Depth of diabetes expertise aids development of business plan for revolutionary technology
Medical Device Company
The client’s leadership team members were evaluating three different concepts for a new and improved lancing device for patients with diabetes to lance their fingers for blood glucose testing. The clients’ first product was a niche product in the category, so their knowledge of the larger distribution channels, reimbursement/formulary coverage and major manufacturers in the category was limited. Their new technology could revolutionize the category, but they had some significant strategic decisions to make, including 1) which of the three concepts provided the best opportunity for long-term success, and 2) should they commercialize themselves, license the technology to someone else or sell it altogether?
Hire Nancy Lonsinger of Leverage Point Advisors. With Nancy’s deep expertise in the diabetes care category, she was able to evaluate the three concepts and summarize the pros and cons of each option for launch, thus helping the clients to understand the value to them, as well as a potential licensee or buyer. With Nancy’s insights, the leadership team was quickly able to narrow the three concepts to one.
The next step was to develop a business/launch plan for the selected option. The plan was developed so that it could be used for the clients to commercialize the product or for them to share it with potential licensees and buyers. Leverage Point Advisors was responsible for the following portions of the plan:
- U.S. trade/retail distribution
- Professional sales force
- Reimbursement/formulary coverage
- Promotional marketing budget
For each section, the plan included:
- Questions for the leadership team to answer, along with Leverage Point Advisors’ assumptions regarding the answers
- All viable options, along with pros, cons and cost estimates for each
- Recommendation with quantitative rationale
The clients were very happy with the thorough assessment and recommendation provided, saying, “We are so grateful for Nancy’s personal commitment to this project. The experience she brought to the team was more valuable than we even believed it would be when we made the decision to hire a consultant.”