A medical device company had a new implant in their development pipeline that could provide an effective minimally-invasive treatment option for high-risk individuals who can not undergo standard surgical treatment. The business required assistance developing the device’s value proposition and a target market roadmap that would ensure a successful launch and physician adoption.
Market Edge used a three-phase approach to collect the insights necessary for a successful market strategy. After each phase, an Insights Workshop was held with the core client team to draw conclusions and build consensus.
- Phase 1 consisted of 17 face-to-face physician interviews, designed to gather information on the current treatment process, including which types of physicians were responsible for making treatment decisions, the various treatment options available and how patient characteristics influenced treatment decision-making. After phase 1 Market Edge formulated a patient segmentation hypothesis.
- Phase 2 consisted of 17 on-line interactive video physician interviews, wherein Market Edge validated the patient segmentation and identified the treatment concept’s value drivers for each segment. After phase 2 Market Edge developed a value proposition hypothesis for each segment.
- Phase 3 consisted of 50 online surveys distributed to physicians, through which Market Edge validated the value propositions and prioritized the segments based on physicians’ perception of the concept’s value.
Market Edge defined a series of patient segments to target sequentially in order build confidence in the new treatment and penetrate the market effectively. Market Edge identified which physicians represent “gatekeepers” in treatment, whose buy-in would be necessary for success, and developed a detailed understanding of the evidence required for adoption by different types of physicians. With well-defined patient segments, the client was able to assess the size of the various segments and potential financial implications.