Life science tools companies with a versatile technology platform have an advantage. They have multiple potential market applications where their platform could be used and more assay content that could be developed for it.
These can include broad market segments such as:
- Life science research
- In vitro diagnostics (IVD)
- Veterinary testing
Or detecting different types of analytes such as:
- Proteins
- Nucleic acids
At different customer call points such as:
- Academic and research institutions
- Pharma and biotech companies
- Hospitals
- Reference labs
- Urgent care clinics
More potential market applications usually means a larger opportunity.
But there is also a significant challenge. Each market is different and has its own nuances.
How do you decide which market applications are most attractive to pursue?
Follow these four steps.
1) Analyze the market for each potential application that you are considering.
- Landscape
- Dynamics
- Competition
- Needs
2) Rate the strength of your value proposition for that market application.
- Strong
- Moderate
- Weak
3) Determine the channel that you would use to sell into that market.
- Direct
- Distributor
- Partners who develop and sell assays with the platform
4) Combine #2 and #3 to arrive at an overall market application attractiveness rating.
- High: Strong value proposition and will sell directly or through partners
- Medium: Moderate value proposition and will sell through partners or distributors
- Low: Weak value proposition
Some companies choose to sell directly into a “core market” and establish partners to sell into other markets. This can be an effective model.
Need Help?
We provide complete Technology Commercialization Plans for life science tools companies.
If you need help with yours, please reach out to me at david@bournestrategic.com.
