Market research inputs

Components of market research are described in Chapter 2. The outcome of the

market research should identify the product characteristics and define the product

and target market in greater detail. One other specific outcome of market research is

the identification of a primary indication and indication expansion strategies. The

inputs from market research (voice of customer or customer needs [VOC] is one such

input) are consciously and quantitatively synthesized into product characteristics by

using various design tools such as a “house of quality” (where design and functional

inputs from external and internal sources are weighed against each other by assigning

numerical significance, arriving at a relative importance of each identified product

characteristic) or some other design matrix that brings a display of market research

inputs to design/development teams. This approach is discussed in Section 5.10.1. The

product development and design process for drugs (small molecules and biologicals

typically involves taking a higher-level view of the market as NPD design decisions in

early drug development typically revolve around mode of administration (oral, intravenous)

or specific reduction of side effects by dosing adjustments. However, the

business decisions in the drug NPD process involve significant market research and

in-depth analysis.
Forecasting Methods for a New Biomedical Product

As the brand director of a new biomedical product, the first of a new class, I would
consider the following forecasting methods:

 Expert judgment: This method involves soliciting input from experts in the field,
such as clinicians, researchers, and market analysts. Expert judgment can be
particularly helpful for forecasting new products, as there is limited historical data
available. However, it is important to note that expert judgments can be biased
and inaccurate.
 Analogous forecasting: This method involves using sales data from similar
products or markets to forecast sales for the new product. Analogous forecasting
is most effective when there is a close similarity between the new product and
the analogous product(s). However, it is important to consider any differences
between the products, such as target market, pricing, and competitive landscape.
 Market research: This method involves conducting market research to
understand the potential demand for the new product. Market research can be
conducted through surveys, focus groups, and interviews with potential
customers. Market research can provide valuable insights into the needs and
preferences of the target market, as well as the level of awareness and interest in
the new product.

Method Selection

After considering the different forecasting methods, I would select market research as
my preferred method for forecasting sales of the new biomedical product. This is
because market research can provide the most comprehensive and accurate
understanding of the potential demand for the product. Additionally, market research
can be used to identify and quantify the key drivers of demand, such as patient needs,
physician preferences, and reimbursement policies.

Advantages of Market Research for Forecasting New Products

Market research offers several advantages for forecasting sales of new products:

 It can be used to identify and quantify the potential market for the product.
 It can be used to understand the needs and preferences of the target market.
 It can be used to identify and quantify the key drivers of demand.
 It can be used to assess the competitive landscape.
 It can be used to identify potential barriers to adoption.
How to Conduct Market Research for Forecasting

There are a number of different ways to conduct market research for forecasting. Some
common methods include:

 Surveys: Surveys can be used to collect data from a large sample of potential
customers. Surveys can be conducted online, over the phone, or in person.
 Focus groups: Focus groups can be used to get in-depth feedback from a small
group of potential customers. Focus groups are typically conducted in a
moderated setting, where participants are asked to discuss their thoughts and
opinions on the new product.
 Interviews: Interviews can be used to get detailed feedback from individual
potential customers. Interviews can be conducted in person, over the phone, or
online.

Once the market research has been conducted, the data can be analyzed to identify the
key drivers of demand, assess the competitive landscape, and identify potential barriers
to adoption. This information can then be used to develop a forecast for sales of the
new biomedical product.

Conclusion

Market research is the most comprehensive and accurate method for forecasting sales
of new products. By understanding the needs and preferences of the target market, the
key drivers of demand, and the competitive landscape, businesses can develop more
informed and accurate sales forecasts.
Market Research as a Medical Device Product's Forecast for Its First Year

Market research is a vital tool for forecasting sales of new medical device products. By
understanding the needs and preferences of the target market, the key drivers of
demand, and the competitive landscape, businesses can develop more informed and
accurate sales forecasts.

Here are some specific ways that market research can be used to forecast sales of a
new medical device product in its first year:

Identify and quantify the potential market for the product.

Market research can be used to identify the size and demographics of the target market
for the new medical device product. This information can be used to estimate the
potential demand for the product.

For example, if the new medical device product is a new type of insulin pump, market
research could be used to identify the number of people with diabetes who are currently
using insulin pumps, as well as the number of people with diabetes who are not
currently using insulin pumps but who may be interested in doing so. This information
could then be used to estimate the total potential market for the new insulin pump
product.

Understand the needs and preferences of the target market.

Market research can be used to understand the needs and preferences of the target
market for the new medical device product. This information can be used to ensure that
the product meets the needs of the target market and that it is positioned in a way that
is appealing to the target market.

For example, market research could be used to understand the different types of
features that are important to people with diabetes when choosing an insulin pump. This
information could then be used to design the new insulin pump with the most important
features in mind.

