Market Definition for the Life Sciences
FastTrac, Kauffman Foundation
Entrepreneurs at the helm of life science companies need to investigate their market environment the same way entrepreneurs in other fields do. However, due to the nature of their product, they may take a slightly different approach to defining and narrowing their market.
Market definition- For life science companies, market definition usually begins with an epidemiological analysis. Which diseases can my product diagnose or treat? How many people suffer from this disease? What are current diagnosis and treatment patterns, and what is the current value of these products?