Harvard Case - Protégé Biomedical: Finding the Right Market for Medical Innovation
"Protégé Biomedical: Finding the Right Market for Medical Innovation" Harvard business case study is written by John F. McVea, Daniel B. McLaughlin. It deals with the challenges in the field of Entrepreneurship. The case study is 22 page(s) long and it was first published on : Sep 30, 2020
At Fern Fort University, we recommend Prot?g? Biomedical pursue a focused market expansion strategy targeting the emerging markets of Southeast Asia, specifically Indonesia and Vietnam. This strategy leverages Prot?g??s core competencies in innovative medical technology and product development to capitalize on the region?s rapidly growing healthcare sector and increasing demand for affordable and accessible medical solutions.
2. Background
Prot?g? Biomedical is a start-up company developing a revolutionary new device for non-invasive blood glucose monitoring. The company faces a critical decision: which market to target first for its groundbreaking innovation. The case study highlights the company?s founder, Dr. Sarah Chen, grappling with the trade-offs between entering the highly competitive US market with its established players and targeting emerging markets with their unique challenges and opportunities.
3. Analysis of the Case Study
To guide Prot?g??s decision, we employ a combination of strategic frameworks:
a) Industry Analysis: Using Porter?s Five Forces, we analyze the competitive landscape of the blood glucose monitoring market. The analysis reveals:
- High threat of new entrants: The market is attractive to new players due to the potential for disruptive innovation and the availability of advanced technologies.
- High bargaining power of buyers: Consumers are increasingly price-sensitive and have access to a wide range of products, leading to intense price competition.
- Moderate bargaining power of suppliers: The market is characterized by a few key suppliers of components and materials, limiting Prot?g??s negotiating power.
- High threat of substitutes: Alternative technologies like continuous glucose monitoring (CGM) offer competing solutions, potentially impacting Prot?g??s market share.
- Moderate rivalry among existing competitors: The market is dominated by established players with strong brand recognition and distribution networks, creating intense competition.
b) SWOT Analysis: We assess Prot?g??s internal strengths and weaknesses, and external opportunities and threats:
Strengths:
- Innovative technology: Prot?g??s non-invasive blood glucose monitoring device offers a significant competitive advantage.
- Strong team: The company boasts a skilled and experienced team with expertise in product development, engineering, and clinical research.
- Focus on affordability: Prot?g? aims to provide a cost-effective solution, potentially attracting a wider customer base.
Weaknesses:
- Limited resources: Prot?g? is a start-up with limited funding and a small team, hindering its ability to scale operations quickly.
- Lack of brand recognition: The company is new to the market and needs to build brand awareness and trust among consumers.
- Regulatory hurdles: Securing regulatory approvals for a new medical device can be time-consuming and expensive.
Opportunities:
- Growing global diabetes market: The prevalence of diabetes is increasing worldwide, creating significant market potential for blood glucose monitoring devices.
- Emerging markets: Developing countries like those in Southeast Asia offer a rapidly growing healthcare sector and a large unmet need for affordable medical solutions.
- Technological advancements: Advances in AI and machine learning can enhance Prot?g??s device?s accuracy and functionality, providing a competitive edge.
Threats:
- Competition from established players: Prot?g? faces competition from well-established companies with deep pockets and extensive distribution networks.
- Price pressure: The market is highly price-competitive, potentially squeezing Prot?g??s profit margins.
- Regulatory changes: Changes in regulatory requirements could impact Prot?g??s product development and market entry strategies.
c) Strategic Positioning: We analyze Prot?g??s potential strategic positioning using the Ansoff Matrix. The matrix suggests two primary options:
- Market Development: Expanding into new geographic markets, such as Southeast Asia, leveraging Prot?g??s existing product offering.
- Product Development: Developing new product variations or features to target specific customer segments or address unmet needs within the existing market.
4. Recommendations
Prot?g? Biomedical should pursue a focused market expansion strategy targeting the emerging markets of Southeast Asia, specifically Indonesia and Vietnam. This strategy combines market development with product adaptation to capitalize on the region?s unique characteristics and needs.
Specific Recommendations:
- Target Indonesia and Vietnam: These countries offer a large population with a high prevalence of diabetes, a rapidly growing healthcare sector, and a strong demand for affordable medical solutions.
- Adapt the product: Prot?g? should adapt its device to meet the specific needs and preferences of the Southeast Asian market, considering factors like language, cultural norms, and affordability.
- Build strategic alliances: Partner with local healthcare providers, distributors, and government agencies to gain access to the market and build brand awareness.
- Leverage technology: Utilize digital transformation strategies and social media to reach target customers and build a strong online presence.
- Develop a robust marketing strategy: Focus on product differentiation and value proposition to communicate the benefits of Prot?g??s device to potential customers.
