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
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.