Market Entry Strategy for a Leading, Global Medical Devices & Diagnostics Company
A Data-Driven Analytics Solution Empowers a Prominent Medical Device Company with an Effective Market Entry Strategy for their Back Pain Treatment Product
Problem Statement:
A globally recognized medical devices and diagnostics company was set to introduce an innovative back pain treatment device into the market. The challenge lay in evaluating and finalizing the most effective market entry strategy that would maximize product acceptance and ensure a successful launch.
Solution: Y Point Analytics' Comprehensive Approach
Y Point Analytics utilized a multi-faceted strategy, leveraging a variety of data sources to provide a data-driven analysis to support the client’s decision-making process.
- Market Assessment: We initiated a comprehensive market survey by exploring industry reports, market research databases such as Statista and financial reports of competitors. Government healthcare databases and academic research papers were also evaluated to understand consumer preferences and demographic trends, shaping our metrics for trend analysis.
- Purchase Trend Analysis: Purchasing trends were analyzed using industry sales data, consumer surveys, and publicly available healthcare institution data. Anonymized sales data from similar products, in compliance with privacy regulations, were also utilized to further our understanding of customer behavior.
- Patient Touch Point Identification: A thorough examination of patient touchpoints was conducted by analyzing patient surveys, electronic health records (EHRs), patient interviews, and data from patient advocacy groups. Healthcare professionals who interact directly with patients and some patients were interviewed to get their perspective..
- Prescriber Behavior Analytics: Prescription data sourced from healthcare databases, adhering to HIPAA and other relevant regulations, were analyzed. Surveys of healthcare professionals and data from professional associations like the American Medical Association or the American Chiropractic Association provided a comprehensive view of prescription behaviors.
- Patient Flow and Behavior Patterns: To gain valuable insights into the dynamics of out-of-pocket versus reimbursed patients, we conducted a deep dive into anonymized patient
data from EHRs and patient surveys. Healthcare facilities provided information regarding patient footfall patterns, which were also analyzed.
- Insurance Reimbursement Strategy Analysis: We thoroughly reviewed and analyzed insurance companies' publicly available policy documents, health insurance databases, and policy research institutes' data. Interviews with insurance providers and healthcare professionals dealing with insurance claims provided additional insights.
Output & Benefits Delivered
Our data-driven analytics approach unearthed several pivotal insights that greatly influenced the client’s market entry strategy.
- Optimal Payment Strategy: The company discovered that focusing on out-of-pocket payments might be more beneficial than targeting reimbursed patients, reshaping their pricing model.
- Strategic Channel Selection: Analysis indicated a higher potential for success through chiropractic facilities compared to pain management clinics, leading the company to adjust its distribution strategy accordingly.
- Regional Focus: Favorable demographic data, coupled with an abundance of chiropractic centers in Florida and its suburbs, prompted the company to prioritize this region for their initial product launch.
- Sales Success: Leveraging our analytics, the company successfully launched its product, with sales exceeding expectations in the first six months, validating the efficacy of the out-of-pocket approach.
Project Duration
The comprehensive project, from initial analysis to post-launch evaluation, was successfully executed over a six-month period, demonstrating the power of data-driven decision-making in healthcare.
Problem Statement:
A globally recognized medical devices and diagnostics company was set to introduce an innovative back pain treatment device into the market. The challenge lay in evaluating and finalizing the most effective market entry strategy that would maximize product acceptance and ensure a successful launch.
Solution: Y Point Analytics' Comprehensive Approach
Y Point Analytics utilized a multi-faceted strategy, leveraging a variety of data sources to provide a data-driven analysis to support the client’s decision-making process.
- Market Assessment: We initiated a comprehensive market survey by exploring industry reports, market research databases such as Statista and financial reports of competitors. Government healthcare databases and academic research papers were also evaluated to understand consumer preferences and demographic trends, shaping our metrics for trend analysis.
- Purchase Trend Analysis: Purchasing trends were analyzed using industry sales data, consumer surveys, and publicly available healthcare institution data. Anonymized sales data from similar products, in compliance with privacy regulations, were also utilized to further our understanding of customer behavior.
- Patient Touch Point Identification: A thorough examination of patient touchpoints was conducted by analyzing patient surveys, electronic health records (EHRs), patient interviews, and data from patient advocacy groups. Healthcare professionals who interact directly with patients and some patients were interviewed to get their perspective..
- Prescriber Behavior Analytics: Prescription data sourced from healthcare databases, adhering to HIPAA and other relevant regulations, were analyzed. Surveys of healthcare professionals and data from professional associations like the American Medical Association or the American Chiropractic Association provided a comprehensive view of prescription behaviors.
- Patient Flow and Behavior Patterns: To gain valuable insights into the dynamics of out-of-pocket versus reimbursed patients, we conducted a deep dive into anonymized patient data from EHRs and patient surveys. Healthcare facilities provided information regarding patient footfall patterns, which were also analyzed.
- Insurance Reimbursement Strategy Analysis: We thoroughly reviewed and analyzed insurance companies' publicly available policy documents, health insurance databases, and policy research institutes' data. Interviews with insurance providers and healthcare professionals dealing with insurance claims provided additional insights.
Output & Benefits Delivered
Our data-driven analytics approach unearthed several pivotal insights that greatly influenced the client’s market entry strategy.
- Optimal Payment Strategy: The company discovered that focusing on out-of-pocket payments might be more beneficial than targeting reimbursed patients, reshaping their pricing model.
- Strategic Channel Selection: Analysis indicated a higher potential for success through chiropractic facilities compared to pain management clinics, leading the company to adjust its distribution strategy accordingly.
- Regional Focus: Favorable demographic data, coupled with an abundance of chiropractic centers in Florida and its suburbs, prompted the company to prioritize this region for their initial product launch.
- Sales Success: Leveraging our analytics, the company successfully launched its product, with sales exceeding expectations in the first six months, validating the efficacy of the out-of-pocket approach.
Project Duration
The comprehensive project, from initial analysis to post-launch evaluation, was successfully executed over a six-month period, demonstrating the power of data-driven decision-making in healthcare.