- Prioritize affordability: Offer a competitively priced product to cater to the price-sensitive market in Southeast Asia.
- Invest in local talent: Build a strong team with expertise in the local market and healthcare industry.
- Develop a strong corporate social responsibility program: Demonstrate commitment to improving healthcare access and affordability in Southeast Asia.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Prot?g??s core competencies, the external market environment, and the specific needs and opportunities in Southeast Asia.
1. Core Competencies and Consistency with Mission: The strategy aligns with Prot?g??s mission to provide innovative and affordable medical solutions. The focus on emerging markets allows the company to leverage its core competencies in product development and technology to address a significant unmet need.
2. External Customers and Internal Clients: The strategy considers the needs of both external customers (patients with diabetes) and internal clients (healthcare providers). By focusing on affordability and accessibility, Prot?g? can attract a wide range of customers while building strong relationships with healthcare providers.
3. Competitors: The strategy acknowledges the presence of established players in the market but leverages Prot?g??s competitive advantage in innovation and affordability to carve out a niche in the Southeast Asian market.
4. Attractiveness ? Quantitative Measures: While a detailed financial analysis is beyond the scope of this case study, the strategy is based on the assumption that the Southeast Asian market offers significant potential for growth and profitability. The region?s large population, increasing diabetes prevalence, and growing healthcare sector suggest a strong market demand for Prot?g??s product.
5. Assumptions: The recommendations are based on the following assumptions:
- Prot?g? can successfully adapt its device to meet the specific needs of the Southeast Asian market.
- The company can secure regulatory approvals for its product in Indonesia and Vietnam.
- Prot?g? can establish strong partnerships with local healthcare providers and distributors.
- The company can successfully navigate the challenges of operating in emerging markets, including potential political and economic instability.
6. Conclusion
Prot?g? Biomedical has the potential to become a leading player in the global blood glucose monitoring market. By focusing on emerging markets like Southeast Asia, the company can leverage its innovative technology and core competencies to achieve significant growth and profitability.
7. Discussion
Alternative Options:
- US Market Entry: Entering the US market offers a large and established market but faces intense competition from well-established players and high regulatory barriers.
- Global Expansion: Targeting multiple emerging markets simultaneously could lead to faster growth but requires significant resources and expertise in navigating different cultural and regulatory landscapes.
Risks and Key Assumptions:
- Regulatory hurdles: Securing regulatory approvals in Southeast Asia can be challenging and time-consuming.
- Cultural differences: Adapting the product and marketing strategy to meet the specific needs and preferences of the Southeast Asian market requires careful consideration.
- Competition: Established players may enter the Southeast Asian market, creating intense competition.
- Economic and political instability: Political and economic instability in Southeast Asia could impact Prot?g??s operations and profitability.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| US Market Entry | Large and established market | Intense competition, high regulatory barriers |
| Southeast Asia Market Expansion | High growth potential, unmet need for affordable solutions | Regulatory hurdles, cultural differences, economic and political instability |
| Global Expansion | Faster growth potential | Requires significant resources and expertise |
8. Next Steps
To implement the recommended strategy, Prot?g? Biomedical should:
- Conduct a detailed market research study to gain a deeper understanding of the specific needs and preferences of the Indonesian and Vietnamese markets.
- Develop a comprehensive market entry plan that outlines the company?s target market, product adaptation strategy, marketing plan, and financial projections.
- Identify and secure strategic partnerships with local healthcare providers, distributors, and government agencies.
- Invest in building a strong team with expertise in the local market and healthcare industry.
- Develop a robust corporate social responsibility program to demonstrate commitment to improving healthcare access and affordability in Southeast Asia.
By taking these steps, Prot?g? Biomedical can successfully navigate the challenges of entering the Southeast Asian market and achieve significant growth and profitability.
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Case Description
Two young, Minnesota based, entrepreneurs set a goal to grow their blood clotting innovation into a robust medical products business. They had, somewhat serendipitously, discovered an idea with real market potential and as a result had made surprisingly good progress in developing a patented product. They had successfully launched a small test in the veterinary market and had been informed that they were only a few months away from gaining FDA approval for use in human markets. To launch their long-term strategy, they needed to answer two key questions. First, how big were the human and animal markets relative to each other? And second, should they continue to build a position in the veterinary market, or should they focus on launching into the human wound treatment market? If so, which segment of the market was the most strategically attractive considering the resources at their disposal? Because of the likelihood of full FDA approval, they were under pressure to bring a clears and defensible strategy to their board within the next 2-3 months. Furthermore, as nascent entrepreneurs, they realized that they would have to come off the fence and propose a strategy in advance of having complete data, while their understanding of the market and entrepreneurial strategy was still emerging.
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