Product positioning is an important concept in medical technology Thus, leadership in this industry needs to get it right. Positioning defines the identity of a product in a competitive landscape. In the medical device industry, the development team begins with efforts to develop a device to meet specific market needs. The company will be required to provide an overview of the features and benefits of their technology. It is challenging to identify a unique statement that differentiates the company’s device in the target markets as they are often very crowded. For this reason, a careful positioning analysis is essential for successful differentiation. This effort should be performed very early in product development, to identify specific features that are desired by the target healthcare professionals, patients, and facility administrators. This process outlines what should be developed.
When competitors are also attempting to position their technologies in the same market space, the company must consider medical device strategic positioning analysis for early-stage accurate positioning.
The company has to make specific choices as they plan for the development of technology:
- The clinical market the device will serve
- The clinical landscape where the technology will be used
- The expectations the technology needs to meet
At which time the product development is complete, regulatory approval is obtained and the product is for sale, value analysis committees within medical facilities will compare an emerging technology to other clinical solutions available for patients. This point, however, is much too late in the development cycle, as your technology must compete directly. The value of the technology will be analyzed as it pertains to cost, east of use, comparable cost-effective outcomes, and many other metrics. Only those technologies that provide the highest value will be allowed entrance to medical facilities for use by their healthcare professionals to treat patients.
The medical device company must have a clear answer to this question which is possible when it has reviewed both direct and indirect competitors and identified the unique features of the technology that could earn specialty positioning. A positioning analysis needs to be performed early in the development process to ensure that the technology will be accepted.
Inputs for medical device strategic positioning analysis come from:
- Product specifications
- End-user evaluation
- Competitor’s publicly available documentation
- Competitive intelligence
- R&D, clinical and sales teams
- Industry specialist with full objectivity
As the company conducts research and analysis, it secures a significant amount of data. The data will need to be verified with testing and outcomes research.
Hiring medical device consultants ensure more confident positioning as professionals perform an objective analysis using rigorous methods. Positioning analysis by consultants identifies those unique features to ensure that the position is well-received and valued. he helps in making a legitimate differentiation claim.
Medical device consulting firms use a thorough understanding of the market space and competitors targeting the same space. Their analysis secures improved product positioning versus competitors. Medical device consultants not only analyze the currently available and emerging technologies; they also analyze the technologies that are in the same space but have not been successfully commercialized yet. Working with medical device positioning analysis consultants always gives a competitive advantage.
Look for a medical device consulting firm that offers a full suite of consulting services that include:
- Voice of customer
- Market analysis
- Value analysis
- Key opinion leader identification
- Risks analysis
- Competitive analysis
- Positioning analysis
- Financial valuation
- Exit strategy
- Business plan
- Portfolio analysis