Designing innovative product/service models – from idea to reality

Background and Challenges 

A US multinational medical devices company needed to design new innovative products and services, tailor-made to specific accounts characteristics suitable for the EMEA market.

However, recently major competitors have been strongly investing in the EU, in order to generate new revenue streams. The investment was also done in the “Hospital Solutions” area, specifically in cath lab management.

The company asked Tefen to help it understand the strategic considerations behind the competitors’ strategy, in order to prepare high-level response proposals.

The company also asked Tefen to help it design an innovative business model to tackle C-suite stakeholder needs, in terms of cath lab management.

Tools & Methodologies

The strategic assessment focused on three main issues:

• Analysis of competitors’ value curves, pricing models, market access, partnerships, and more
• Development of a first reactive product offering with a related financial model: full visibility over offering’s financial impact, scenario and sensitivity analysis, customizable offerings
• Development of a proactive product offering with a related financial model: definition of the new products’ value curve, value proposition, delivery system, and more

Results

The strategic assessment led to the launch of global, long-term initiatives; implementation is currently in progress.