Healthcare represents one of the most innovative industries in the world, and expectations from investors and senior company executives continue to grow. Time means pressure and investments in product development must be justified.
In response to such internal demands, companies typically try to enter large markets with the confidence that sales will grow significantly. Unfortunately, this approach is misleading, and most companies fail by assuming that larger markets lead to more success, when in actuality they lead to a loss in momentum and investments.
Initial stages of commercialization bring about two priorities for companies: maintaining prices and building support for further sales growth (which mainly comes from satisfied users of medical products). Still, companies slash prices and fail to build a strong enough support base before entering large markets.
Companies must understand both the risks and the benefits of each market and respond to the relevant decision-makers accordingly. Market Assessment is based on healthcare market structure and facts, with the goal of identifying whether or not market potential exists for a certain product and what commercial results can be expected in the short- and medium-term. ValueConnected addresses four key questions in this approach: