Market research — A competitive differentiator

Market research data are typically used to inform product design, marketing strategies and tactics. Sometimes, the data are the end goal. The data can be used to develop a competitive differentiation and deliver value to customers.

MedSpan Musings — Tips for better market research

When conducting market research with the hospital pharmacy department, ensure that the right section is informing your actions.

While some hospital pharmacies limit their scope of practice to their individual hospital, others are responsible for the purchasing and management of drug therapies throughout the integrated delivery system.

• Pharmacy directors — Sets policy for operations, contracting, inventory management, and intra-delivery system distribution. The pharmacy director typical is a voting member of the P&T Committee, thereby influencing product selection.The pharmacy director tends to be the most knowledgeable among his or her staff regarding billing, coding and reimbursement for drug therapy. However, in our experience, the level of expertise in these areas varies between hospital pharmacy directors.

  Integrated delivery systems may have one pharmacy director for inpatient care and another for outpatient care. They report to a Vice President of Pharmacy. Standalone hospitals tend to have one pharmacy director.

• Clinical pharmacists — Are often stationed throughout the hospital. Share drug insights with other clinicians. Develop drug monographs for the P&T Committee. Each clinical pharmacist specializes in one or more disease categories (e.g., cardiovascular disease) or hospital patient care unit (e.g., emergency medicine).
• IV operations managers — Oversees compounding processes and clean rooms. IV operations managers are important respondents for studies involving IV therapies.
• Pharmacy buyers — Work directly with wholesalers and drug companies to execute the delivery system’s day-to-day buying practices.

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MedSpan Musings — Tips for better market research

Assessing the role of cost in
hospital product purchasing
and utilization

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Market Research Tip

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Often, manufacturers of medical devices seek to understand the role of cost in the value analysis committee’s decision to approve and utilize their products. To address these question, gather the perspectives of:

• Department managers
  • Director of Surgical Services, ED or GI Lab, etc.
  • These administrators typically have a nursing background
• Department medical directors
• Purchasing
• Physician champions (physician preference items only)
• Nurses or other allied health professionals who use the product

Even your business’ name is a key part of niche marketing

Niche marketing is a key marketing concept in the healthcare industry. Targeting one’s products or services can enhance overall success rather than limiting revenue potential. One of the foundations for successful niche marketing is a proper name for a new business or product. Learn how one of MedSpan’s clients addressed this fundamental need.