Improving Business Development Strategies: How This MedTech Firm Finds Success With FrontierView
Medical device companies are always on the lookout for growth opportunities in different regions and market segments. But to stay on top of trends, they need to constantly monitor procedural data and changes in treatment patterns, which can be a manual and time-consuming process.
Discover how a corporate development team at a global MedTech firm improved its business development strategy by transitioning from traditional, fragmented methods of data collection to leveraging FrontierView’s Diagnostics & Treatment Data for increased efficiency.
The Challenge: Ad-hoc and Manual Data Collection
Identifying potential opportunities for business development is common practice for MedTech firms. This particular firm, like many others, gathered data from various sources, such as field force reports and medical conferences. However, this approach made it difficult to analyze trends and effectively implement strategic plans.
For this firm, historical and current growth trends across various components of surgical joint procedures was crucial. Unfortunately, due to faster-than-average growth trajectory and shifts in treatment plans (such as the transition from open surgery to arthroscopic procedures), ad-hoc mechanisms of data collection were falling short.
The company required a solution that could efficiently provide comprehensive and up-to-date information that would support its business development efforts.
Increasing Efficiencies with Diagnostics & Treatment Data
The team turned to FrontierView’s Diagnostics & Treatment Data to overcome this challenge. The solution provides a centralized dashboard with robust datasets and visualization tools, allowing them to monitor trends across specific procedure types within the regions of interest.
The tool’s accessibility enables the team to share ideas and identify the best opportunities in real-time, despite being located in different countries and time zones. A big advantage is the data is updated continuously, ensuring the team has the latest insights for decision-making.
Key Results: Data Strengthens Business Expansion Efforts
FrontierView’s Diagnostics & Treatment Data provides immediate value to the firm’s corporate development team, with a new ability to:
- Efficiently analyze data and identify potential areas for business expansion, starting with the largest volume opportunity
- Create compelling presentations for the board with data visualization tools
- Stay informed with real-time updates on the latest trends and developments
- Identify opportunities for expanding their firm’s footprint in other parts of the patient journey with access to data across other categories and parallel markets
Thanks to this first-in-kind solution, the team is able to identify potential areas for business expansion, present strong cases to their board backed by data, and pave the way for future growth opportunities in the dynamic medical device industry.
Our solution allows this corporate development team to streamline its business development strategy and identify growth opportunities by market. With access to robust datasets and visualization tools, the team is able to monitor trends across specific procedure activity and identify opportunities for expanding the firm’s footprint in other parts of the patient journey. The team’s ability to make data-driven decisions resulted in compelling presentations to their board and paved the way for future growth opportunities.
At FrontierView, our mission is to help our clients grow and win in their most important markets. We are excited to share that FiscalNote, a leading technology provider of global policy and market intelligence has acquired FrontierView. We will continue to cover issues and topics driving growth in your business, while fully leveraging FiscalNote’s portfolio within the global risk, ESG, and geopolitical advisory product suite.
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