Market Entry Strategy for A Niche Healthcare Company
A healthcare start up in the US market wanted to enter a niche market for pre surgical antiseptic products. The market was very niche, with only three existing players and revenues of under $100 million globally. The company wanted to formulate its strategy to enter the market based on its size, growth, the attitude of healthcare professionals, the positioning of the existing players, and means of distribution and sales.
We delivered a report covering: Market size, historic and forecast Segments (prescription and over-the-counter drugs) Competitors Product analysis Unmet needs Market entry strategy recommendations
The methodology for this study was particularly challenging. While the client had access to some information which was shared, the amount of information in the public domain was very limited. We conducted interviews with practitioners, particularly preclinical nurses who used the product. We worked to engage with the competitors in the market, despite that fact that two of the three companies maintained a ‘no research’ policy. Through persistent efforts we were able to complete interviews with product managers from two of the main three companies in the market.
The client presented our findings and suggestion at their critical go/no go board meeting went on to recommend us to other companies.