New Market Strategy: Medical Devices Technology Firm
The client, a technology firm with a significant presence in product engineering services in the medical devices industry, was looking at an expert firm with a deep knowledge of the healthcare market to help develop a new market strategy for the firm that would drive revenue growth in emerging technology areas such as cloud, digital, and IoT. Working with business unite head and other senior executives, we helped conduct research on the market for digital solutions in the MedTech space. We delivered a roadmap along with specific strategic and operational recommendations to help growth the business to achieve their revenue goals for the next 18-24 months.
The client is a $ 250 million company looking at expanding their offerings in the medical devices market. While the company had a strong revenue base in traditional engineering services offerings, they were lagging the market in emerging technology areas, specifically around digital solutions and offerings. They were interested in identifying and investing in emerging technology areas to expand within their existing footprint and acquire new clients with new offerings.
The client had built the medical devices practice around a single anchor client with whom they have a strong relationship. The client had come to the conclusion that growth could be achieved only by aligning with the product roadmaps of medical device companies who were increasingly building digital solutions around the core medical device.
Approach & Results
We initiated an extensive research on the current product roadmaps of the major medical device companies, the use cases for digital health solutions, and the competitive landscape. By identifying specific technology platforms that were driving growth, and by analyzing the competitive environment, we were able to identify the major trends in the emerging technology space in the medical devices industry.
Working closely with the leadership of the firm over several weeks, we were able to develop a view of the firm’s current footprint in the market relative to more established firms, and identify specific strengths, opportunities, and potential threats to the existing revenue base. Through a series of in-depth strategy sessions, competitor analysis, account strategy and a new market strategy, we developed a set of recommendations that aligned with the stated corporate objectives. In addition, we presented specific recommendations around new market opportunities such as cloud computing and IoT offerings. We also helped identify strategic partnership opportunities and an acquisition strategy to and increase the breadth of offerings and take advantage of growth potential in these emerging areas.