Identify and quantify the key drivers of demand.

Market research can be used to identify and quantify the key drivers of demand for the
new medical device product. This information can be used to develop strategies to
increase demand for the product.

For example, market research could be used to identify the factors that are most likely
to influence a person with diabetes to switch to a new type of insulin pump. This
information could then be used to develop marketing campaigns that focus on these
factors.

Assess the competitive landscape.

Market research can be used to assess the competitive landscape for the new medical
device product. This information can be used to identify the strengths and weaknesses
of the competition and to develop strategies to differentiate the new product from the
competition.

For example, market research could be used to identify the different types of insulin
pumps that are currently on the market, as well as the strengths and weaknesses of
each product. This information could then be used to develop a marketing strategy that
highlights the unique benefits of the new insulin pump product.

Identify potential barriers to adoption.

Market research can be used to identify potential barriers to adoption of the new
medical device product. This information can be used to develop strategies to overcome
these barriers.

For example, market research could be used to identify any concerns that potential
customers may have about using the new insulin pump product. This information could
then be used to develop educational materials or to offer incentives to potential
customers to try the new product.

Conclusion

Market research is a valuable tool for forecasting sales of new medical device products.
By understanding the needs and preferences of the target market, the key drivers of
demand, the competitive landscape, and potential barriers to adoption, businesses can
develop more informed and accurate sales forecasts.

Here are some specific examples of how market research can be used to forecast sales
of a new medical device product in its first year:

 Conduct a survey of physicians to understand their awareness of and interest in

the new product.
 Conduct focus groups with patients to understand their needs and preferences
for the new product.
 Analyze sales data from similar products to identify trends and patterns.
  Interview key opinion leaders in the field to get their insights on the potential
market for the new product.
 Develop a market model to forecast sales under different scenarios.

By using market research to forecast sales of a new medical device product in its first
year, businesses can make more informed decisions about product development,
marketing, and sales planning.
Forecasting Methods for a New Biomedical Product

As the brand director of a new biomedical product, the first of a new class, I would
consider the following forecasting methods for its first year:

 Expert judgment: This method relies on the expertise of experienced sales

representatives, marketing managers, and other stakeholders to estimate
demand. It is often used for new products with limited historical sales data.
 Market research: This method involves conducting surveys, interviews, and focus
groups with potential customers to gather information about their needs and
preferences. This information can then be used to estimate demand for the new
product.
 Analogous product forecasting: This method involves forecasting demand for the
new product based on the sales performance of similar products that have
already been launched. It is important to note that this method is only accurate if
the new product is similar to the analogous products in terms of its target
market, features, and pricing.

Forecasting Method I Would Pick:

I would pick market research as the forecasting method for my new biomedical product.
This is because market research can provide me with the most in-depth understanding
of the needs and preferences of my target customers. This information is essential for
forecasting demand for a new product, especially a product that is the first of its class.

Benefits of Market Research for Forecasting Demand

Market research offers a number of benefits for forecasting demand for a new
biomedical product, including:

 It can help to identify the size of the target market and the unmet needs of
potential customers.
 It can provide insights into the motivations and purchasing behavior of potential
customers.
 It can help to identify potential competitors and assess their strengths and
weaknesses.
 It can be used to test different product concepts and pricing strategies with
potential customers.

How I Would Conduct Market Research to Forecast Demand

To conduct market research to forecast demand for my new biomedical product, I would
follow these steps:

1. Identify the target market. Who are the most likely customers for my
product? What are their needs and preferences?
2. Develop a market research plan. This plan should outline the research
objectives, methodology, and timeline.
3. Collect data. This data could be collected through surveys, interviews, focus
groups, or secondary research.
4. Analyze the data. This involves identifying trends and patterns in the data that
can be used to forecast demand.
5. Develop a demand forecast. This forecast should estimate the number of units of
my product that are likely to be sold in the first year of launch.

Conclusion

By conducting market research, I can gather the information I need to develop an

accurate demand forecast for my new biomedical product. This information is essential
for making informed decisions about the product launch, such as setting production
goals and marketing budgets.

Example of How Market Research Can Be Used to Forecast Demand

A company is developing a new biomedical product that is the first of its class. The
company conducts market research to identify the target market and assess their needs
and preferences. The research reveals that the target market is large and underserved.
Additionally, the research shows that potential customers are willing to pay a premium
for a product that meets their needs.

Based on the market research findings, the company develops a demand forecast that
estimates that they will sell 100,000 units of the product in the first year of launch. This
information helps the company to set production goals, marketing budgets, and other
key launch plans.

Market research is a powerful tool that can be used to forecast demand for new
biomedical products. By conducting market research, companies can gather the
information they need to make informed decisions about their product launches.