Chapter Assignment -2_Group1
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Chapter 02 Assignment
CHAPTER 2: MARKETS OF INTEREST AND MARKET
RESEARCH STEPS
STUDY GROUP 1
(Shivani Goswami, Naishi Kachhadiya, Avnish Patel, Drashti Bhupeshbhai Patel, Siddharth
Tarunkumar Patel, Divya Vennu, Gayathri Vuchooru, Komal Diyora)
Northeastern University
College of Professional Studies (CPS)
2
Chapter 02 Assignment
Salient features of chapter 2: Markets of interest and market research steps
Introduction
Each year some products or technologies will occupy the entire market of the specific
industry whereas others will not be able to even make their way to the market or will not be able
to get a profitable return on investments. For example, 14% of the total worldwide market has
been occupied by musculoskeletal drugs in the year 2017 (González Peña et al., 2021). All the
above-mentioned fates of the product depend on the proper understanding of the market for your
biomedical product development by means of utilizing various market research methods such as
building a pyramid of evidence for your product to be developed into the market (Mehta, 2011).
The pyramid of evidence starts with background research data to metadata with
explaining the hierarchy of different stages of your biomedical product development. For
example, how a product can have different stages of clinical development such as cohort studies,
and randomized clinical trials. Also, biomedical product development starts with positioning the
product in this pyramid of evidence as well. Statistical measures with and without common
characteristics differentiate the cohort studies and randomized clinical trials. Then, the validity of
the results is crucial for advocacy at this stage for any biomedical product development followed
by grading the evidence based on the quality of the studies. However, this pyramid of evidence
can define the therapeutic efficacy but not the overall effectiveness of the product after entering
the market (Mehta, 2011).
Market research
At this stage, market research methods such as identifying opportunities, and competition
for new products thereby understanding current market needs, should be adopted for successful
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Chapter 02 Assignment
biomedical products and cutting-edge technologies development. Few questions that need to be
answered before any product innovation are:
What is the market size for your biomedical product/technology?
What is the current market needs or unmet clinical needs of the patients for your
biomedical product (Rothery et al., 2017)?
How is your product achieving those market needs and to what extent?
What will stand as a competition for your product or technology?
What are the countermeasures toward your product’s competition in the market
such as prolonged patent protection? and
How long those specific countermeasures will withstand against your product’s
competition? E.g.: Patent life
The answers to the above questions can be found through the methodologies such as:
The collection of primary and secondary information for the market research such
as experiment results upon testing the prototype, surveys, or gathering literature
for already existing data such as research and review articles, reports, etc.
The segmentation of the market based on the market size and the scope. The best
way is to target the application space in the market, and the geography of the
application category apart from segmenting the market based on other variables
such as race, age, gender, disease/infection status, price, etc. For example, the
products/technologies can be generally classified as drugs, biologics, and medical
devices based on the application followed by the division of them based on the
target therapeutic organ/area such as cardiovascular, musculoskeletal, cancer, etc.
The predominant geographical locations of the market for the product categories
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Chapter 02 Assignment
mentioned above have been reported as the United States of America, Europe
followed by China, Japan, India, Latin American countries such as Brazil,
Mexico, etc. (Tannoury & Attieh, 2017).
Estimation and understanding of the driving and blocking factors in the market.
