Mologic Ltd – Market Research
What was the nature of the challenge?
Mologic are a medium sized business involved in developing medical diagnostics. They wished to understand the markets in which they plan to launch their diagnostic products, to define key user features, identify key players and to set pricing. In addition, the prioritisation of which geographies to enter in which order was important.
How did Innova Partnerships help?
Innova set up a working team to assess over six global product opportunities. The team liaised with senior management and each project leader to define thoroughly key market questions for each product. This phase was extremely important as it shaped the quality of the market research. The team at Innova Partnerships then undertook a combination of desk research, telephone calls and in person meetings to establish the answers to the market questions. In doing so, Innova compiled market size data specific for each product and geography, an understanding of the barriers to entry and regulatory pathways initial findings that were shared with the customer. From feedback on this information, follow up research was undertaken, tailoring each product opportunity with a clear commercialisation route to market.
What was the outcome of our involvement?
Mologic prioritised internal projects, allowing focus on the early to revenue product lines. In 2015 they launched their first product, B.I.T.S. and are on track to deliver further product launches across world.