TRENDS & PERSPECTIVES
The IVD market has grown steadily over the past 15 years, but due to the behind-the-scenes nature of diagnostic technologies, a dearth of resource funding has found product development support struggling to build on these new biotechnologies. A study recently conducted by Cutting Edge Information examines the rise of diagnostic technology and the postmarket factors affecting the commercial success of IVD manufacturers. According to the study report, “In Vitro Diagnostics: Development through Postmarket,” IVD manufacturers can take advantage of this billion-dollar surge by investing more time and funding into marketing and R&D to drive innovation.
The study revealed that market-focused product development is essential in an industry where customers influence the value and direction of technological advancement. Based on company interviews and market analysis, the report identified important concepts to help IVD manufacturers improve their product line management. The suggested principles include leveraging marketing budgets to address company needs, supporting R&D and manufacturing to drive development, exploring funding and product life cycle connections, developing a flexible sales strategy to address customer concerns, and leveraging funding to acquire promising technologies.
Unfortunately, marketing directors are often at the mercy of insufficient budgets that hinder their ability to reach potential customers. To counteract this difficulty, companies attempt to diversify their marketing campaigns to maximize sales. The report suggests a number of sales tactics to increase postmarket revenue, including customized sales approaches, ride-along training, specialized client target representatives, and strategic adaptation to market fluctuations.
The study also recommends larger IVD companies collaborating with smaller companies to build on their shared interests and technological development. Small organizations frequently lack the resources to realize their products’ full commercial potential or to obtain funding in the critical early stages of development. Additional information about this market study and industry projections can be accessed at Cutting Edge Information’s Web site at www.cuttingedgeinfo.com/diagnostictrends.
