discussion, please contact us.
Competitive Response
It is said that “if you know your enemies and know yourself, you will not be imperiled in a hundred battlesâ€. This is where competitive intelligence plays a key role for any business manager. Understanding competitive operating strategies, their business model, market size / share & growth, etc. helps you devise a strong and more rewarding strategy. Not just that alone, even when you want to partner with another competitor or form a venture, requires strong competitive intelligence. This service offering is designed to meet the above-mentioned requirements.
Case study 1
Client: A leading MNC’s regional office.
Business Objective: Study business models of innovators in a dynamic Asian market (both successful and failed) and recommend a model for a new brand.
Outcome: Created a pool of brands, which are relevant for this study. Identified the ex-managers of these brands and through discussions, gained in-depth understanding of the brand’s performance. With the detailed insights about the success / failure reasons for each of these brands, we were able to develop detailed insights about strategies of innovators; critical factors leading to success / failure of innovators and necessary operating model for an innovator in current scenario.
Case study 2
Client: Domestic new player operating in Oncology and Critical Care segments.
Business Objective: Identify margins provided in Oncology and Critical Care segments.
Outcome: Conducted interviews with doctors and procurement managers from hospitals, which helped to estimate the range of margins offered by competitors and further insights into including drivers for product selection by the procurement teams in hospitals.
Case study 3
Client: Leading hospital.
Business Objective: Benchmark current facilities, pricing and marketing initiatives of internal endoscopy unit with those of 3 competitors.
Outcome: Benchmarking parameters were finalized after having discussions with the client and it includes areas like list of services provided, price for these services, number of endoscopy suits in hospital, waiting area for patients, refreshment facilities, visiting / permanent doctors, etc. Our study involved observational research methodologies and it was performed at competitor’s facilities. Areas which could be not be covered by observational research techniques, for example, digital marketing initiatives, we benchmarked client’s initiatives to those of reputed global institutes as well as leading practitioner’s social media activities. This helped us to prepare a detailed roadmap for client in terms of activities needed to be undertaken and how to go about it.
For a detailed discussion, please contact us.
Portfolio Strategy
Thorough investigations of multiple factors are performed for developing an optimal portfolio strategy. Investigation of Existing Portfolio, Industry Forecast, Specific Market Forecast, Patient & Disease Forecast, R&D Pipeline, New Drug Launches, Patents, Partnerships, Competitors Activities, Technological advancement etc. For this kind of a study, it is important to have good quality primary research with Key Opinion Leaders and Market Facilitators. Such a study would help the client to identify the portfolio strategy, which could give long term wining potential, understand the market opportunities, barriers and a baseline forecast taking into consideration all the discussions taken place across all stakeholders.
Case study
Client: Domestic player in specialty segment, wanting to have new division focused on generics.
Business Objective: Recommendation for a new generic portfolio.
Outcome: Initiated the engagement with internal understanding of long-term aspirations, strengths / weaknesses. Further detailed secondary research of generic molecules was conducted to identify the obvious exclusions. Remaining molecules were evaluated for their market attractiveness and operating barriers resulted into a shortlist of products. Expert feedback and prescriber opinion were considered to arrive at a baseline forecast. Developed a portfolio strategy with 2 phases; List of 17 products to be launched immediately; 8 more products in phase 2 launch; Licensing / partnering opportunities were evaluated; financial models and field force structure were recommended for this new business.
For a detailed discussion, please contact us.
Market Research
Market research forms the backbone of a realistic and implementable strategy, which helps the managers to make well-informed business decisions. Data leads to information; information to insights; insights to knowledge and knowledge to strategy! Thus, you need to ensure highest quality of research before strategizing and planning your business moves. Our in-house market research services will help you arrive at strategies based upon evidence based data. We provide in-depth market research through quantitative research, qualitative depth-discussions, online surveys, focused group meetings, desk research, etc.
Case study 1
Client: A leading MNC.
Business Objective: Assess the impact of having a sales force focusing on scientific promotion only vis-Ã -vis having a sales force team that promotes brands.
Outcome: Key Opinion Leaders (KOLs) across 4 specialties were provided by the client and were interviewed to understand their perception about the need of local scientific team & its impact on Rx. Based upon their feedback related to client’s scientific team and competitive benchmarking, we were able to suggest areas for improvement and provide recommendations to bridge identified gaps.
Case study 2
Client: Leading hospital.
Business Objective: Customer experience improvement - Seek patient and prescriber feedback on an existing endoscopy unit within a hospital.
Outcome: 40 referring doctors and 20 patients were interviewed to understand what they liked and disliked about the endoscopy unit of the hospital. Right from the aesthetic features to the actual treatment – all aspects were studied for identifying the gaps, unmet needs and possible means to bridge them. This led to a comprehensive report suggesting ways to improve in future and thereby ensure better patient experience.
Market research is an intrinsic element in all of the projects that we execute. All of such studies are done by our internal healthcare consultants and discussions with medical doctors & senior industry professionals.
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Market Landscape
Getting a quick feel of the market is essential, especially, when you need to take a quick decision regarding a new business evaluation / market entry / internal organization-based decision, etc. In addition, for many of such situations, a quick dipstick market study is sufficient take a go / no-go decision. This need of yours can be addressed by our team through a desk research based market survey in a short turnaround time.
Case study
Client: Healthcare consulting company.
Business Objective: Secondary research for Interventional Cardiology data in 11 countries.
Outcome: By identifying around 30-35 online sources, we generated data related to identification of country specific parameters related to angioplasties in 11 countries; data related to epidemiology, doctor population, healthcare infrastructure, insurance scenario, pricing, etc.; Final summary in form of Excel file was delivered in 3 days.
For a detailed discussion, please contact us.
Startup Enablement
Are you a startup and faced with a wide range of questions? It could be in areas like developing / testing business hypothesis, understanding the best operating model, understanding the opportunity through epidemiology based market evaluations, clinical/commercial usage validation of non-invasive (low risk Class I type) devices/technologies, developing discounted cash flow business models, developing the business case & proposal writing for availing grants, and team building etc.. Our services would help Start-ups in establishing a strong foundation and evidence based roadmap for future. We will also give the start-up the opportunity to be part of the pool of established Innovative Startups based on the evaluation criteria. This pool is featured to global large players, who are looking for strategic investments or interested in piloting in their markets.
For a detailed discussion, please contact us.