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When developing and marketing life sciences products and services, it may be necessary to take a slightly different approach to defining and narrowing potential markets.
Trade Data on the Machinery Industry
At age 25, Laura Sanko was a founding member of a startup that raised $3.5 Million from some world-famous investors and the Founder’s Fund. The business model was simple: a website that rented high-end jewelry for special occasions for a fraction of the retail value of each piece. Three years later, the investment money was all gone and while the site continued to operate, it had failed to meet the investors’ expectations.
Adam Berk had a vision of creating an online library where neighbors could borrow tools and electronics from one another. Why buy a fancy camera you only needed to use once for a big trip? Why invest the money in physical tools for a home remodeling project if you are never going to need them again? Adam and his best friend Dave spent 5 years creating this utopian community, neighborrow, powered by a new form of currency. Their business model was to eventually white label the product and sell it to large apartment buildings and others who wanted to facilitate a borrowing community. But they never achieved their vision.
If met thoughtfully and thoroughly, challenges faced by entrepreneurial companies in the life sciences can be turned into opportunities for significant economic gain and a lasting contribution to mankind.
To sell more and sell faster, study the bell curve of prospective customers to find out which ones are most likely to be early adopters. If your product improves their performance, they'll influence others to buy.
When Bill Payne realized one of his company's patented products was being infringed by a key vendor, he knew he was in a difficult position to protect his patent. Payne and his team explored their options, including litigation, and decided to try and persuade them to stop their patent infringement practice.
Earlier this month, Johnson & Johnson pulled out of the heart stent market amid struggling sales of its products. Read more on how this move reveals the need for continuous innovation in the healthcare business landscape.
Medical device startups need to know when it’s worthwhile to make use of the pre-IDE process. The FDA review team can provide valuable insight to the medical business, but there are drawbacks, too. Read more to find out the pros and cons of the pre-IDE process.
Boost your bottom line by taking the guesswork out of pricing. You can't make smart pricing decisions without taking your costs, competitors, customers, and salespeople into account. But the right price for a product or service should rest on one thing -- the value that a product or service provides.
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