We enjoyed our second webinar of 2022 on Tuesday 1st November. Our speakers, Dal Singh (Client Services Director) and Nick Williams (Managing Partner) of Triducive came together for a discussion and interactive Q&A on the topic of market shaping. Using frameworks adopted by international policy organisations and examples from outside and within healthcare, the webinar provided a set of principles that can be used for successful market development activities.
Key takeaways
Market shaping principles
Speaker: Nick Williams
Nick Williams opened with the challenging realities which are faced when bringing products to market and how the way markets are viewed provides opportunities for them to be shaped for success. After demonstrating the importance of understanding and addressing social norms with an example using the endeavours of New Zealand winemakers, Nick suggested that in pharma and medtech, similar strategies can be applied. The three areas that can be shaped are:
- Establishing unmet need
- Supporting new policy/guidelines
- Establishing new practices / pathways
Following a brief introduction of 3 established frameworks that support social and behavioural change, Nick outlined some key principles for shaping healthcare markets:
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Understanding the status quo is key to understanding how to change it
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Reframing the future through the lens of stakeholder interests tests the potential to achieve it
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Evidence is important but building coalitions who advocate make it meaningful
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Outcome-focused campaigns not just communications
Healthcare examples
Speaker: Dal Singh
Dal Singh shared Triducive’s focus on market shaping projects by sharing two relevant case studies where evidence, coalition and advocacy is resulting in positive changes for 2 therapy areas:
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Creating aligned recommendations for managing hyperkalaemia in patients with cardiorenal comorbidities
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Accelerating referral pathways in respiratory medicine
He argued that communication of evidence alone is enough anymore, compelling evidence needs to be campaigned effectively alongside advocacy to drive market changes.
Q&A
Following the webinar, Nick Williams and Dal Singh responded to questions asked by the audience. Questions included:
There are a number of challenges to consider but in our experience, 2 important considerations often need to be addressed. Firstly, it can be tempting to set a bold vision of the future which supports the proposition perfectly, but, unless this is checked against the market stakeholders’ agendas and reveal sufficient benefit, then coalition-building is unlikely to be successful. Second, there needs to be sufficient numbers of market stakeholders who broadly share this same view of a new market reality for a coalition to be formed and to gather momentum. Good understanding and insight around these 2 factors and refinement of the future vision in relation to this usually provides a way ahead that can support positive changes.
This really depends on 2 factors. 1. At what level does the key issue/need for change exist? and, 2. At which level (or in which geographies) do we think sufficient support for this change currently exists? Often a sequential approach to addressing broader strategic change initiatives may be the best approach, leveraging the power that exists in one country or international region to build an initial platform and to then build on this in other geographies as appropriate. We have a number of examples where this has been the approach taken with our clients – in fact both examples shared during the webinar included.
The short answer is yes! We have worked in this way with a range of devices, surgical and other health technology companies. The products may be different but markets are constructed in the same ways as for pharma and the challenges are often very similar indeed. Please check back to our website for some new case studies in these areas.
The data we shared was from 3 sources who each used the general measure of shareholder/analyst expectations and so it is not possible to second-guess the robustness of individual forecasting. However, we do imagine that there is likely to be some overestimation of likely success to support short-term investments. Nevertheless, the research also shows that the 3 main reasons for lack of success are internal capability, weak propositions, and, (lack of) market readiness/understanding.
Watch the webinar recording to hear Dal Singh and Nick Williams explore these topics in detail by clicking below.
To suggest topics for our next meeting, email info@triducive.com
Part One: Market Shaping Principles
Part Two: Healthcare Examples
We combine healthcare sector experience with expertise in delivering structured expert consensus to create clarity, energy and advocacy around the factors that drive decisions, to create change. We are proud to work with industry, academia, clinical experts, policy makers and the third sector to help get better decisions made and implemented.
