New devices are the center of attention in every Medical Device company because of high development costs, low probabilities of technical success and uncertain market impact.
The problem tends to lie in the failure of the marketer to understand, establish, promote, and explain the value of the device. Medical Device R&D teams are distinctly uncomfortable about attributing value to an R&D project before proof of efficacy. Teams don’t see a drug as a tangible option until they have results that benchmark the new therapy against either current treatments or for treatment of unmet needs, at least reveal the critical information on patient tolerability.
Pharmaceutical companies could apply tools developed for other purposes to define and demonstrate the value of their products. When the value is clearly communicated, it decreases the price sensitivity, making sales easier and the customer happier
New products and services are the lifeblood of a company, but identifying and optimizing meaningful innovations–products and services that are not only appealing, but also highly profitable–is extremely difficult.
• What will be valuation strategies and metrics for assessing commercial opportunities of developmental devices?
• What information is needed for product valuation? How to gather that information?
• How to calculate the value of company from several product valuations?
• How to use product valuation to determine a suitable deal structure?
How We Help?
• Configure the most profitable combination of features, benefits, and price.
• Test multiple alternative concepts in terms of sales potential and profitability, not just product appeal.
• Develop a detailed marketing plan that supports product strategy success.
• Forecast month-to-month performance of the plan in terms of brand awareness, trial, repeat purchase, revenues, share, and profitability.
• We predict real-world behavior and sales for a constellation of alternative concepts.
• We identify the most profitable concepts, using a nonlinear optimization algorithm.
• Allows our clients to play out “what if” scenarios.
• Offers targeting and positioning guidance.
Where market and business conditions allow, we work with clients to glean significant additional insights through the design, analysis, and interpretation of in-market pricing tests. We review existing sales channels and processes to identify market opportunities that are conducive to price testing and then design a statistically robust matrix of test scenarios for implementation.
MRA Group creates pricing simulators that are powerful tools for predicting market reactions to changes in price and pricing structure for existing products and new products, including innovations with dramatically new price-value implications.
MRA Group assists in data capture, analysis, modeling, and completion of submission documents to effectively demonstrate evidence of product value to key stakeholders
• Product Pricing Analysis: Product pricing analysis estimates the value of a product by the price premium it generates when compared to a similar product. This must take into account the volume premium analysis.
• Volume Premium Analysis (VPA): VPA estimates the value of a product by the volume premium it generates when compared to a similar product. This helps our clients to make strategic decision for deciding the product price.
• Product Attribute Analysis: Product Attribute Analysis involves the product feature, cost, competitive products, therapy area, clinical aspects and marketing strategy in order to evaluate the product value
• Product Association Analysis: Product Association Analysis involves detailed analysis and understanding of the following:
1. Relation of one product to another
2. Product launch and advertisement
3. Pricing of the brand
4. Safety, efficacy and quality of the product
5. Products and patient compliance schemes offered by the competitors.
• The analysis provides with an understanding of the precise effects of any product and pricing change—every package design, brand promise, and price, etc. on three dimensions: forecast demand (i.e., sales), costs (to manufacture, distribute, service, etc.), and resultant profitability.
• We also assist you in determining the optimal price of a previously-configured product or service concept.