Hauring Medical Product Management is quickly transforming the way medical technology companies develop new products. Founded in 2019, Hauring is a consulting firm for medical devices, and helps businesses determine whether or not there is a market for a new product idea.
Here’s the problem. For many companies, finding out that there is no real market for a new medical product is often realized far too late. In fact, the number one reason why products fail is because there are no markets for those products.
Hauring seeks to help companies identify their market during early stage analysis, and steps in to address a handful of common challenges that companies face while they are still in a flexible position to make changes.
Many companies have questions—typically about the market size and opportunity for their new product. Other companies have trouble defining their target audience—determining who, specifically, would need their new product and what problems the product solves. Another common issue is the lack of differentiation between a new product and one that already exists.
Of course, the issues don’t end once a product has been launched, either. When customer suggestions come flooding in for new features and recommendations, companies struggle to navigate these waters and satisfy their customer wants and needs.
Finally, companies often fear the uncertainty of regulatory and reimbursement processes, which play such a vital role in keeping their products—as well as their businesses—alive.
To solve these of types of issues, Hauring offers three different services to its customers:
Product/Market Fit Analysis
This service stems from the idea that all team members should be able to answer three specific questions regarding any new product that is being developed:
- What problem is the product going to solve?
- How is this solution different from other solutions?
- How will the product make money?
With answers to these questions, we will then assist your business in adopting a “lean canvas model” and developing a minimum viable product for testing—a functional prototype that customers can actually use and for which you are able to gather feedback.
Technical Product Strategy
If you already have a strong idea of the market and customers you want your company to serve, Hauring will help you develop a technical product strategy and narrow down your vision, goals, and initiatives.
After this, we employ the “jobs to be done” process maps to assess any potential customer roadblocks or hangups, and then gather customer feedback to help you identify areas where you can create value.
During the final step of this process, we will assist you, both in developing your own visual product roadmap and in continuing to identify areas where you can increase value.
Clinical and Regulatory Analysis
In preparing to launch your product, we will help you develop a strategy for human trials and regulatory assessments across different markets and provide professional recommendations for how your small business can accomplish them.
Whether you are in the beginning stages of product development or want to know more about the opportunity for your latest product, consider partnering with Hauring.
This post has been sponsored by Hauring Medical Product Management
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