The Ultimate Guide in Setting Up Market Research System in Health-Tech
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The document outlines the importance of market research in building health-tech startups, highlighting examples like Nanox and Innovaccer, which utilized research to address unmet needs and secure significant funding. It provides a structured approach to conducting market research, including defining objectives, industry analysis, and methods for collecting data. Key insights emphasize that thorough research is essential for product-market fit and understanding customer pain points.
The Ultimate Guide in Setting Up Market Research System in Health-Tech
- 1. The Ultimate Guide in Setting Up Market Research System in Health-Tech Pitchworks VC Studio’s Gokul Rangarajan Sudharsan Srinivasan
- 2. Building Great Health-Tech Startup from 0 to 1 is hard HARD HARD HARD AS YOU KNOW...
- 3. Market Research Is the Most That E Important Driver nsures Product-Market Fit and it’s very evident that
- 4. Ran Poliakine Founder of Nanox Nanox conducted extensive market research to identify global disparities in medical imaging access and costs. They analysed healthcare market trends and needs, focusing on scalable and affordable solutions. Insights from their market research guided the development of the Nanox.ARC the digital X-ray system, aimed at democratising access to diagnostic imaging worldwide. Result of which Nanox secured a partnership with SK Telecom and raised $110 million in their IPO in 2020. Their success is grounded in targeted market research, which identified unmet needs and shaped their disruptive technology, positioning Nanox as a promising player in the medical imaging market.
- 5. Abhinav Shashank Innovaccer Before launching their platform, Innovaccer conducted extensive market research to understand the challenges faced by healthcare organisations and the potential for innovation in healthcare IT. Conducted pilot programs with several healthcare organisations to validate the platform's effectiveness in improving care outcomes and operational efficiency. Gathered feedback to refine features and user interface. Innovaccer's platform integrates data from disparate sources, providing a unified view of patient information and operational insights, which has proven critical in improving care coordination and outcomes Raised significant funding rounds totalling over $225 million, indicating investor confidence in their technology and market potential.
- 6. “For health tech startups, market research is not optional. It’s the foundation upon which viable, effective, and user-friendly products are built” John Nosta President of Nostalab Advisory Board / Google Health .
- 7. Rasu Shrestha, Chief Innovation and Commercialization Officer Atrium Health “Market research in health tech is crucial because it uncovers the true pain points and needs of patients and providers. Without it, startups are just shooting in the dark”
- 8. Gridges the gap between Founder / Product Owners and customers, ensuring products meet real needs and build strong connections. Market Intelligence Goal
- 9. THE ULTIMATE Health-tech Market Intelligence Playbook 1 1 1 Foundations Define Research Objective 3 2 Pitchworks VC Studio’s
- 10. Market Research Foundations Define Research Objective Industry | Market Overview & Size Analyse Competitive Analysis Market Segmentation Understand your Various Buyer persona Understand your User Pricing & Positioning List of Accounts and Persona to initial pilots
- 11. Define Research Objective Write Down Problem & Scope List the Research Questions Choose Methodology Choose the Data source
- 12. Define Research Objective Timeline for the Research Project ?
- 13. Define Research Objective Resources I can invest for the research project ?
- 14. Define Research Objective Tool stack for research data collection and organising
- 15. Define Research Objective What Type of research do you want to do ?
- 16. Define Research Objective One primary goal of this research ?
- 17. Define Research Objective What are the research methodologies you are gonna adapt ?
- 18. Define Research Objective What is the geographic scope of this research ?
- 19. Define Research Objective Is there any socioeconomic group you want to understand?
- 20. Is there any specific age group you want to research on ? Define Research Objective
- 21. Define Research Objective Which sector of Health-Tech do you want to research on ?
- 22. Example Scope We have timeline and and access to , and calls with for a research in Research demographics : n the age group of and in C and from to The research is based need to know various , One of the primary goal of the research is We are gonna use the following Tool stack: Google Sheet, forms, Chat Gpt-3, Similar web, legal zoo, User Testing, Statista, Gartner, g2crowd, Capterra for 6 months 1 leader Marketer, 2 Market research analysts top research report subject matter expert Mental-Health. US, India i teenager , adults to middle aged adult group (13- 55 years) orporate Employee upper working class upper upper class group. Mental Health Solution segment buyer capacity, finding new opportunities, find risk in go to market, pricing Market reports User Interviews, buyer Survey, Focus Group
- 23. Example Scope We have timeline and and access to , and 5 call with for a research in Research demographics : n the age group of and in C and from to The research is based need to know various , One of the primary goal of the research is We are gonna use the following Tool stack: Google Sheet, forms, Chat Gpt-3, Similar web, legal zoo, User Testing, Statista, Gartner, g2crowd, Capterra for We are also going to heavily rely on to make 3 months 1 leader Market top research report subject matter expert for health tech IT. US, India i adults to middle aged adult group (23- 55 years) orporate Employee upper Middle class upper upper class group. Professional Service Automation tool segment buyer capacity, finding new opportunities, find risk in go to market, pricing. Market reports User Interviews, buyer Survey, Focus Group competitor analysis critical decision.
- 24. Define Research Objective Re-estimate the timeline and Budget ________________ Timeline in months. ________________ in Resource cost. ________________ in Tool stack Budget. ________________ in user Incentivisation budget. ________________ in Subject Matter expert budget. ________________ in Reports cost ________________ in Total budget
- 25. Download the Questions Download the Questions Print the questions https://www.slideshare.net/slideshow/health-tech- market-intelligence-prelim-questions/269721784 Use the google forms https://docs.google.com/forms/d/1Kffx- u_rdH_uvt8oLXXiQeRXuewCfTHrTNBw7 kmN9uM/edit
- 26. Fill the Form and Get our Support https://docs.google.com/forms/d/e/1FAIpQLScJCyIedTo3uAHPBrIcMCL6AG9IAa-n8K6vD1rtl9HJSpSJOw/viewform
- 27. The Ultimate Health-Tech Market Intelligence Playbook Pitchworks VC Studio’s Gokul Rangarajan Sudharsan Srinivasan Coming Soon ....
- 28. Thank You VC Studio | Corporate Innovation