Understanding potential business development partners’ approach and culture critical for selection and success.
§ Gaining a clear understanding of buyers’ cultures helps to identify
real potential transactions for what is being sold or licensed, rather than tire kicking.
§ This may also likewise be true for buyers – clear organizational self awareness helps improve efficiency and likely success.
§ Sellers or licensors use the compass to plot and sort potential buyers, and buyers use the compass to screen and sort potential deals.… Read More Business Development Compass™
Adjacent products and businesses are typically more successful, as they lever existing strengths and infrastructure. An adjacency framework for medical products incorporates clinical conditions, technologies, and customers. This framework also well defines product concepts.
Classical view of options for new products: old and new Products, for old and new Customers.
Evolved view for medical products. A 3rd dimension is added, medical condition. Moreover, specific technologies are often the basis for each product. Customers are wide ranging, from MDs, to hospitals, to payors, and to consumers.
Quantitative and qualitative levers
Within each of the new dimensions, there are both quantitative and qualitative levers. These highlight the sources of competitive advantage and economic leverage. … Read More Medical Product Strategy Wheelhouse™
Different approaches can be used to rank product concepts. Each method has tradeoffs. And each can miss the mark.
Using a variety can reveal robust product concepts.
In this context, to the left and right is a real example of 7 product ideas (diagnostic tests).
While in hind sight, A is almost not believably desired, the more interesting point is how the other concepts vary across studies.
Specifically, either B or E could have been chosen as a product, especially if A had development issues. But neither B nor E is robustly wanted. Instead C would be the best back up idea.… Read More Approach to Product | Market “Triangulation”