MedTech Multinational Optimizes Product Launch and Improves Patient Access with FrontierView’s Diagnostics & Treatment Data
To successfully launch a new innovation into any healthcare market, it’s important to have an accurate understanding of the number of potential patients to effectively plan sales and marketing investments. This is especially true in the post-COVID world, in which payer budgets are under increasing pressure amid an expanding portfolio of solutions.
For a global MedTech company, specializing in vascular medical devices, estimating the total addressable patient population and thus potential for their new technology to improve lives proved to be a significant challenge. Traditional market research data did not provide the level of granularity, transparency, or frequency required to build a clear understanding of the number of patients suffering from specific pathologies and more importantly, the current rate of timely diagnosis and treatment standards.
In this success story, we’ll take a closer look at how this MedTech multinational overcame these obstacles and successfully launched its new technology in multiple new markets by leveraging FrontierView’s Diagnostics & Treatment Data.
The Challenge: Inadequate and Insufficient Market Research Data with Limited Insights
Medical device companies are frequently faced with the difficulty of accurately measuring the size and potential of an addressable market when launching new technology. Unfortunately, traditional market research data is often insufficient for effective decision-making due to its lack of detailed information and real-time updates.
This held true for this particular global MedTech company. A lack of sufficient information about the number of patients being treated for a specific condition represented an uphill battle for its product launch plans. The company also had limited knowledge about current treatment patterns and possible access barriers in different regions and payer verticals.
Overcoming Access Barriers with Diagnostics & Treatment Data
To address this challenge, the MedTech firm turned to FrontierView’s Diagnostics & Treatment Data. With unmatched access to historic and real-time updates on the number of patients being diagnosed and treated (by treatment type) for the specific condition it was targeting at national and subnational levels, the firm was able to accurately estimate the current addressable market and the size of the market that would need to be shifted to a more innovative treatment regime. Additionally, the company leveraged code-level data to make decisions on shifting sales force assets across geographies, allowing for a more rapid and ultimately successful market launch by optimizing sales assets across geographies and payer verticals.
As this innovative product gained traction across target markets, the firm continued to leverage the Diagnostics & Treatment Data to gain insights into the payers in question and the possible outcomes its new technology could drive against. This helped the organization save thousands of hours and easily identify access barriers created by socioeconomic determinants to work collaboratively with public and private payers developing innovative solutions.
Key Results: Data Insights Boost Market Entry Strategy
FrontierView’s Diagnostics & Treatment Data empowers a data-driven approach to launching new technology ???? resulting in a more effective market entry strategy and providing firms with easy access to code-level data on disease diagnosis and treatment that has historically required hundreds, even thousands, of hours to access.
Accurate insights into the current and potential market size allowed this MedTech firm to plan its sales and marketing investment, while more efficiently collaborating with payers to overcome access challenges and improve the outcome of its product launch.
In brief, FrontierView’s Diagnostics & Treatment Data provided valuable insights into:
- Estimating of the number of potential patients to serve with the new intervention
- Effectively planning sales force footprint and marketing investment
- Identifying potential market access barriers
- Differentiating access levels across various geographies and payer verticals
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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