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Medical Devices

We specialize in providing data-backed market research studies for MedTech companies especially in imaging equipment, pathology equipment, clinical laboratory equipment, consumables and supplies related to surgery, patient aids, and implants

Medical equipment Medical consumables & disposable Medical implants

What We Do

Channel margin benchmarking
Channel trade terms benchmarking
Customer and consumer NPS
Brand recall and perception study
Vendor identification and performance feedback
Price benchmarking
Unit economics benchmarking
Doctor loyalty, engagement and NPS
Cost structure and procurement benchmarking
Patient personas and NPS
Market sizing and overview
Channel partner NPS
Customer share of wallet research
Demand assessment of new products
Referrals and doctor feedback

Channel margin benchmarking

What are the different distribution channels used by your company to acquire customers?
What is the split between online and offline channels / GPOs / direct to hospitals? Who are the participants involved in each?
What are the margin structures paid by different competitors (domestic / MNC) across each channel type? What are the industry standards?
How does client’s channel margin structure compare with that of the competition?
How much is the geographical penetration for each type of channel? How does the client’s penetration compare to its competitors?
What incentives policies / schemes are working well?
What are the drivers / barriers in expanding the distribution network?
What support is provided by Medtech companies to sell more through their channel partners?

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Channel trade terms benchmarking

What are the different channel trading terms (credit period, minimum order value, lead time, contract duration, regulatory compliances, etc.) adopted by your company for your stockists, distributors, etc.?
How does the terms vary for selling through online players / GPOs?
How does the trade terms differ for a global MNC compared to a domestic medical device manufacturer?
For a global MNC, what are the key trade terms for selling through single authorized agents in India?
What are the practices followed by other competitors in medical equipment / consumables and supplies space? What are the best practices / learnings for the client company?

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Customer and consumer NPS

How likely is the customer (hospitals, labs, etc.) / end consumer to promote the medical device products? How much is the referral rate to other customers?
Which customer segments are unsatisfied and at-risk for the brand?
What are the drivers for customer loyalty and NPS? How does the client products fare on those?
What role does digital technology (remote customer support, online delivery through ecommerce channels, etc.) play to improve customer NPS?
What are the industry and competitor NPS benchmarks?
What is the customer’s feedback on products provided by client company? Are there any areas to improve?
What are latent and unmet needs of the customers? What do they value the most? Are there any features that they want?
What is the gap in the current customer experience and products provided by your company?
What are common global best practices that can be implemented to drive customer experience?

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Brand recall and perception study

What is the maximum potential of different brands prevalent in the medical devices space?
What is the degree of brand awareness with respect to competitors?
How does brand awareness change with customer type (standalone / hospital chain, nursing homes, labs, etc.), geography, and end consumer/patient clinical needs?
How affluent are the distributors / customers towards your product’s brand? What is their stickiness to that brand? How does it vary as compared to its competitors?
How is the brand recall of customers and end consumers towards your medical device products and how does it fare as compared to your competitors?
How slowly / quickly is the brand growing relative to competitors?
What is the customer repeat purchase and customer retention rate? How does it compare to industry standards?
What are some of the best practices to strengthen brand value?

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Vendor identification and performance feedback

How many vendors does the medical device company has? Do they typically source a given product from a single vendor or multiple vendors?
Where are the current vendors located? What is the split of domestic / international suppliers?
What are the key requirements of a vendor to be shortlisted as per the RFP?
What is the background, experience, annual turnover, customer feedback, pricing structure, etc. of the shortlisted vendors?
What are the contract terms and conditions (duration, credit period, invoice cycle, lead time, etc.) which would be applicable for the finalized vendor?
How does the medical device company perform vendor benchmarking across the different parameters like supply lead time, OTIF rate, %age returns, payment collection, etc.? How is it compared to industry standards?
How does it score across the different dimensions of PGA Labs vendor benchmarking toolkit?

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Price benchmarking

What products are offered by client and its competitors? What is the price point at which it is offered?
How are the products bundled together (along with AMC, CMC, etc.)? How does the pricing vary across these?
What is the competitive positioning of client’s products against that of competitors?
What is the willingness to pay of customers (hospitals, labs, etc.) for client’s products?
What are the product features for which the customer is ready to pay the premium?
Is the medical devices market influenced by product / service discounting? Are customers (hospitals / labs) attracted towards low price? What are the different promotions used to lower price across periods?
How can price be used as a strategy to win market share?

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Unit economics benchmarking

What is the revenue by product line / product type in a medical device company? What is the volume of products sold for each type? What is the blended price for a product type?
What is the overall fixed and variable cost involved? How much is the COGS, employee cost, sales, and distribution cost., G&A cost, etc. for a unit piece?
What are the EBITDA margins for a given product type / across different SKUs within a product type?
How is the unit economics of these product types compared to similar products provided by its competitors?
How is the unit economics sensitive to price and volume of products sold in a month / year?
How does the unit economics vary by region, channel (online, offline – direct to hospital, distributor, etc.)?
What are the areas in which the competitors fare better than the client company w.r.t. unit economics?
What are the learnings derived from competitors for the client company to improve unit economics?

