For any healthtech company, data validation is the key to success. Although the focus is often on clinical or economic data required to support claims and regulatory compliance, more foundational data about customer-value is also required to validate a target market. It can play a key role when it comes to landing investment and partnership opportunities. This article discusses market research and how the HealthTech Activator can help.
Scientific fields, including healthtech, often have a technology-centric approach to research and data collection. Although this is important (healthtech should be safe and effective!), the output may not be useful if the market, and the customer, is not well-understood.
That ‘s why it’s important to frame your healthtech offering from a customer-centric perspective: what progress, and value, will the healthtech product enable for the customer? When considering this, it is helpful to assume you know (without doubt) nothing - removing bias and anecdote so that you can approach customer problems with an open mind.
“The only true wisdom is in knowing you know nothing” ~ Socrates
This ‘putting yourself in the shoes of the customer’ approach allows you to identify assumptions about the market and hypotheses that can then be tested with your potential customers. These hypotheses, captured as statements or value propositions, need to be validated by gathering qualitative (questionnaires, interviews, observations) and quantitative (analysis of datasets and numbers) data.
But where do you find data to get started?
Performing market research supports the development of a clear value proposition, an understanding of how existing solutions compete with this, and the development of a market entry strategy. But a lack of access to data, and knowledge about how to collect it, is often an issue.
Research prior to the establishment of the HealthTech Activator (HTA) found this lack of data access is particularly true for smaller healthtech companies in New Zealand. That’s why one of the goals of the HTA is to ensure New Zealand healthtech companies have access to data and associated tools to help them to effectively validate the markets for their products.
The HTA currently uses several tools to provide data access and education: this includes access to database platforms, capability-building workshops, and expert interviews.
The HTA uses Global Data’s Medical Intelligence Centre for data on medical markets - including pipeline & marketed product databases, country & company focus reports, deal databases, market models, sector-specific reports, and much more.
The HTA can help with access to Frost & Sullivan research reports; covering markets across biotechnology, medical devices, digital health, and pharmaceuticals. The available research includes market forecasts, sector analyses and emerging trends/themes.
The HTA uses Statista to source facts and insights covering healthcare markets and key demographics. These are derived from a statistics database, reports, and sector outlooks.
Contact us to get started with a search covering all the above databases today - there is no cost to you.
The HTA runs a series of workshops designed to build capability in healthtech market validation. These sessions focus on how to use a customer-centric perspective when framing your offering, enabling you to generate assumptions and hypotheses to subsequently test by collecting and analysing data.
The next Introduction to Knowing your Customer and your Market workshops are coming up soon - register via the HTA Events page!
Once you have identified a set of hypotheses that require access to otherwise out of reach experts (e.g. a spine surgeon at a top US hospital), the HTA can provide expert interviews through the Gerson Lehrman Group (GLG).
GLG interviews are reserved for companies that have gone through initial market research support (including using Global Data and Frost & Sullivan) and a market validation-related workshop. This is to ensure companies get the greatest value from this expert time.
Please get in touch here if you are interested.
All the above tools can provide support through your product development journey: HTA resources exist for the healthtech sector, and can be used iteratively for multiple avenues of research and development.
Contact us today if you’d like to discuss how we can support your journey.