Three groups you can't afford to leave out of your market research

Is your project something that patients actually want? Three groups you can’t afford to leave out of your market research

The Medtech and Biotech industries are full of the latest innovations in technology, engineering, and information. However, all of the science, engineering, and product development can cloud the ultimate goal of every project- addressing a pressing healthcare or medical need. At Welsford Consulting LLC, we often see teams that are creating an exciting product, addressing novel engineering hurdles, and developing new chemistries. Unfortunately, many of these teams may be doing so without conducting one of the most important parts of market research- talking to the people who will ultimately be using the product! We call this phenomenon ‘getting lost in the science.’ 

 How can your company avoid ‘getting lost in the science,’ and ensure that the product being developed accomplishes its goals while being something that patients and customers actually want to use?

 One of the ways that teams can stay grounded is through having regular (quarterly, biannually, etc.) meetings with stakeholders to whom your product matters. These stakeholders could include disease advocacy groups, ‘key opinion leaders’ or experts in the field, or a hand-picked group of patients who are compensated for their time. Ideally, a thorough market research approach would involve a combination of engaging with all three groups. 

Engaging with disease/health advocacy groups

 Engaging with disease and health advocacy groups is a vital part of market research. Developing a relationship with representatives from these organizations can help your firm:

 -identify grants and funding opportunities that may be available

 -begin to assemble a patient focus group

 -stay informed on conferences and other developments within the industry as a whole. 

Talking to Key Opinion Leaders in the Field

 If your company is developing a new treatment for Diabetes, for example, it is a good idea to have a leading endocrinologist or diabetologist as a clinical advisor. Not only does this build your organization’s credibility within the larger field, but it allows you to bounce ideas off of someone who has probably seen decades of innovation in the field and can provide valuable insight on your product’s design.

Assembling a Patient Focus Group

 The feedback given from patient focus groups is invaluable. Patients live the healthcare issue that your firm is addressing, and are experts on the technology and treatments that are currently available- because they use them every day! We recommend recording these meetings and showing them to the full team working in product development. Patient feedback does an excellent job of grounding the project, re-emphasizing its goals, and getting real-time feedback on prototypes and potential designs. 

Confused where to start or how to begin with patient-facing aspects or market research (or market research as a whole)? Reach out! Our team has developed countless market research reports on various areas in medtech and biotech, and are ready to help. Email acacia@welsfordconsultingllc.com