Medical devices and applications firms today have an opportunity to radically transform their business in the next five years. The growth is expected to be exponential in the U.S., European and emerging markets. This provides an opportunity for Medical Technology firms to re-look at their product portfolio and develop a product and platform strategy that provides for long term and sustained growth on a global scale.
Measuring the past portfolio’s success and use of decision support tools to create forecasts for the future would be the first step. This would need to be followed by mapping and analyzing the current portfolio with the business objectives for revenue, profitability, market share, customer acceptance and ability to execute. This is an ongoing process as the market and investor demands are dynamic. This analysis provides medical devices and applications firms with realistic information as to whether it would be wise to continue down the current path or to invest in new technology, platform or portfolio. It also helps them to decide when to shelve the product or make ‘end of life’ product decisions.
Product Strategy Consulting Services from Netspective
Netspective provides both strategy and execution consulting for end-to-end product and platform life cycle. Our services include product portfolio rationalization, management and development process consulting.
Netspective’s product strategy consulting services include:
- Analyzing the specialized market in the healthcare domain to determine what should be the best engineering strategy
- Undertaking product portfolio rationalization to determine investment focus and end of life decisions, market and business needs, enabling new product software and hardware or services
- Helping you determine the appropriate development methodology that optimizes your processes, meets your product refresh needs be it software or hardware, and helps create the next level of product or service offering
- Selecting the appropriate tools and partners to gather requirements, design, testing, third party IP’s and solutions, etc.
Netspective’s approach to building a complete product or platform portfolio begins with examining the entire product delivery process end-to-end. We interview key stakeholders to understand corporate goals and objectives. We then evaluate the extent to which these goals align with the product management and marketing strategies. This evaluation will help us provide you a review of the key processes surrounding market analysis including a review of the ideation, planning and lifecycle processes. Additionally, we also give you an assessment of the integration of the existing product functions with marketing, sales and client services functions.
As for product management, our primary focus is on understanding the product organization structure, market alignment and strategy. We apply the platform and product portfolio roadmap to develop release plans and optimize market problem identification and requirement development processes. This helps us to better position your product and create collaterals. We can even organize events that promote your platform. Finally, we build and execute digital marketing strategy for product or platform.
Netspective combines deep Medical Technology expertise with the experience of veteran technical leaders to consistently create innovative products, incorporating the latest in software and hardware, that meet your specific needs.