The investment needed to develop and launch a medical device into often crowded areas is huge. Different functional units provide input into the management of commercial decisions to minimize the risk of making tactical and strategic errors.
Concept Testing is the process of using quantitative and qualitative methods to evaluate customer response to a product or an idea prior to its introduction to the market.
Concept testing in medical device industry can be utilized in 3 ways:
• Concept Evaluations: where concepts representing product are presented to KOLs in verbal or visual form and then quantitatively evaluated by them indicating degrees of prescribing intent, likelihood to try, etc.
• Positioning:study will help to understand the position of the product compare to its competitors having novel technology concepts
• Product/Concept Testing: where KOLs first evaluate the concept with competitor products and results are compared
• How is the new concept? How can I expect the response before launching it
• How will KOL support in validating the concept?
• How new product will be taken in comparison to competitors?
How We Help?
• Our qualitative and quantitative methodology evaluates and tests the concept feasibility, safety, unmet need, consumer sentiments, and lying business opportunity assessment
• We identify the validate key stakeholders and their departments who can advocate in favor of device
• Concept Testing and Evaluation: Concept testing and evaluation incorporates qualitative and quantitative methods. Concept generation portions of concept testing are generally qualitative, while evaluations, positioning, and product/concept tests are usually quantitative
• Sentimental Analysis: Conducting deep-dive interview with subject matter experts (KOLs) in order to understand the concept success factor
• Unmet Need Evaluation: Understanding the key unmet need in the existing concepts in the market. Focused evaluation of gaps in existing concept
• Concept Positioning: Concept positioning involves concept evaluation wherein concepts positioned in the same functional product class are evaluated together
• Conjoint Analysis: Conjoint Analysis approach reveals the consumer/customer choice by evaluating multiple dimension and features of the product which determines the purchase power and thought process
• Business Opportunity Analysis: Determining the scope of the product in the market by evaluating the following objectives:
1. What is the overall market size?
2. What is the customer pool?
3. Which geographies need to be focused on?
4. Who are the key departments for market penetration activity?
5. Who are the key stakeholders for maximizing the business opportunity?
• Organization can know well in advance about feasibility and viability of new concept and develop a strategy accordingly
• By applying proven concept, future failure can be avoided
• Company have chance to streamline their efforts to maximize revenues by understanding concept positioning in advance