This thesis is concerning an international small and medium-sized enterprise, Mermaid Medical, which is headquartered near Copenhagen, Denmark. Mermaid Medical is in the business for sales and marketing of leading brands in the medical device business and has recently expanded their own production capabilities through a Malaysian partnership. A risk management analysis of the business had led to investments in expansion of patent portfolio with the intention to own unique technology to allow for higher earnings. The strategy based on the risk management program suggests adjustments to the balance between turnover generated from products sold as a distributor and own private label production. In 2018 turnover generated from the distribution accounted for more than 70 % of the total turnover. As a result, Mermaid Medical acquired D*Clot Thrombectomy System, an acquisition that represent the biggest investment in the history of the company. D*Clot Thrombectomy System is a mechanical thrombectomy device designed to effectively and safely macerate and aspirate blood clots from veins and arteries in patients suffering from deep venous thrombosis (DVT) and peripheral artery diseases (PAD). As a part of a somewhat controlled launch it has been decided that D*Clot Thrombectomy System initially is going to be launched in Germany and USA. The prevalence of DVT and PAD in the United States is increasing. This is due to unhealthy lifestyles, especially in some areas of the country, and the rising ageing of the population. Similarly, the German population is increasing in age. Equal to both Germany and USA is that they are two important markets on the world market. This is first of all due to the size of populations but also because of the fact that they are on the list of leading countries in healthcare. Furthermore, both countries are having a similar reimbursement structures that is supporting the use of mechanical thrombectomy by giving the hospital an option to earn money on the procedure and at the same time provide the physician with a favorable compensation for their time spent. To secure return of investment, it is critical that the introduction of the product is successful. This thesis contains a segmentation of the chosen markets that allows for a target group selection. Additionally, a management tool for proper use of resources is presented as a geographical segmentation of the two markets based on prevalence of DVT and PAD and density of the population. The analysis of the target group selection is leading to a suggested desired positioning based on an analysis of the main vendors in the market for mechanical thrombectomy and their technologies. The desired positioning is followed by a breakdown of the pricing strategies available. The pricing strategy examination is first and foremost built on a reflection of the reimbursement structures to secure that the market allows for the level of pricing suggested. Likewise, the pricing for the competing technologies is taking into considerations and an estimated pricing strategy for an upcoming competitor is presented. Prior to the exploration of the adoption based on above aspects of the product launch, the timing for entry is discussed. A reflection of the entry timing is presented centered on introduction of new technology in an existing market. The vendor analysis is used as a supportive tool to evaluate whether first-mover advantages will be applicable in this case or not. Additionally, the section includes an in-depth discussion of the advantages and disadvantages of introducing a new technology in an educated market space. As a recapitulation, the thesis provides an overview of the expected adoption based on the launch strategy. The overview takes into consideration that a certain positioning and pricing strategy is desired. Moreover, the overview is suggesting an unnatural adoption curve because of the fact that the product is categorized as innovative and new to the world. The conclusion of the thesis come up with an answer to which elements that has to be considered to ensure a successful product launch for new technology in an existing market. It summarizes the product launch strategy for D*Clot specifically and provides an outline of the strategic elements that has to be considered. Lastly a discussion of suggested future research is presented. Among other aspects, future research could include a more exhaustive internal analysis that includes value chain considerations and core competencies. Also, international project management tools can be applied to present a plan for streamline of development and production and outline potential threads from a risk management point of view.
|Educations||Graduate Diploma in International Business, (Diploma Programme) Final Thesis|
|Number of pages||77|