Market Needs Analysis
Companies should have a good understanding of the NHS market that they are planning to sell into and the requirement/need for their technology, product or service when compared with any existing solutions.
The analysis of the market should include:
- The size of the problem, i.e., the number of patients that would have a need for the technology, product or service; is this a niche area or an offering that would be widely used? Is the demand for the product or service likely to increase or decrease in the future?
- Can the technology, product or service assist with achieving any local or national initiatives or targets?
- The cost associated with the current patient pathway in comparison to the suggested change; include analysis of who the payors are and if the new technology, product or service will change this – see NHS procurement for further advice.
- The difficulties (if any) associated with the current system in place, that the new technology, product or service would overcome.
- Identification of the key stakeholders and influencers associated with implementing a new technology, product or service in this area.
- Identification of the level of evidence required regarding efficacy of the new technology, product or service in comparison to existing solutions.
- An awareness of any competing technologies, products and services that may be equal to or better than the proposed new offering.
Companies can undertake the following activities in order to better understand the market (this is not an exhaustive list of activity):
- Focus groups – to understand the current processes, difficulties and benefits of the current system compared to the proposed change.
- Market Research – to understand the size of the market and acceptance of the proposed change.
- Tailored Procurement advice
- Development of a Health Economic argument
Are you interested in working with the GM AHSN to provide support to businesses working in the healthcare sector? Would you like to be listed as an Associate on the Innovation Nexus portal? Contact us to discuss how we could work together.