Developing a Business Plan for a Molecular Diagnostic Opportunity for a Medical Device and Instrumentation Company
The client had developed a low cost real-time polymerase chain reaction (PCR) which had clinical and research applications. It was interested in exploring the molecular diagnostic market in India.
To devise a business plan for a molecular diagnostic opportunity for the company, UC adopted the following approach:
- Landscaped the Indian diagnostic market, the overall molecular diagnostic market as well as the following market segments -
- Infectious disease testing
- Oncology testing
- Genetic testing
- Identified the menu of tests and outlined the pricing strategies
- Explored the potential entry options -
- Defined the addressable market, which included the conventional market (genetic, oncology and infectious disease testing) as well as the new opportunities in the blood screening market
- Evaluated the competitive intensity
- Examined the key drivers and business risks
- Recommended the entry strategy which involved a series of initiatives such as tying-up with private and government healthcare bodies and exploring partners for reagent manufacturing, to cut cost and time of market entry.
The client was advised to concentrate on infectious disease testing and the blood bank screening market in India. UC also suggested the pricing for diagnostic kits for each test and recommended key initiatives to be taken by client. A timeline was drawn outlining the entry of the client along with the suggestions on possible operating model.