Biomed_Entrepreneurship_Lecture_3-_March_14.2009

Biomed_Entrepreneurship_Lecture_3-_March_14.2009 - TH E...

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Unformatted text preview: TH E ENTREPRENEURI AL M ARKET ANALYSI S PROCESS Your finished Entr epr eneur ial M ar ket Analysis should addr ess each of these functional ar eas: Define and describe the overall industry quantitatively. Define and describe your tar get mar ket sub- set(s) of the overall industry quantitatively. Generate a Competitive Environment Analysis. Develop a realistic pricing launch strategy. TH E ENTREPRENEURI AL M ARKET ANALYSI S PROCESS M ARKET ANALYSI S (Who you ar e selling to?) Identify and describe the over all industr y for your new product idea: Size, Gr owth Rate, Tr ends • Ex: H ealth Car e: $2.3 trillion, 7% growth: 750,000 U.S. doctors, 5,200 hospitals, 1 of 11 Americans work in the health care industry. _______________________________________ ________ • Rx industr y: $230 billion/year, 3.4 billion Rx’s & OTC products, 4% growth The Tar get M ar ket Analysis Pr ocess Define and describe the likely categories of potential future End-User ’s for your biomedical technology product within your chosen target market subset of the overall health care industry: Health Care Technologies Major End-User Categories: Hospitals Pharmaceutical Companies Physicians Biotech Companies The Military Non-hospital Health Care Facilities Health Care Industry Suppliers Determine the Patient Population • Define and Describe the metrics of the intended patient population your new health care industry product would serve. • Example: “A novel insulin drug delivery product” Patient Population: 24 million US diabetics projected to increase to 15% of the total population by 2020. Further Characterize Your Target Market Determine any important Demogr aphic Featur es for the End-User Customer Categories you have identified within your target market. A demographic feature is any characteristic which helps better define the actual future End-Users CONSUM ER ORI ENTED “SELF DI AGNOSTI C” DEVI CES POSSI BLE DEM OGRAPH I C FACTORS: Gender, Age, Income, Location, other factors = Number of likely futur e customer s for your pr oduct H EALTH CARE PROFESSI ONALS OR ORGANI ZATI ONS DEM OGRAPH I C FACT ORS : Size, Type of Industry, Location, other factors = Target Market Metrics Example “A new device for ambulatory EKG monitoring” I ndustr y: Health Care Tar get M ar ket Demogr aphics: Non-invasive Cardiology Diagnostic Devices Tar get M ar ket End User s:...
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This note was uploaded on 08/30/2011 for the course BUSN 1003 taught by Professor Carr,r during the Spring '08 term at Arkansas State.

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Biomed_Entrepreneurship_Lecture_3-_March_14.2009 - TH E...

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