As Marketing Consultant for a Privately Held Medical Device Company, accessed new market opportunities for a first-in-market capital equipment device.
Challenge
Client had invested millions of dollars to develop a specialized piece of equipment for dispensing medicine geared toward pharmacies. Because their new CEO (who inherited this project) believed the planned market potential was extremely limited and couldn’t justify additional R&D, he contracted with Eric to find a way to realize a return.
Actions
- Focusing on finding adjacent market opportunities, researched market trends including competitive positioning for drugs and devices in the therapeutic area, pricing, volume, procedures, and capital equipment and human resource needs.
- Identified partnership possibilities with large pharmaceutical suppliers and medical device companies that already sold capital equipment within a 12-month cycle.
- Provided an understanding of the buyer’s (hospitals) decision-making and budget allocation process and created a tiered product value proposition for hospital stakeholders.
Result
- Determined that company should not utilize their own sales organization and made case for securing a distribution agreement or exit through a strategic partner.
As Marketing Consultant for a startup Surgical Medical Device Company, completed U.S. market assessment used for long-term financial modeling and investments.
Challenge
Company needed to secure second round investment funds to further product development of next-generation mesh used in brain and spinal surgery and obtain first-to-market approval position.
Actions
- Determined inadequacy of existing aggregated data and collaborated with IMS to design customized procedural and competitive product reports.
- Demonstrated market potential by creating sales forecast model using IMS HIS data and market assessments.
- Determined pricing strategy for new market entrant by using anticipated features of product, voice of customer research, and competitive market assessments.
- Built a business case for second round financing.
Results
- Company was steered toward the right investment strategy that focused on strategic individual investors who could maximize the longer-term valuation.
- Company was armed with specific knowledge of the size of initial sales force needed to capture their targeted percentage of the market.
- Company now has clear strategy for increasing sales by combining this product in adjunct categories.
- Company anticipates over-subscribing on 1st round of investments.