The Perspective from Market Edge

    For more than 20 years, Market Edge has been providing consulting services and strategic

    guidance to category leading Fortune 500 companies in various industries throughout the world.

    Today’s medical device and pharmaceutical companies are facing increased

    pressure to demonstrate the value of new products, not only for physicians and

    patients, but also for a variety of hospital administrators and key stakeholders.

    With the influence of payers, providers and policymakers growing each day, it

    has become increasingly important for companies to account for a multi-

    perspective voice in new product development. But how can organizations gain

    a 360-degree view of the market? And what’s at stake if they don’t?

    In today’s opposing environment of cost constraints and the desire to obtain

    higher prices for new products, simply gaining regulatory approval is no longer

    sufficient to ensure product adoption. Decision making for new healthcare

    products must now account for the interests of external stakeholders and cross-

    functional value assessment committees that are playing an increasingly larger

    role in development. Accounting for these various perspectives will not only

    help companies better understand the challenges at hand (and the opportunities

    for innovation), but will also increase a product’s likelihood of success in the

    marketplace.

    To navigate this challenge, companies must deliberately include Customer

    R&D SM at the very onset of the development process. This will also enable the

    proper investment in product R&D down the road. Investing the time and

    resources into Customer R&D SM generates actionable insights that help to

    discover opportunities for innovation and validate the benefits associated with

    the new concept. Companies must aim to communicate the product benefits

    and specific value, accounting for aspects of effectiveness, economic and

    clinical value (ECV), cost containment, profitability and more. Creating a

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    value proposition that resonates with all stakeholders to some degree,

    supported by compelling data, will also result in a fully developed launch

    strategy and a more seamless product rollout.

    Market Edge incorporates the voice of the customer and key stakeholders at

    the start of the discovery and throughout the development and validation

    phases. We collaborate with clients to identify and interview the exact targets

    that will help us glean actionable insights. Our interview approach is flexible;

    we employ a variety of formats to capture data—qualitative, ethnographic and

    observation-based—and generate a depth and breadth of information. From

    here, we look at the market holistically and use our proprietary analysis tools

    to generate clear findings, implications and recommendations that align with

    our clients’ goals.

    Incorporating a multi-perspective voice in new product development will result

    in a broader set of value propositions for all stakeholders. Our quantifiable

    insights allow for an earlier understanding into the true value being created,

    and enable our clients to more easily identify potential challenges ahead. If

    your organization is looking to improve the probability of product launch

    success, Market Edge can help you build Value Propositions and Complete

    Offers that consider varying stakeholder perspectives.

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