Case Study
Commercialization Strategy for a Novel Soft Robotics Technology
Our case study explores the journey of an early-stage company pioneering soft robotics technology. The company came to Brandywine MedTech Consultancy with an innovative technology platform and well-understood pathway to FDA clearance. The company needed a commercialization strategy, “go to market” game plan, and framework to make strategic decisions and allocate resources to ensure future success. By delivering a commercialization strategy and “go to market” playbook, BMTC empowered the company with data, tools, and a tactical plan to drive successful commercialization.
Customer Insights
Market Assessment and Segmentation
Step 1 - It starts with the customer.
Garnering customer insights represented the first critical step in crafting a commercialization strategy.
The early-stage company’s technology can serve several specialties across multiple sites of care. Brandywine MedTech Consultancy conducted a series of quantitative surveys and qualitative interviews, gathering comprehensive customer insights to understand the needs, preferences, and pain points of key stakeholders across various sites of care. BMTC mapped the technology’s value proposition within the context of each specialty’s clinical and operational needs, providing the framework for product-market fit and ultimate “go to market” tactics.
Step 2 – Who are the right customers?
After understanding customer needs, Brandywine MedTechConsultancy focused on the broader markets the technology can serve. BMTC conducted comprehensive qualitative and quantitative assessments for four distinct sites of care, assessing the individual addressable and obtainable market opportunities. BMTC delivered a clear product-market fit and focused market entry strategy that will be critical to the company’s commercialization success.
Commercialization Strategy
Step 3 – Reaching the right customers at the right time.
After defining customer needs and market entry strategy, Brandywine MedTech Consultancy delivered a plan to gain commercial traction and scale the business.
BMTC’s CEO’s extensive commercial experience combined with customer insights and market assessment catalyzed a detailed 10-year “go-to-market” plan. This plan included key messaging, customer targeting, territory design, organizational charts, job descriptions, hiring profiles, and critical success factors. By aligning sales and marketing resources and tactics with customer needs and market opportunities, BMTC developed a targeted playbook for market entry and expansion.
Financial Projections
Step 4 – Can we accomplish our plan profitably?
After developing a plan to gain traction and scale the business, Brandywine MedTech Consultancy assessed the financial viability of the proposed strategy.
BMTC created a comprehensive 10-year Profit and Loss (P&L) model based on market opportunities and the proposed “go-to-market” model. By forecasting revenue streams, expenses, and profitability over the long term, BMTC provided the early-stage company with valuable quantitative insights to inform long-term strategic decision making.
Conclusion
Successful commercialization of innovative medical technology requires a deep understanding of both commercialization strategy and “go to market” tactics needed to drive success. By partnering with Brandywine MedTech Consultancy, the early-stage company emerged with a comprehensive strategy and empowered with data, insights, and the playbook needed to drive successful commercialization of an innovative technology, ultimately improving patient outcomes.