Case Studies
The Challenge:
Our client had developed innovative new technology allowing the miniaturization of certain clinical laboratory tests. They challenged us to test the market feasibility for a new point-of-care test device, defining user segments, key product attributes, product pricing and penetration, and to recommend a strategy for development and commercialization. The project required a compressed time frame arising out of competitive and internal pressures.
Tapping BDC Advisors' extensive network of contacts in hospitals, physician practices, academic medical centers, alternate site healthcare providers, reference laboratories, and health plans, we were quickly able to design and conduct an in-depth interview process with potential device users and influencers. Drawing on interview results and trade intelligence, we built a cost model for current test methods and a substitution model examining the rate of new device penetration at varying price points. Examining a wide range of potential market segments, we identified several high priority segments, defined key product attributes for each segment, and projected market size. We concluded that the new technology has significant market potential, and based on our recommendations, our client is continuing with product development.