Case Study: Market Opportunity Assessment Results in New Funding for Pharmacy Technology

Results

  • Our client was able to obtain $3-4 million in new funding
  • Within two years of project completion, the client’s system was launched in the U.S. hospital market

Outcome

The study indicated:

  • Interest from hospital pharmacies in this system was high despite its high cost
  • Three features were critical for market success:
    • Improved patient safety
    • Improved staff safety
    • More effective use of the pharmacist’s time
  • The market opportunities was sufficient to warrant additional funding and development efforts

Business Challenge

A venture capital (VC) firm that focused on medical technology was interested in assessing the US market for an automated pharmacy admixture system. The company had a working prototype and needed additional funding to launch a business around this technology.

The key benefits of the robotic system focused around improving the pharmacy tech’s productivity and improving patient safety. However, with limited experience and market intelligence, the company needed additional information to support their funding request and future product development efforts.

Research Objective

To assess:

  • Interest in the robotic system
  • Potential sales of the system
  • Key success factors and market barriers

In addition, the study needed to determine at what price point the system would need to be offered to be successful.

 

Methodology

AMG Research used a combination of qualitative, face-to-face interviews and quantitative telephone interviews with Directors of Pharmacy.

Information gathered from the face-to-face interviews was used to develop a comprehensive telephone questionnaire.

More than 250 telephone interviews were conducted with Directors of Pharmacy and Hospital Administrators to quantify the market opportunity.

 

Why AMG Research was Chosen

AMG Research was selected to conduct the research study due to our experience in the healthcare industry, our proven ability to reach the audience effectively, and our experience in conducting complex market opportunity assessments.