CHALLENGE
A medical device company planned to launch a new device in the United States and needed help with pricing and positioning, as well as determining the optimal size and strategy of its sales force.
The client knew that competitors were preparing to launch comparable products, so it was especially important that the price align properly with the new device's features and market positioning. Additionally, the sales force needed a strong command of product features and points of differentiation.
THE GLG APPROACH
GLG assembled a core team with deep expertise in pricing and sales strategy within the healthcare space. We also built a survey panel consisting of medical device purchasers, payors, and physicians with exposure to the client's specific area of the medical device market.
The project leads conducted interviews with 20 specialist physicians and purchasing stakeholders to gather insights on pricing sensitivity and generate their positioning hypotheses.
To test these hypotheses, the team then ran a conjoint analysis with 100 stakeholders drawn from both our existing network of approximately 1 million Network Members and custom recruiting conducted specifically for this project.
OUTCOME
The team synthesized study findings and developed recommendations for product pricing. They then used a logical market segmentation, based on data uncovered during the study, to inform recommendations for sales force size and structure.
The client gained a better understanding of physicians' preferences and needs, which helped guide future decisions on product features and R&D spending.
