We’re proud to have co-presented with our client, Becton Dickinson, at the 2015 PMRG Connect conference on Monday, March 16th. We shared our case study to illustrate how we addressed the challenge with a market build exercise across multiple regions and how the leveraged insights inform an evidence-based concept selection for a medical device company.

Using Market Build to Inform Global Product Innovation Decisions

Presenters:
Ani Chatterjee, Manager Strategic Innovation at Becton Dickinson
Alex Zhu, Senior Manager at SKIM

In today’s medical device and diagnostics industry, one of the challenges in new product development is to estimate the size of the addressable markets or market segments. Although secondary data are readily available at the national level, particularly in the US, it is still very difficult to make an informed decision on investing in an innovative concept when the solution is intended to serve user segments that are better characterized by behaviors than high level demographics.

To add to the uncertainty and complexity, practices across hospitals or even across departments within a hospital can vary significantly. Often times, the decision to pursue innovation is based on subjective interpretations of inadequate data, potentially resulting in biased outcomes.

Three key takeaways were:

  1. How to design a market build exercise, particularly in the medical device and diagnostics industry
  2. Challenges and trade-offs when conducting a global market build exercise
  3. How to leverage insights from market builds to inform evidence-based innovation decisions