Medical Device companies are looking to increase revenue and decrease operational costs. One of the best tools in the arsenal of medical device companies is to use clinical and technological analysis to identify potential issues earlier in the device development phase and data analysis to get detailed understanding of the historical and current market scenario.
Achieving growth and profitability in today's medical device industry means leveraging one of your most important assets: “Data”
Healthcare has become more and more data intensive and anyone that has the ability to analyze and drive intelligence from the data that they accumulate has the advantage. This advantage can be translated into effective solutions that drive down costs.
MRA Group data processing team is responsible for the quality and format in which data is delivered. Our dedicated team of analysts work independently in the data collection process to ensure clean, validated data, and can supply summarized top lines, listings, interim data files and full tabulations at any stage during the life of the project.
We have extensive experience in dealing with complex multi-country tracking studies, and hierarchical data such as physician/patient studies, and will be on hand to offer advice and suggestions concerning the presentation of the data.
• How does one turn data into insight?
• Why it's so important for medical device companies to leverage their data effectively?
• What are the sources of the data used for analytics?
Whether one needs to identify target segments, determine which product features to promote or better understand your positioning, the answers can often be found within the data
MRA Group applies many different multivariate techniques to solve unique marketing problems, deploying the skills of our advanced methods group
How We Help?
• Driving growth—from new markets, new customer segments and opportunities, marketing transformation and innovation
• Improving operational excellence—by realigning the operating model; re-engineering key processes; focusing on lean processes and operational effectiveness; and sourcing operational excellence
• We perform resource and investment optimization, sales force tracking, promotional planning and return analysis as well as segmentation and targeting analysis
• Segmentation and Targeting Analysis: Frequently our clients find that different segments present conflicting demands. By thinking through the needs of the different market segments and taking account of the company's strengths, our clients can choose one or more segments on which to concentrate their efforts. Choosing a segment entails gathering information about that segment, its future potential, the strength of the competition and the company strength our clients will bring to bear – This is how we do targeting
• Promotions Planning and Returns Analysis: Promotions can be used to drive the medical device market. Our module strengthens ROI of medical device companies. Our detailed analysis will involve a strategic and functional review of all promotions currently in use by the industry
• Sales Force Tracking: With ever increasing pressure to ensure maximum return on investment, sales force tracking is becoming a high priority area in the global medical device industry. Sales force represents the largest spend in sales and marketing. Our evaluation dimensions are:
1. Identify all factors influencing prescriber behavior
2. Evaluate which message are having the most impact on actual prescribing
3. Quantification of the financial impact from each promotional and marketing program
4. Determine the most effective mix of sales, medical education, advertising for optimal market share growth
• Resource and Investment Optimization: Key issues are addressed by following dimensions:
1. Limited resource for increasing sales force strength
2. Insufficient budget for product marketing and promotion
3. Unnecessary investment in verticals where ROI is limited
• Determine how can you do better and recognize problems before they can impact the entire business portfolio
• We have problem-solving focus, in-depth domain expertise and client orientation to our engagements, which makes the knowledge transition and change management processes comprehensive and smooth for our clients
• Our segmentation and targeting analysis involves detailed understanding and analysis of different segments which helps us to efficiently targeting of physicians and key accounts
• Complete and efficient utilization of resources and investment in marketing and sales efforts
• Sales force tracking, promotional planning and return analysis helps in optimizing the overall business strategy