For years we supported clients with identifying the opportunity for their ideas. For years we have the same discussion. Is the perception of the medical need and market value realistic? To help manage expectations we developed a simple two dimensional diagram already 7 years ago, just to start a discussion about the situation.
Your understanding of the situation can be absolutely correct, but frequently people misjudge their offer regarding both dimensions of this diagram. The medical need is misjudged as developers look only at what they have at hand and do not consider that the customers might regard other topics as more important. And the economic potential of an offer can be restricted by factors of the healthcare system and budgets. When money is an issue trade offs have to be made and a new development might be disregarded.
We use this diagram to start a discussion knowing that it is a simplification. Products with low medical need and low economic potential can have a chance provided other factors are favourable, like easy market access, cost leadership in production and distribution, co-marketing and potential for cross-selling. And the “GO” in the upper right corner suggests an easier decision than there is. Orphan drugs are a good example here for difficulties such products can face to make potentials come true.
But regardless of the simplicity of the graph above and the applicability of the suggested decision it provides, a developer has to understand correctly the potential indicated on the two axes and must ensure that the needed information has been collected in a presentable form to convince investors and partners. We at BECKMANN BIO know how to conduct such projects, elaborate the required information to allow you to make a decision based on reliable information and to convince other accordingly.
Contact us at firstname.lastname@example.org to learn more!