For instance, the targeted population is a driving factor for your product in the
market such as the elderly population, and urban population as there is a recent
hike in these specific population demographics. Improved revenue growth rate,
Capital investment by the government into therapeutic product categories such as
medical devices, the well-known organized approval process, and regulations of
the FDA. On the other hand, the stringent and inconsistent rules, and regulations
in the regulatory system of the FDA mainly in the newly emerging product
categories such as combination products (Horvath, 2019), competition in the
market due to generics, increased demand from the potential buyers’ side, pricing
and reimbursement pressures, the improper ratio between the cost for the
development of the product to the rate of success (Mehta, 2011). The methodologies to do the market research in the above sections can also help in
understanding not only the referral chain but also the retail and supply chain of the
product/technology that is targeted to be brought into the market. The referral chain represents
the chain that is involved with the patient care starting from the general physician to the
specialist during the related diagnosis and treatment of the specific disease (Lakshminarayanan et
al., 2020). With that, considering quality during the market research and analysis is also crucial. For
instance, the improvement in the quality of life of the patient should also be the predominant
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Chapter 02 Assignment
parameter that should be taken into consideration apart from just improving the life span of a
patient. This can be possible upon deep diving into the technical aspects of the biomedical
product/technology such as biological and pathological aspects of the product only for better
product innovation (Mehta, 2011). While considering the referral chain, the economic impact it will cause is the
predominant attribute that we are looking for with a glimpse of the initial steps till the patient
finds a solution to his or her problem (Lakshminarayanan et al., 2020). For example, a new
biotherapeutic came into the market for wound healing which is reducing the number of visits to
the hospital by the patient by healing the wound quickly. Then, that specific product that has
been launched into the market will be of that category that will occupy the entire market. On top
of it, if the newly innovated biotherapeutic is efficient in wound healing but pricy and with low
shelf life which means frequent visits to the pharmacy as it cannot be stocked for longer
durations at home (Mehta, 2011), then work must be done to improve the limitations of the
product as it will cause a huge economic impact as well, which is not so good for any product or
technology innovation. The better option in such cases is to analyze your competition in the
market during market research which may open new doors to overcome the existing limitations
of your product when compared to your competitive product. Henceforth, there exists an
interesting relationship between referral chain, economy, and market research
(Lakshminarayanan et al., 2020). The retail, supply, and value chain are also different in the healthcare industry as the end-
user i.e., patients are not fully aware of the other options they have in the market. For example, a
patient that needs a breast implant doesn’t know the available alternate options for them in the
market. In some countries, the patient must choose such an option that has been provided by the
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Chapter 02 Assignment
insurer. This proves that the value chain is crucial in any biomedical product/technology
innovation (Mehta, 2011).
Conclusion
The above sections on the market research have been primarily focused on business terms
and patient advocacy which is crucial in the above cases i.e., to bring any biomedical product or
technology to the market. The maintenance of the balance between them will be the ideal aspect
that will drive the market through any product innovation. Nevertheless, in my point of view, the
biomedical products that are more inclined to ‘patient advocacy’ have a high success ratio in the
history of new biomedical product development.
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References
González Peña, O. I., López Zavala, M. Á., & Cabral Ruelas, H. (2021). The pharmaceuticals
market, consumption trends, and disease incidence are not driving the pharmaceutical
research on water and wastewater. International Journal of Environmental Research and
Public Health
, 18
(5), 2532. https://doi.org/10.3390/ijerph18052532
. Horvath, G. (2019). Emergent Regulatory Systems and their challenges: The case of combination
medical products. Washington Law Review
, 94
(4), 1697. https://doi.org/10.2139/ssrn.3427826
.
Lakshminarayanan, S., Prathiba, P., Niranjjan, R., & Maurya, D. K. (2020). Referral chain
of patients with an obstetric emergency from Primary Care to Tertiary Care: A Gap Analysis.
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https://doi.org/10.4103/jfmpc.jfmpc_836_19
. Mehta, S. S. (2011). Chapter-2: Markets of Interest and Market Research Steps.
Commercializing successful biomedical technologies: Basic principles for the development of
drugs, diagnostics, and devices
. Cambridge University Press. Rothery, C., Claxton, K., Palmer, S., Epstein, D., Tarricone, R., & Sculpher, M. (2017).
Characterizing uncertainty in the assessment of Medical Devices and determining future
research needs. Health Economics
, 26, 109–123. https://doi.org/10.1002/hec.3467
. Tannoury, M., & Attieh, Z. (2017). The influence of emerging markets on the pharmaceutical industry. Current Therapeutic Research
, 86
, 19–22. https://doi.org/10.1016/j.curtheres.2017.04.005
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