Like any other start-up, in order to take your technology from idea to the next step, a plan has to be in pace. For Life Sciences, all the basic elements of a business plan must be included, but these are not enough.
For Life Sciences, before defining the business strategy, the market, the go-to-market steps, and the financial model, you must learn and define unique elements such as: reimbursement, regulatory, as well as the clinical evidence required to support both.
Through our unique process, we will ensure that you take these into consideration, and that these are clearly defined and aligned to create a feasible realistic business plan.
Fund Raising and Grants
In Life Sciences, in most cases, the funds required to take a product through the development process to market, is higher than those required for other start-ups.
Through our fund raising process, we will help you connect you to the right investors and accompany you throughout due diligence and negotiations to close the investment.
Market and Competitive Analysis
Before defining your business strategy, you must understand your market and competition landscape. The medical market can be segmented in many different ways.
Many products can be targeted to different users in different clinical settings, such as hospital, clinics, and home use. Using our Market Research and Competitive Analysis methods we will help you map your competition, identify your strengths and weaknesses, allowing you to better define and focus on your competitive advantage.
We will uncover opportunities and threats in each possible target group and each relevant clinical setting to ensure you approach the target market best suited to your product, entailing best chances for product success.
The Life Sciences market includes many stake-holders, decision makers, payers, and buyers. These include the patients, the physicians, hospital managements and purchasing groups, as well as health insurance companies. All are considered customers.
Before defining your business strategy, applying our Marketing survey methods and processes, we will ensure the following questions are answered:
- What do potential customers think of your product?
- What are their needs from your product?
- How does your product fit in current treatment practices?
- How will your product affect routine treatment practices and customers workflow?
- Who decides to purchase your product? I.e., who is the decision maker? Who do you need to persuade? What data is required in order to do so?
- How much is the buyer prepared to pay for your product?
- What are the marketing & sales methods that would be most efficient with your customers?
Once your target market, clinical setting, and customers are well defined, we will help you get the most revenues out of your marketing budget, implementing our unique outsourced marketing and business development services.
Before you define your business plan, before your define your goals and objectives, some strategic analysis has to take place, leading to strategic decisions.
In Life Sciences, this process includes additional elements, unique to the Life Sciences field, necessitating special knowledge and experience; Reimbursement, regulatory, clinical, and special clinical market knowledge – Through our strategic consulting process, we will ensure all these are clearly addressed and integrated into your strategy, our goal being to enable you to concentrate your limited resources on the greatest opportunities, increase sales and achieve a sustainable competitive advantage.
Our professional team and partners provide regulatory services, from strategic planning to regulatory submissions, US (FDA), EU (CE Mark), and China (CFDA), as well as ongoing correspondence with authorities through our extensive contacts network.
Clinical and Preclinical Programs
Our professional team and partners provide clinical and preclinical programs development services. These will be developed and designed in such a way that will support your reimbursement, regulatory, and marketing strategies, and to ensure that all the preclinical and clinical evidence required convincing your decision makers, payers, and buyers, will be in created time, in the right scope, at the right time.