Navigant Presents Medical Manufacturing Company with Market Strategies for New Implantable Cardiac Devices
A multinational medical manufacturer had a new implantable cardiac device that at once complemented and competed with the company’s current portfolio of implantable devices. As such, the company needed to figure out where the device best fit within the market and how to promote it. They also needed to differentiate their products and drive preference for their solutions in a crowded global market.
Company leadership believed the implantable cardiac device market was significantly underpenetrated, and, as implantable technology, the new technology offered specific benefits over existing, more invasive ones. In addition, in certain cases, it could work together with one of the company’s existing devices to improve patient outcomes. While competitors already had similar devices, all were relatively new to market and still in the early adoption phase.
After conducting rigorous, fact-based market analysis and research, Navigant determined the implantable cardiac market was 84 percent penetrated for standard therapies. But specific patient segments were found to benefit most from this new technology, versus those better suited for the existing, more invasive technology.
As a result, Navigant recommended the company shift its market development strategy to focus on helping physicians and surgeons understand the best use cases and patient segments for each of the technologies in the portfolio. Further clinical research was recommended to better define the value proposition for each segment, and create guidelines for physicians on how to leverage both technologies to achieve the best possible patient outcomes.
The medical manufacturer’s leadership team approved additional investments in clinical studies to identify and validate patient segments most suited for the new technology. These investments enabled the company to differentiate its full portfolio value proposition and articulate the value of individual devices within it, and ultimately better position itself for market success.