Product X: Giving Shape to the Solution

The Product Market Realm

After familiarizing themselves with their potential competition for each need, the CSI team of MedTech Innovators started detailing out their product solution. To ensure there were no lacunae, they revisited the nurses & consultants once again and added another layer of secondary research; this time with a focused approach and understanding.

Dr. Jha
By this stage your team should be the boss of your problem statement. There shouldn’t be any relevant products that you aren’t yet aware of and you should be conversant with the finer aspects of your need statement.
Let’s define a Product X. What would this do? List it out.
In this process you will learn to make unbiased, objective decisions and differentiate what the product
must-have & what would just be a nice-to-have.
Learn to differentiate between the needs & the desires of your product. This will form the basis of your product development journey.

Nikita
Our observations till now should lead us to a clearer idea of what this problem needs and this should help us give shape to our solution. But as I understand, the Product X methods is an iterative process. Is it OK to keep going back & forth.

Dr. Jha
Yes! This is how it should be.
Cross referencing this list of Nice-to-Haves and Must-Haves will help you arrive at those 2-3 products that are the closest to your ideal, i.e. Product X.

Amar
Focusing on the responses of only a few consultants would be biased, right? How do we know which features are most critical? We would also like to factor in the different variables like cost & the intended markets for different companies.

Dr. Jha
Of course, this list should emerge from your insights during research and your secondary visits to the
consultants or other stakeholders. Here, your experience as the clinical Research Associate would also be critical.

In healthcare, there are broadly three types of devices;
1. Disposable products
2. Re-usable products
3. Disposable + Re-usable products
The preferable one is a mixture of the two because the buyers prefer a re-usable product as it lasts
longer but the sellers benefit by sale of more units.

At a macro level, Markets, you must understand are of three types i.e. TAM (Total Addressable Market), SAM (Serviceable Available Market) and the SOM (Serviceable Obtainable Market). Calculate your market number to know the SOM because that is the market that you will enter first and serve. That will give to the ground-reality of your solutions' value.

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Nearing the end of this activity, we were able to create a matrix of competition cost & features and
identify the sweet spot for Product X within it. This formed the building blocks for our solution.


....... from the notebook of the CSI team (Nikita Arora, Aditya Shukla & Dr. Amar Singh)