The Role of New Markets Advisors in Healthcare Case Study in Medical Devices.
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Transcript of The Role of New Markets Advisors in Healthcare Case Study in Medical Devices.
The Role of New Markets Advisors in Healthcare
Case Study in Medical Devices
General challenges facing medical device companies
2Copyright 2016 New Markets Advisors
New excise tax on medical devices
Lack of patient
adherence and
engagement
Emerging preference for non-invasive and wearable devices
Need to integrate with
mobile apps and
provider interfaces
Demands from many different stakeholders
Lengthy approval processes and high hardware development costs
The challenge
3Copyright 2016 New Markets Advisors
The Client: DeviceCo
• Leading medical device manufacturer with billions of dollars in annual revenue
• Market presence in nearly 100 countries and over 20,000 employees worldwide
The Challenge:
• DeviceCo had assembled a team to develop a new device or related offering that could bring in at least $5 million in new annual revenue within 2 years
• DeviceCo needed assistance identifying and evaluating opportunities, creating a business plan in support of promising opportunities, and identifying potential partners to help bring the opportunity to market
The approach
4Copyright 2016 New Markets Advisors
Searching for new revenue streams:• The first phase of the project involved researching
existing offerings in three target fields and identifying marketplace gaps and opportunities to play
• For the second phase, New Markets developed several value propositions to help DeviceCo determine how it wanted to address the needs of different stakeholders
- New Markets also built a criteria screen to help determine how various opportunities could fill market voids while playing to DeviceCo’s strengths
• In the third phase of the project, New Markets helped design a comprehensive solution that encompassed a suite of components that could aid multiple key stakeholders, reduce healthcare costs, and improve outcomes
• In the final stage of the project, New Markets identified acquisition targets and potential partners to help bring the solution to market
Promising startups?
The results
5Copyright 2016 New Markets Advisors
Macro-level impact:• New Markets helped DeviceCo recognize the value in
pursuing service-oriented opportunities
• New Markets helped shift DeviceCo’s focus from isolated opportunity areas to a comprehensive solution that could create more value for stakeholders and provide higher revenues
Project-level impact:• New Markets helped identify the most promising
opportunity areas from a large range of potential
• New Markets helped create a business plan to garner support for the opportunity from senior leaders
• New Markets generated detailed financial projections to show the potential for the proposed solution, as well as cost estimates for a pilot launch and full-scale launch