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Doctor loyalty, engagement and NPS

How likely is the doctor to promote your medical device products? How much is their referral rate to other doctors?
Which type of doctors (by specialty, by practicing workplace – standalone hospital, chain, nursing home, etc.) are unsatisfied and at-risk for the product brand?
What are drivers for doctor loyalty and NPS? How does the client medical device company fare on those?
What role does digital technology (remote customer support, online delivery through ecommerce channels, etc.) play to improve doctor NPS?
What are the industry and competitor NPS benchmarks?
What is the doctor’s feedback on products provided by client company across different therapeutic areas / clinical needs? Are there any areas to improve?
What are latent and unmet needs of doctors? What do they value the most? Are there any features that they want?
What is the gap in the current doctor experience and products provided by your company?
What are common global best practices that can be implemented to drive doctor experience?

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Cost structure and procurement benchmarking

What are the major cost components (COGS, distribution, R&D, etc.) for each SKU within a product category of the medical device company? How does it vary across product categories?
Is there any scope for cost optimization?
How are the cost components compared to competitors and industry standards?
Who are the vendors for major cost components like raw materials? Are these vendors domestic or international?
What are the procurement practices followed client and other competitors in medical equipment / consumables and supplies space? What are the best practices / learnings for the client company?

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Patient personas and NPS

What are the different patient personas who use the client’s medical products (by clinical needs, geography, income level, etc.)?
What is the opportunity in each patient persona?
How does the persona purchase behavior vary across different product types?
How likely is patient to promote the client’s products? How much is the patient referral rate to family and friends?
Which patient segments are unsatisfied and at-risk for the brand?
What are drivers for patient NPS? How does the client products fare on those?
What are the industry and competitor NPS benchmarks?
What is the patient feedback on the overall experience of product usage? What are the features that patient wants? Where do they want the product to improve?

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Market sizing and overview

What are the different product categories that exist within the medical device company?
What is the current and forecasted (for the next 2-3 years) market size (TAM and SAM) of these product categories?
Who are the target customers (hospitals, labs, etc.) who buy it? How large is the segment?
What is the price (manufacturer’s price to distributor) in which the distributors buy the product? What is the frequency of purchase?
What is the replacement demand of these products in this year (applicable to equipment, devices, etc.)?
Who are the target customers (hospitals, labs, etc.) who uses the product? What is the current volume of products used by them?
What are the number of players for each of the product category, by geography, by target customer segments?
How is the market structured? Is the market too fragmented? What are the key drivers and barriers to entry in this market?
What are the future growth drivers? What are the opportunities that exist in this space? Are there any white spaces?

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Channel partner NPS

How likely is the channel partner (distributor, stockist, dealer, etc.) to promote the medical device products? How much is the referral rate to other partners?
Which channel partners are unsatisfied and at-risk for the brand?
What are the drivers for channel partner loyalty and NPS? How does the client products fare on those?
What role does digital technology (e-commerce enablement, digital branding for channel partners, etc.) play to improve channel partner NPS?
What are the industry and competitor NPS benchmarks?
What is the partner’s feedback on products provided by client company? Are there any areas to improve?
What is the partner’s feedback on trade terms provided by client company? Are there any areas to improve?
What are latent and unmet needs of the channel partners? What do they value the most?

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Customer share of wallet research

In each product segment that the medical device company addresses, what does the customer wallet look like?
Do customers have any latent needs / pain points which are not fulfilled / solved?
Which parts of end customer’s product specific clinical need (consultations, drugs, tests, devices, etc.) can the medical device company address?
Are there opportunities for vendor replacement for each of the HC spend type?
How is the share of wallet distributed among different players for these healthcare needs?
What product innovations that the medical device company can do to increase its share of wallet?
What initiatives w.r.t. distribution that the medical device company undertake to increase its share of wallet?

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Demand assessment of new products

What are the new products / opportunities that the medical device company can consider entering?
How is the demand landscape? Who is the target customer segment (both B2B and B2C)? What is the number of existing customers (B2B - standalone hospital, chain, nursing home, labs, etc.) and B2C (patients by therapeutic areas / clinical needs, age, geography, etc.)?
Who are the suppliers from whom these customer segments purchase? How has been their experience? Is there any gap / unmet need that can be fulfilled?
What are the key drivers and barriers to entry in this market?
What is the current and forecasted (for the next 2-3 years) market size (TAM and SAM) of this product segment?
What are the future growth drivers? What are the opportunities that exist in this space? Are there any white spaces?

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Referrals and doctor feedback

How likely is the referring GP / specialist doctor / radiologist / lab technician to refer the medical device products to end customer?
What are their referral criteria?
What is the referral arrangement? How much commission / revenue share does the doctor receives for referring the product to end customer?
What are the key archetypes of these referral doctors? How has been their experience of using the products till now? Are there any areas to improve w.r.t. product feature, usage, etc.?
What is the stickiness of the referral doctors towards the client’s products?
Do the referral doctors also recommend patients to the competitor products? What is the incentive provided by competitors in such case?

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Connect with our Medical Devices Experts

Madhur Singhal

Mentor

Aryaman Tandon

Mentor

Hitesh Gossain

CEO, Network

Amar Choudhary

CEO, Intelligence & Insights

Sanjay Sachdeva

Senior Director, Intelligence and Insights

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