Healthcare businesses operate in a dynamic marketplace – customers, competition, consumers, technology, regulations and other forces are continuously changing.  Winning requires developing actionable insight better and faster than competition. Whether initially designing an offering or managing it throughout its lifecycle, strategic decision-making should be informed by market intelligence.

    Every day Market Edge partners with healthcare companies to understand opportunities for innovation, validate assumptions, test product concepts, and assess clinical and economic value.

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    Customer R&D℠ in Healthcare

    Customer R&D℠ is Market Edge’s proven approach to ‘discovery’ (analysis of current standard of care, associated costs, pain points and opportunities for innovation) and ‘value creation’ (quantification of value created for patients, physicians, payors and providers). Customer R&D℠ incorporates planning, executing, capturing and analyzing interviews and real-world observations to develop actionable customer insight. Throughout every Customer R&D℠ effort, Market Edge ensures success by collaborating closely with stakeholders to:

    1. Agree strategic and tactical objectives; deliver against an agreed budget
    2. Provide pragmatic diagnosis, design, facilitation and analysis
    3. Lead projects from beginning through implementation
    4. Measure and drive ROI for engagements
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    Customer R&D℠ Methods

    Customer R&D℠ incorporates a variety of effective methods for gathering data on trends and opportunities in healthcare. Market Edge develops a thorough understanding of our clients’ strategic uncertainties and objectives before identifying the appropriate methodology for each research effort; included below are a few of the methods routinely employed.

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    Ethnographic Research

    Ethnographic research involves in-situ observation of real-world healthcare processes (such as surgical procedures, patient pathways, office visits) and in-depth interviews with relevant participants to explore goals, decision-making, and pain points. Through direct observation Market Edge identifies non-obvious insights and opportunities, beyond what participants are consciously aware of and would report in interviews alone. Observed difficulties and pain points are explored in interviews to determine root causes and potential solutions.

    Ethnographic research provides a rich dataset to support a wide variety of business activities and decision-making throughout an offering’s development and lifecycle. Observed processes and interviews are video documented and analyzed for qualitative and quantitative data. Market Edge crafts deliverables that intuitively communicate at several levels of detail, enabling stakeholders from C-level executives to product developers to find the most valuable actionable insights.   Some of the deliverable formats Market Edge utilizes include:

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    Ethnographic research provides a rich dataset to support a wide variety of business activities and decision-making throughout an offering’s development and lifecycle. Observed processes and interviews are video documented and analyzed for qualitative and quantitative data. Market Edge crafts deliverables that intuitively communicate at several levels of detail, enabling stakeholders from C-level executives to product developers to find the most valuable actionable insights.   Some of the deliverable formats Market Edge utilizes include:

    Infographics that provide a comprehensive picture of processes and settings and are effective for developing shared understanding for multidisciplinary teams and providing context for offer development.

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    • Treatment booklets that tell the step-by-step story of an episode of care through images and text, serving as an excellent desk references and educational collateral for new team members.
    • Reports, which incorporate images, videos, and quotes in order to identify opportunities and directly address key strategic decisions.
    • Multi-channel video documentation, clipped and organized to enable clients to find what they want to see quickly and easily.
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    In-depth Interviews

    In-depth interviews are one of the most common market research methodologies employed in healthcare. They are an excellent, efficient means of speaking with a large number of healthcare stakeholders about challenges, pain points and opportunities for new offerings. Each year, Market Edge conducts thousands of interviews with various professionals in healthcare – physicians, nurses, therapists, hospital administrators, payers, and patients. Market Edge specializes in collaboratively designing an interview approach with clients, conducting rich, open-ended interviews, and extracting the most strategically-relevant themes.

    Focus Groups

    Focus groups are unique, cost-effective opportunities to hear a variety of perspectives in a single session. By carefully planning the group’s composition and the moderating style, Market Edge crafts focus groups to achieve specific business objectives. Bringing a group of professional peers together provides an excellent setting for product ideation and development. After an offering has been designed, a group of stakeholders from diverse roles (e.g., procurers, administrators, and healthcare professionals) can provide a complete picture of the value to an organization. Regardless of the specific objective, Market Edge’s extensive experience with moderating focus groups ensures success.

    Identifying Research Partners for Healthcare Customer R&D℠

    Identifying and involving appropriate healthcare professionals is essential to successful Customer R&D. Market Edge has a worldwide network of healthcare professionals and close relationships with numerous prestigious healthcare facilities. These relationships are invaluable to our clients, enabling us to target specific market segments and potential customers for research collaborations. We work closely with our clients to ensure we are engaging with healthcare professionals whose feedback is most relevant to their business objectives.

    MARKET EDGE SERVICES

    Market Edge is a complete turn-key solution for your healthcare market research needs. We have completed hundreds of healthcare market research projects over the past ten years, and our clients include category-leading companies in the healthcare and medical device industries. We pride ourselves on collaborating closely with clients throughout projects to ensure success, routinely providing some or all of the following services:

    • Engaging KOLs, Physicians and other Key Stakeholders (e.g. Hospital Administrators)
    • Identifying Patients for Specific Studies
    • Conducting In-Depth-Interviews
    • Executing Ethnographic Studies
    • Moderating Focus Groups
    • Analyzing Qualitative Data
    • Developing Actionable Insights
    • Characterizing Distinct Market Segments
    • Identifying Potential Opportunities for Innovation

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